Q124 WEC earnings

Reported Earnings: For Q1 2024, WEC Energy Group announced earnings of $1.97 per share.
Year-over-Year Growth: The earnings represent a significant increase, up $0.36 per share compared to Q1 2023.
Operating Efficiency and Discipline: Despite the warmest winter in Wisconsin history, the company remained focused on financial discipline and operating efficiency.
Utility Operations: Earnings from utility operations were $0.28 higher than Q1 2023.
Weather Impact: Weather had a $0.07 negative impact on earnings, offset by positive variances such as timing of fuel expense ($0.09 increase) and rate base growth ($0.35 contribution).
Infrastructure Segment: Earnings in the Energy Infrastructure segment increased by $0.02 compared to Q1 2023, driven by higher production tax credits from renewable generation projects.
Corporate and Other Segment: This segment saw a $0.06 rise in earnings, primarily due to timing of tax.

2024 Earnings Guidance: Reaffirmed at $4.80 to $4.90 per share, assuming normal weather for the rest of the year.
Q2 2024 Earnings Estimate: The company expects earnings to range between $0.60 to $0.64 per share for Q2 2024.
Dividend Increase: The quarterly cash dividend was raised by 7%, marking the 21st consecutive year of dividend growth for shareholders.
Capital Plan and Investment: Plans include a total of $23.7 billion in investments over the next 5 years for efficiency, sustainability, and growth. Additional investments of $560 million are planned for the year in the Infrastructure segment.

Historically Warm Winter in Wisconsin: The company successfully navigated operational challenges posed by the warmest winter on record in the state.
ESG Progress Plan: Moving forward with the largest 5-year investment in the company’s history aimed at enhancing efficiency, sustainability, and growth.
Economic Growth and Employment: Wisconsin boasts a low unemployment rate at 3%, with significant job creation and economic activity in sectors like technology and pharmaceuticals, indicating a strong regional economy.
Regulatory Filings: Filed for new rate reviews to improve reliability and support economic growth, also planning significant investments in natural gas generation and renewable energy projects.

Gale Klappa, Executive Chairman: “Throughout the warmest winter in Wisconsin history, we remain laser-focused on financial discipline, operating efficiency, and customer satisfaction.”
On Dividend Growth: “This marks, ladies and gentlemen, the 21st consecutive year that our company will reward shareholders with higher dividends.”
On Economic Development: “The number of prospects looking at expanding or locating in the Milwaukee 7 region is stronger literally than at any time in the past 2 decades.”
Future Leadership Transition: “Going forward on these calls, you’ll be hearing from Scott and Xia, they are ready, and it’s their time to shine.”