WEC ENERGY Reports Second Quarter FY2023 Earnings Results
August 7, 2023
☀️Earnings Overview
WEC ENERGY ($NYSE:WEC) reported their earnings results for the second quarter of FY2023, which ended on August 1 2023, on June 30 2023. Total revenue was USD 1830.0 million, a decrease of 14.0% from the same period the year prior. Net income, however, increased marginally by 0.8% to USD 290.0 million.
Share Price
Stock opened at $90.4 and closed at $89.6, down by 0.3% from its last closing price of 89.9. The company’s CEO, Jack Koch, attributed the increase in revenue to the company’s focus on cost optimization and operational efficiency. He further mentioned that the company is on track with its strategic plans and is committed to providing reliable and affordable energy services to its customers.
He was confident that the company will continue to deliver strong results in the coming quarters. WEC Energy expects to continue increasing its capital investments in order to remain competitive and expand its reach across the country. The company also plans to focus on renewable energy projects to reduce its carbon footprint and provide clean energy solutions to its customers. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Wec Energy. More…
| Total Revenues | Net Income | Net Margin |
| 9.28k | 1.35k | 14.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Wec Energy. More…
| Operations | Investing | Financing |
| 2.05k | -3.81k | 1.79k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Wec Energy. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 43.02k | 30.99k | 37.13 |
Key Ratios Snapshot
Some of the financial key ratios for Wec Energy are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 8.8% | 4.7% | 24.1% |
| FCF Margin | ROE | ROA |
| -3.5% | 12.0% | 3.2% |
Analysis
GoodWhale has conducted a thorough analysis of the fundamentals of WEC ENERGY. Through our Star Chart, we have determined that WEC ENERGY has an intermediate health score of 6/10; this indicates that it might be able to pay off debt and fund future operations. We classify WEC ENERGY as ‘rhino’ – a type of company that has achieved moderate revenue or earnings growth. Investors who may be interested in WEC ENERGY are those who value dividend, profitability and medium asset growth. While the company has an intermediate health score, it is still able to generate profit and have a moderate degree of asset growth. In other words, WEC ENERGY is a relatively safe investment for those who desire steady returns. More…
Peers
WEC Energy Group Inc, a diversified energy holding company, engages in the business of providing electric and natural gas service through its subsidiaries. Dominion Energy Inc, Central Puerto SA, and Portland General Electric Co are some of WEC Energy Group’s competitors in the energy industry.
– Dominion Energy Inc ($NYSE:D)
Dominion Energy Inc is a leading provider of electricity and natural gas. The company serves more than 6 million customers in the United States. Dominion Energy Inc has a strong portfolio of assets and a commitment to safety, reliability, and customer service. The company’s market cap is 54.69B as of 2022 and its ROE is 7.47%. Dominion Energy Inc is a diversified energy company with a focus on electricity and natural gas. The company is one of the largest producers and transporters of energy in the United States. Dominion Energy Inc is committed to providing affordable, reliable, and clean energy to its customers.
– Central Puerto SA ($NYSE:CEPU)
Central Puerto SA is an Argentine electricity company that supplies power to the central and northern regions of the country. It has a market cap of 1.25B as of 2022 and a Return on Equity of 7.42%. The company generates, transmits, and distributes electricity through a network of over 3,000 kilometers of high-voltage lines and more than 60,000 kilometers of medium- and low-voltage lines. It also has a thermal power plant with a capacity of 1,200 MW.
– Portland General Electric Co ($NYSE:POR)
Portland General Electric Co is an electric utility company that serves customers in Oregon. As of 2022, the company had a market capitalization of $3.9 billion and a return on equity of 9.64%. The company is involved in the generation, transmission, and distribution of electricity, as well as the sale of electricity to retail and wholesale customers. Portland General Electric is the largest electricity provider in Oregon, serving over 800,000 customers.
Summary
WEC ENERGY‘s second quarter earnings results for FY2023 show a slight year over year increase in net income but a 14.0% decrease in total revenue compared to the same period in 2023. Investors should take note of this discrepancy when considering investing in the company, as it may indicate underlying issues in the company’s operations. Further research should be conducted to understand the cause of the decline in revenue and potential areas of improvement.
Additionally, the slight increase in net income should be taken into account. Factors such as the company’s competitive advantages, financial performance, and potential for future growth should all be taken into consideration when making an investment decision.
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