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Reuters
2 days ago
- Business
- Reuters
Utility WEC Energy posts higher profit on strong residential sales
July 30 (Reuters) - WEC Energy Group (WEC.N), opens new tab reported a 16% increase in second-quarter profit on Wednesday, as the utility company benefited from higher sales in its residential segment. Power demand surged as extreme heat during the summer months drove up the use of cooling appliances such as air conditioners and refrigerators. "A warm start to the summer, steady execution of our capital plan and a continued focus on operating efficiency were major factors that shaped a strong quarter," said CEO Scott Lauber. The company, which provides electricity and gas to nearly 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota, said quarterly residential power use rose 1.6% and total retail deliveries increased 1% over the year earlier. Electricity consumption by small commercial and industrial customers was 0.6% higher, while large commercial and industrial customers' usage increased 0.8%. The U.S. Energy Information Administration estimates that power consumption in the country will hit record highs in 2025 and 2026 due to data centers dedicated to artificial intelligence and cryptocurrency, and as homes and businesses use more electricity and less fossil fuels for heating and transportation. WEC's second-quarter operating revenue rose 13.4% to $2.01 billion, compared with analysts' average estimate of $1.76 billion, according to data compiled by LSEG. Total operating expense also rose about 14% to $1.6 billion, while interest expense was up 10% at $220.8 million. The company's net income of $245.4 million, or 76 cents per share, was higher than the $211.3 million, or 67 cents per share, reported a year earlier.
Yahoo
24-07-2025
- Business
- Yahoo
Eaton Adds Solar Project in Wisconsin To Power Regional Manufacturing With Resilient, Sustainable and Affordable Energy
4 MW installation will offset 30% carbon generation across five Eaton facilities and accelerate progress toward company's sustainability goals Intelligent power management company Eaton is adding a new clean energy project to drive carbon reduction at its operations in Wisconsin, advancing its commitment to achieve net zero operations by 2050. The joint project with We Energies, a subsidiary of WEC Energy Group, and Eaton will help strengthen energy security, deliver cost-effective power to the grid, and reduce Eaton's carbon footprint at five locations in Wisconsin, where the company conducts research and makes electrical infrastructure for utility, data center, large commercial and industrial applications. Once energized in early 2026, the 4-megawatt solar project located adjacent to Eaton's Thomas A. Edison Technical Center is expected to meet 30% of the annual carbon reduction goals at five Eaton sites in Franksville, South Milwaukee, Menomonee Falls and two Waukesha facilities. Combined with previous energy efficiency upgrades, the initiative will support a 58% reduction in Eaton's greenhouse gas emissions across the state since 2018. "At Eaton, we're tackling the energy transition from all angles - including right here in Wisconsin, where we produce the technologies essential to modernize the grid and support a cleaner, more resilient energy future," said Guillaume Laur, senior vice president and general manager of Power Delivery and Regulation, Electrical Sector at Eaton. "Around the world, we're leveraging the global megatrends of electrification and digitalization to unlock greater operational and environmental value from energy systems. This project marks another important milestone on our journey and there is much more to come." Under the agreement, We Energies will build, own and operate the system on Eaton's behalf. Eaton will provide the land for construction and receive renewable energy credits for delivering clean energy to the local grid. Eaton is also contributing engineering expertise and essential technologies to the project, including electrical transformers produced at its Waukesha, Wisconsin manufacturing facility. "We're pleased to partner with Eaton to bring more renewable energy to Wisconsin," said Mike Hooper - president, We Energies. "Our focus on reliable energy supports all of our customers and strengthens economic growth across the state." The Franksville solar project is an example of Eaton's Everything as a Grid approach to the energy transition that is shaping a future where homeowners, communities and businesses can reduce the cost and environmental impact of energy through intelligent power management and on-site renewable energy production. The company has deployed multiple solar projects across its global operations since 2009, including a first-of-its-kind clean energy microgrid in Arecibo, Puerto Rico completed in 2024. Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we're helping to solve the world's most urgent power management challenges and building a more sustainable society for people today and generations to come. Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of nearly $25 billion in 2024, the company serves customers in more than 160 countries. For more information, visit Follow us on LinkedIn. Contact: Kristin Somers+1.919.345.3714Kristincsomers@ Regina Parundik Cobblestone Communications+1.412.559.1614Regina@ ### Eaton adds new clean energy project in Wisconsin to power manufacturing with resilient, sustainable and affordable power. (Image credit: Eaton) View additional multimedia and more ESG storytelling from Eaton Corporation on Contact Info:Spokesperson: Eaton CorporationWebsite: info@ SOURCE: Eaton Corporation View the original press release on ACCESS Newswire
Yahoo
12-07-2025
- Business
- Yahoo
Earnings Preview: What to Expect From WEC Energy's Report
WEC Energy Group, Inc. (WEC), headquartered in Milwaukee, Wisconsin, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services. Valued at $33.3 billion by market cap, the company's infrastructure spans 35,500 miles of overhead and 36,500 miles of underground distribution lines, with extensive gas mains, transmission lines, and storage capacity. The leading energy company is expected to announce its fiscal second-quarter earnings for 2025 before the market opens on Wednesday, Jul. 30. Ahead of the event, analysts expect WEC to report a profit of $0.70 per share on a diluted basis, up 4.5% from $0.67 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing the forecast on another occasion. Smaller-Than-Expected Build in EIA Inventories Lifts Nat-Gas Prices Concerns About Waning Global Energy Demand Pressure Crude Prices Crude Prices Fall on Dollar Strength and Energy Demand Concerns Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! For the full year, analysts expect WEC to report EPS of $5.24, up 7.4% from $4.88 in fiscal 2024. Its EPS is expected to rise 6.7% year over year to $5.59 in fiscal 2026. WEC stock has outperformed the S&P 500 Index's ($SPX) 11.5% gains over the past 52 weeks, with shares up 35.2% during this period. Similarly, it outperformed the Utilities Select Sector SPDR Fund's (XLU)18.9% gains over the same time frame. WEC is outperforming by investing in infrastructure to meet increasing customer demand and focusing on clean energy. The company is seeing growth in demand from commercial and residential customers, with over 60% of electricity sold to commercial and industrial customers. WEC is expanding its renewable portfolio, recently acquiring a majority stake in the 250-MW Hardin Solar III project, and planning to invest $28 billion through 2029 for future growth and reliability. On May 6, WEC shares closed up by 1% after reporting its Q1 results. Its EPS of $2.27 surpassed Wall Street expectations of $2.19. The company's revenue stood at $3.1 billion, up 17.5% year over year. WEC expects full-year EPS to be $5.17 to $5.27. Analysts' consensus opinion on WEC stock is cautious, with a 'Hold' rating overall. Out of 16 analysts covering the stock, four advise a 'Strong Buy' rating, 11 give a 'Hold,' and one recommends a 'Strong Sell.' WEC's average analyst price target is $109.82, indicating a potential upside of 3.9% from the current levels. On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-06-2025
- Business
- Yahoo
Here's Why WEC Energy Group (WEC) is a Strong Growth Stock
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike. Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term. Growth investors build their portfolios around companies that are financially strong and have a bright future, and the Growth Style Score helps take projected and historical earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth. WEC Energy Group is a diversified holding company, engaged in the generation and distribution of electricity in southeastern, east central and northern Wisconsin, as well as in the upper peninsula of Michigan. WEC sits at a Zacks Rank #3 (Hold), holds a Growth Style Score of B, and has a VGM Score of B. Earnings and sales are forecasted to increase 8.5% and 9.5% year-over-year, respectively. Two analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0 to $5.24 per share for 2025. WEC boasts an average earnings surprise of 6.2%. On a historic basis, WEC Energy Group has generated cash flow growth of 7.1%, and is expected to report cash flow expansion of 6.4% this year. Investors should take the time to consider WEC for their portfolios due to its solid Zacks Rank rating, notable growth metrics, and impressive Growth and VGM Style Scores. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report WEC Energy Group, Inc. (WEC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
06-06-2025
- Business
- Business Insider
WEC Energy prices upsized $775M offering of convertible senior notes due 2028
WEC Energy (WEC) announced the pricing of $775,000,000 in aggregate principal amount of its 3.375% convertible senior notes due 2028 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The offering was upsized from the previously announced offering of $700,000,000 aggregate principal amount of the convertible notes. In addition, WEC Energy Group granted the initial purchasers of the convertible notes an option to purchase, within a 13-day period beginning on, and including, the date the convertible notes are first issued, up to an additional $125,000,000 in aggregate principal amount of the convertible notes. The offering is expected to close on June 10, 2025, subject to customary closing conditions. The convertible notes will be senior, unsecured obligations of WEC Energy Group. Interest on the convertible notes will be paid semiannually, at a rate of 3.375% per annum. The convertible notes will mature on June 1, 2028, unless earlier converted or repurchased in accordance with their terms. The conversion rate for the convertible notes will initially be 7.7901 shares of WEC Energy Group's common stock per $1,000 principal amount of the convertible notes (equivalent to an initial conversion price of approximately $128.37 per share of common stock), representing an initial conversion premium of approximately 22.5% above the last reported sale price of WEC Energy Group's common stock on June 5, 2025.
