On October 31, 2023, WEC Energy Group (NYSE: WEC) reported net income of $316.0 million, or $1.00 per share, for the third quarter of 2023 — up from $302.0 million, or 96 cents per share, in last year's third quarter.
For the first nine months of 2023, the company recorded net income of $1.11 billion, or $3.52 per share — down from $1.16 billion, or $3.65 per share, in the corresponding period a year ago.
Consolidated revenues totaled $6.7 billion for the first nine months of 2023, down $363.5 million from revenues for the first nine months of 2022.
"We delivered another solid quarter, and we're on track for a strong 2023," said Gale Klappa, executive chairman. "Our focus remains on the fundamentals of our business — reliability, customer satisfaction, environmental progress and financial discipline — creating value for our customers and stockholders."
Retail deliveries of electricity — excluding the iron ore mine in Michigan's Upper Peninsula — were down by 1.3 percent in the third quarter of 2023, compared to the third quarter last year.
Electricity consumption by small commercial and industrial customers was flat. Electricity use by large commercial and industrial customers — excluding the iron ore mine — declined by 4.1 percent.
Residential electricity use rose by 0.1 percent.
On a weather-normal basis, retail deliveries of electricity during the third quarter of this year — excluding the iron ore mine — decreased by 0.8 percent.
The company is reaffirming its 2023 annual earnings guidance of $4.58 to $4.62 per share, with an expectation of completing the year in the upper half of the range. This assumes normal weather for the remainder of the year.
Earnings per share listed in this news release are on a fully diluted basis.
