MILWAUKEE - WEC Energy Group (NYSE: WEC) today reported net income of $565.9 million, or $1.79 per share, for the first quarter of 2022 up from $510.1 million, or $1.61 per share, for last year's first quarter.

Consolidated revenues totaled $2.9 billion, up $216.7 million from the first quarter a year ago.

'A colder than normal winter, a strong economy and the performance of our infrastructure segment were the major factors driving our first-quarter results,' said Gale Klappa, executive chairman. 'The year is off to a solid start as we continue to focus on the fundamentals of our business.'

For the quarter, natural gas deliveries in Wisconsin - excluding natural gas used for power generation - rose by 9.3 percent compared to the first quarter of 2021. On a weather-normal basis, natural gas deliveries were 3.6 percent higher.

Retail deliveries of electricity - excluding the iron ore mine in Michigan's Upper Peninsula - increased by 2.2 percent in the first quarter of 2022 compared to the first quarter last year.

Residential electricity use rose by 1.3 percent.

Electricity consumption by small commercial and industrial customers was 3.8 percent higher. Electricity use by large commercial and industrial customers - excluding the iron ore mine - rose by 1.4 percent.

On a weather-normal basis, retail deliveries of electricity - excluding the iron ore mine - grew by 0.7 percent.

In light of its strong performance, the company is raising its earnings guidance for 2022, to a range of $4.34 to $4.38 per share, with an expectation of reaching the top end of the new range. This assumes normal weather for the remainder of the year. The company had previously announced earnings guidance for 2022 in a range of $4.29 to $4.33 per share.

Forward-looking statements

Certain statements contained in this press release are 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings and future results. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward- looking terminology such as 'anticipates,' 'believes,' 'estimates,' 'expects,' 'forecasts,' 'guidance,' 'intends,' 'may,' 'objectives,' 'plans,' 'possible,' 'potential,' 'projects,' 'should,' 'targets,' 'will' or similar terms or variations of these terms. Factors that could cause actual results to differ materially from those contemplated in any forward- looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company's service territories; the extent, duration and impact of the COVID-19 pandemic or any future health pandemics; timing, resolution and impact of rate cases and other regulatory decisions; the company's ability to continue to successfully integrate the operations of its subsidiaries; availability of the company's generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; varying weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; the company's ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan; cyber-security threats and data security breaches; construction risks; equity and bond market fluctuations; changes in the company's and its subsidiaries' ability to access the capital markets; changes in tax legislation or our ability to use certain tax benefits and carryforwards; federal and state legislative and regulatory changes, including changes to environmental standards, the enforcement of these laws and regulations and changes in the interpretation of regulations by regulatory agencies; supply chain disruptions; inflation; political developments; current and future litigation and regulatory investigations, proceedings or inquiries; changes in accounting standards; the financial performance of American Transmission Company as well as projects in which the company's energy infrastructure business invests; the ability of the company to obtain additional generating capacity at competitive prices; goodwill and its possible impairment and other factors described under the heading 'Factors Affecting Results, Liquidity and Capital Resources' in Management's Discussion and Analysis of Financial Condition and Results of Operations and under the headings 'Cautionary Statement Regarding Forward-Looking Information' and 'Risk Factors' contained in the company's Form 10-K for the year ended December 31, 2021, and in subsequent reports filed with the Securities and Exchange Commission.

Contact:

Tel: 414-221-2345

Email: media@wecenergygroup.com

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