WEC Energy Group (NYSE: WEC) today reported net income of $289.7 million, or 92 cents per share, for the second quarter of 2023 - up from $287.5 million, or 91 cents per share, in last year's second quarter.

For the first six months of 2023, the company recorded net income of $797.2 million, or $2.52 per share - down from $853.4 million, or $2.70 per share, in the corresponding period a year ago.

Consolidated revenues totaled $4.7 billion for the first six months of 2023, down $317.9 million from revenues in the first half of 2022.

'After a down first quarter marked by one of the warmest winters on record, we delivered solid results in the second quarter. And we're firmly on track for a strong 2023,' said Gale Klappa, executive chairman. 'We're focused on the fundamentals of our business - financial discipline, operating efficiency and customer satisfaction.'

Retail deliveries of electricity - excluding the iron ore mine in Michigan's Upper Peninsula - were down by 3.0 percent in the second quarter of 2023, compared to the second quarter last year.

Electricity consumption by small commercial and industrial customers was 0.1 percent higher. Electricity use by large commercial and industrial customers - excluding the iron ore mine - declined by 3.2 percent.

Residential electricity use fell by 6.4 percent.

On a weather-normal basis, retail deliveries of electricity during the second quarter of this year - excluding the iron ore mine - decreased by 0.6 percent.

The company is reaffirming its 2023 annual earnings guidance of $4.58 to $4.62 per share, assuming normal weather for the remainder of the year.

Earnings per share listed in this news release are on a fully diluted basis.

WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving nearly 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota.

The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in states ranging from South Dakota to Texas.

WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 37,000 stockholders of record, 7,000 employees and $43 billion of assets.

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; 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; unusual, varying or severe 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; natural gas reduction or electrification initiatives, mandates and other efforts to reduce the use of natural gas; the company's ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan; terrorist, physical or cyber-security threats or attacks 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, state, and local 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 or geopolitical developments, including impacts on the global economy, supply chain and fuel prices, generally, from the ongoing conflict between Russia and Ukraine; the impact from any health crises, including epidemics and pandemics; 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, 2022, and in subsequent reports filed with the Securities and Exchange Commission. Except as may be required by law, the company expressly disclaims any obligation to publicly update or revise any forward-looking information.

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