WEC Energy Group reports second-quarter results

WEC Energy Group [WEC] today reported net income of $276.0 million, or 87 cents per share, for the second quarter of 2021 – up from $241.6 million, or 76 cents per share, for the second quarter last year.

For the first six months of 2021, the company recorded net income of $786.1 million, or $2.49 per share – up from $694.1 million, or $2.19 per share, in the corresponding period a year ago.

Consolidated revenues totaled $4.4 billion for the first six months of 2021, up $710.3 million from revenues for the first half of 2020.

“A recovering economy, continued gains in operating efficiency and warmer than normal June temperatures were major factors in our strong performance,” said Gale Klappa, executive chairman.

Retail deliveries of electricity – excluding the iron ore mine in Michigan’s Upper Peninsula – were up by 7.1 percent in the second quarter of 2021, compared to the second quarter last year.

Electricity consumption by small commercial and industrial customers was 10.4 percent higher during the second quarter of 2021. Electricity use by large commercial and industrial customers – excluding the iron ore mine – rose by 14.8 percent.

Residential electricity use declined by 3 percent.

On a weather-normal basis, retail deliveries of electricity during the second quarter of this year – excluding the iron ore mine – increased by 5.8 percent.

At the end of June, the company was serving approximately 4,000 more electric customers and 18,000 more natural gas customers than at the same time a year ago.

The company is raising its earnings guidance for 2021 to a range of $4.02 to $4.05 per share with an expectation of reaching the top end 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.