Profit Per Share Falls by 27.2% in WEC Energy Group's Q2 Earnings Report.
WEC Energy Group [WEC] reported a net income of $211.3 million for the second quarter of 2024, marking a decrease from $289.7 million in the previous quarter. The earnings update, covering the period ending June 30, highlights the company's financial performance in Q2, showcasing key insights into its profitability during this timeframe.
The company, headquartered in Milwaukee, Wisconsin, reported to SEC in an 8-K filing $0.67 earnings per share in the quarter, compared to $0.92 in the previous quarter.
WEC Energy Group, operating in the energy sector, reported revenues totaling $1.77 billion in the current period, showing a decrease compared to the previous quarter's revenue of $1.83 billion. This financial data provides insights into the company's revenue performance in the recent period, reflecting its position within the energy industry.
In comparison to the same quarter in the previous year, WEC Energy Group's revenue for the current period declined from $4.72 billion to $1.77 billion. This change highlights the fluctuations in the company's revenue performance year over year.
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Regarding profit or loss, the company experienced a decrease of 73.5% in net income for the current quarter when compared to the same quarter in the previous year. This shift in profitability signifies a significant change in WEC Energy Group's financial outcomes over the mentioned periods.
As of August 7, 2024 end of day trading.
Dollars in millions | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|
Income Statement |
| Revenue | $1,772.0 | $2,680.2 | $8,893.0 | $1,957.4 |
| Operating Profit | $364.8 | $813.4 | $1,908.0 | $472.0 |
| Net Income | $210.0 | $622.6 | $1,331.7 | $315.6 |
| Net Cash | $137.7 | -$49.1 | -$17.0 | -$40.8 |
| Gross Margin | $1,302.3 | $1,753.1 | $5,701.8 | $1,370.0 |
| Operating Margin | $0.0 | $0.0 | $0.0 | $0.0 |
| Profit as % of Revenues | 620.14 | 281.58 | 64.12 | 434.09 |
| Profit as % of Assets | 0.91 | 2.67 | 3.10 | 1.39 |
| Profit as % of Stockholder Equity | 1.69 | 5.01 | 11.03 | 2.61 |
| Return on Equity | 1.69 | 5.01 | 11.03 | 2.61 |
| Return on Assets | 0.47 | 1.42 | 3.03 | 0.73 |
| Turnover Ratio | 7.65 | 11.50 | 0.21 | 8.62 |
| EBITA | $701.4 | $1,146.8 | $0.0 | $792.3 |
Balance Sheet |
| Total Assets | $44,582.2 | $43,927.2 | $43,939.7 | $43,441.7 |
| Total Liabilities | $32,187.8 | $31,501.1 | $31,868.2 | $31,341.4 |
Cash Flow Statement |
| Operating Cash Flow | $1,901.0 | $863.6 | $3,018.4 | $2,538.4 |
| Investing Cash Flow | -$1,250.8 | -$436.2 | -$3,558.2 | -$2,771.7 |
| Financing Cash Flow | -$512.5 | -$476.5 | $522.8 | $192.5 |
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