WEC Energy Group, Inc. Q2 FY2024 results: revenue $1.8 billion, down 3.2% on the year

WEC Energy Group, Inc. (WEC) reported revenue of $1.8 billion for Q2 FY2024, the quarter ended 30 June 2024, down 3.2% on the same quarter a year earlier. Net income was $211 million, down 27.1% on the year. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2024.

Revenue$1.8 billiondown 3.2%

Net income$211 milliondown 27.1%

Diluted EPSn/a

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,772	2,680	n/a	n/a
Cost of revenue	470	927	n/a	n/a
Gross profit	1,302	1,753	n/a	n/a
Gross margin	73.5%	65.4%	n/a
Operating income	365	813	n/a	n/a
Operating margin	20.6%	30.3%	n/a
Interest expense	201	192	n/a	n/a
Pre-tax income	252	710	n/a	n/a
Income tax	41.6	87.7	n/a	n/a
Effective tax rate	16.5%	12.3%	n/a
Net income	211	622	n/a	n/a
Net margin	11.9%	23.2%	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	1,037	864	n/a	n/a
Capital expenditure	694	444	n/a	n/a
Free cash flow	344	419	n/a	n/a
Free cash flow margin	19.4%	15.6%	n/a
Depreciation and amortisation	337	333	n/a	n/a
Buybacks	1.2	2.0	n/a	n/a
Dividends paid	264	264	n/a	n/a
Dividend per share	$0.83	$0.83	n/a	n/a
Diluted shares, weighted	316m	316m	n/a	n/a
Shares outstanding at period end	316m	316m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	44,582	43,927	n/a	n/a
Cash and equivalents	224	38.9	n/a	n/a
Receivables	1,243	1,557	n/a	n/a
Goodwill	3,053	3,053	n/a	n/a
Long-term debt including finance leases	16,908	15,376	n/a	n/a
Shareholders' equity	12,394	12,426	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,957	2,218	2,680	1,772	1,864	2,284	3,150	2,010	2,104	2,537	3,434	2,062
Cost of revenue	587	761	927	470	521	738	1,166	570	608	922	1,391	556
Gross profit	1,370	1,456	1,753	1,302	1,343	1,546	1,984	1,439	1,496	1,616	2,043	1,506
Gross margin	70%	66%	65%	73%	72%	68%	63%	72%	71%	64%	59%	73%
Operating income	472	341	813	365	384	591	938	405	450	453	980	433
Operating margin	24%	15%	30%	21%	21%	26%	30%	20%	21%	18%	29%	21%
Interest expense	182	194	192	201	204	218	223	221	224	228	228	229
Pre-tax income	376	240	710	252	270	514	786	262	305	320	859	328
Tax rate	16%	9%	12%	17%	12%	12%	8%	7%	11%	1%	6%	8%
Net income	316	218	622	211	240	454	724	245	271	317	804	299
Net margin	16%	10%	23%	12%	13%	20%	23%	12%	13%	12%	23%	15%
Operating cash flow	784	480	864	1,037	729	582	1,163	853	939	425	1,218	992
Capital expenditure	656	n/a	444	694	796	846	701	829	1,565	1,303	818	1,262
Free cash flow	128	n/a	419	344	-67.3	-265	462	23.9	-626	-878	400	-270
Buybacks	1.2	5.9	2.0	1.2	0.0	0.0	1.3	0.0	0.0	0.0	n/a	n/a
Dividends paid	246	246	264	264	264	265	284	285	289	290	310	310
Shares outstanding	315m	315m	316m	316m	316m	318m	319m	322m	325m	325m	326m	326m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 31 July 2024, accession 0000107815-24-000203: the filing on EDGAR. All of WEC Energy Group, Inc.'s filings: EDGAR company page.

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