Utility WEC Energy forecasts higher earnings for 2025

WEC Energy

05/12/2024 22:14

Dec 5 (Reuters) - U.S. utility WEC Energy  WEC.N  on
Thursday issued higher 2025 earnings estimates compared with
those for the ongoing year, while also increasing its dividend.
    WEC said it expects its annual earnings to be in the range
of $5.17 to $5.27 per share next year, the midpoint of which
matches analysts' average estimate of $5.22, according to data
compiled by LSEG. 
    The utility had forecast full-year earnings of $4.80 to
$4.90 per share for 2024. Analysts had expected $4.86 per share,
which was a cent above the current midpoint. 
    The company provides electricity and gas to nearly 4.7
million customers in Wisconsin, Illinois, Michigan and
Minnesota.
    WEC Energy's board of directors said it would raise the
quarterly dividend to 89.25 cents per share in the first quarter
of 2025, which is an increase of 5.75 cents per share, or 6.9%.
    The Wisconsin-based utility had raised the quarterly
dividend by 5.5 cents per share, or 7%, in December 2023.

 (Reporting by Seher Dareen in Bengaluru; Editing by Shreya
Biswas)
 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128;))