DUK

Duke Energy Corporation (Holding Company)

106.55
USD
1.28%
106.55
USD
1.28%
95.48 116.33
52 weeks
52 weeks

Mkt Cap 80.90B

Shares Out 769.00M

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WEC Energy (WEC) Beats Q1 Earnings Estimates, Ups 2022 View

WEC Energy Group WEC delivered first-quarter 2022 earnings per share (EPS) of $1.79, which beat the Zacks Consensus Estimate of $1.66 by 7.8%. The bottom line improved by 11.2% from the year-ago earnings of $1.61 per share. Revenues Operating revenues of $2,908 million for the first quarter of 2022 topped the Zacks Consensus Estimate of $2,802 million by 3.8%. Also, WEC Energy’ stop line grew 8% from $2,691.4 million in the year-ago quarter. WEC Energy Group, Inc. Price, Consensus and EPS Surprise Highlights of the Release In the first quarter, the residential use of electricity rose 1.3% year over year. The electricity consumption by small commercial and industrial customers increased 3.8% year over year. The electricity used by large commercial and industrial customers, excluding iron ore mines, improved by 1.4% on a year-over-year basis. Natural gas deliveries in Wisconsin, excluding the gas used for power generation, moved up 9.3% in the reporting quarter compared with the first quarter of 2021. On a weather-normal basis, natural gas deliveries rose 3.6%. Total operating expenses for the first quarter amounted to $2,176.7 million, up 5.6% from the year-ago quarter’s $2,062.1 million due to an increase in property taxes by 10.1% and in manufacturing costs by 9.3%. Financial Position As of Mar 31, 2022, WEC had cash and cash equivalents of $33.8 million compared with $16.3 million as of Dec 31, 2021. As of Mar 31, 2022, WEC Energy had long-term debt of $13,514.3 million compared with $13,523.7 million as of Dec 31, 2021. Net cash provided by the operating activities as of Mar 31, 2022 was $1,076.8 million compared with $395.2 million in the year-ago quarter. The capital expenditure in the first quarter was $383.5 million compared with $470.6 million in the year-ago quarter. Guidance WEC Energy raised the earnings guidance range for 2022 to the $4.34-$4.38 per share band compared with the previously announced earnings guidance for 2022 in the range of $4.29-$4.33 per share. The midpoint of the new range is $4.36 per share, suggesting growth of 1.2% from the midpoint of the previous guidance range. Also, the Zacks Consensus Estimate for the same is $4.3, which is lower than the midpoint of utility’s current guided range. Zacks Rank WEC Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Upcoming Releases Dominion Energy (D) is scheduled to announce first-quarter 2022 results on May 5 before market open. The Zacks Consensus Estimate for earnings is pegged at $1.19 per share. Dominion’s long-term earnings growth is projected at 6.1%. The Zacks Consensus Estimate for D’s 2022 EPS suggests year-over-year growth of 6.7%. Duke Energy DUK is set to release first-quarter 2022 results on May 9 before market open. The Zacks Consensus Estimate for EPS is pegged at $1.37. Duke Energy’s long-term earnings growth is projected at 6.2%. The Zacks Consensus Estimate for DUK’s 2022 EPS indicates year-over-year growth of 4.2%. Algonquin Power & Utilities AQN is set to release first-quarter 2022 results on May 12. The Zacks Consensus Estimate for EPS is pegged at 23 cents. Algonquin Power & Utilities’ long-term (three to five years) earnings growth is projected at 8.1%. The Zacks Consensus Estimate for AQN’s 2022 EPS indicates year-over-year growth of 5.6%. Click to get this free report Duke Energy Corporation (DUK): Free Stock Analysis Report WEC Energy Group, Inc. (WEC): Free Stock Analysis Report Algonquin Power & Utilities Corp. (AQN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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