WEC Energy Group, Inc. reported its financial results for the three months ended September 30, 2024, revealing a decline in both operating revenues and net income compared to the same period in 2023. Operating revenues totaled $1,863.5 million, down from $1,957.4 million in the prior year. This decrease reflects ongoing market conditions affecting the energy sector.
Net income for the quarter was $238.6 million, a significant drop from $315.6 million in the same period last year. Correspondingly, net income attributed to common shareholders decreased to $240.1 million from $316.0 million, resulting in basic earnings per share of $0.76, compared to $1.00 in the previous year.
Operating income also saw a decline, reported at $383.7 million, down from $472.0 million in the third quarter of 2023. Despite these reductions, total operating expenses slightly decreased to $1,479.8 million from $1,485.4 million, indicating some cost management efforts.
On a broader scale, for the nine months ended September 30, 2024, net income was $1,071.2 million, a decrease from $1,113.2 million in the same period of 2023. However, net cash provided by operating activities increased to $2,630.0 million from $2,538.4 million year-over-year, suggesting improved cash flow management.
The company reported a notable increase in cash and cash equivalents, which rose to $322.5 million as of September 30, 2024, compared to $42.9 million at the end of 2023. Total assets also grew to $45,196.5 million from $43,939.7 million over the same period. However, long-term debt increased to $16,889.2 million from $15,512.8 million, indicating a rise in leverage.
In terms of investment activities, net cash used in investing activities decreased to $(2,053.2) million from $(2,771.7) million in the previous year, reflecting a strategic shift in capital allocation.
Overall, WEC Energy Group's financial performance for the third quarter of 2024 shows challenges in revenue and profitability, alongside strategic adjustments in cash management and investment activities.
About WEC ENERGY GROUP, INC.
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