AI English summary of an SEC filing — figures as filed
WEC Energy Group WECThe company said net income under GAAP for 2023 full year was $1.3 billion ($4.22 per share), compared with earnings of $1.4 billion ($4.45 per share) in 2022. It explained that adjusted earnings per share, excluding a non-cash charge of 41 cents per share, were $4.63.
Key points
AI summaryThe company said net income under GAAP for 2023 full year was $1.3 billion ($4.22 per share), compared with earnings of $1.4 billion ($4.45 per share) in 2022. It explained that adjusted earnings per share, excluding a non-cash charge of 41 cents per share, were $4.63.
The company said it recorded a non-cash impairment charge of pre-tax 178.9 million related to previously incurred capital investments that the Illinois Commerce Commission disallowed, for the full year and for Q4. Adjusted net income, which reflects a tax impact of 49.1 (in millions), was 1,461.5 million for the full year. Adjusted earnings per share for Q4 were $1.10.
The company said consolidated operating revenues for 2023 were $8.9 billion, down $704.4 million from 2022. It also said retail electricity deliveries, excluding the iron ore mine in Michigan's Upper Peninsula, fell 2.6%, and natural gas deliveries in Wisconsin fell 9.1%.
The company reported net cash provided by operating activities of 3,018.4 million and capital expenditures of 2,492.9 million for 2023. The board declared a quarterly dividend of 83.5 cents per share, which is 7% higher than the prior dividend rate.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
2023 GAAP Net Income and Adjusted EPS
The company said net income under GAAP for 2023 full year was $1.3 billion ($4.22 per share), compared with earnings of $1.4 billion ($4.45 per share) in 2022. It explained that adjusted earnings per share, excluding a non-cash charge of 41 cents per share, were $4.63.
Source · Based on the filing body and exhibits
Impairment From ICC Cost Disallowances
The company said it recorded a non-cash impairment charge of pre-tax 178.9 million related to previously incurred capital investments that the Illinois Commerce Commission disallowed, for the full year and for Q4. Adjusted net income, which reflects a tax impact of 49.1 (in millions), was 1,461.5 million for the full year. Adjusted earnings per share for Q4 were $1.10.
Source · Based on the filing body and exhibits
Full-Year Operating Revenue and Sales Trends
The company said consolidated operating revenues for 2023 were $8.9 billion, down $704.4 million from 2022. It also said retail electricity deliveries, excluding the iron ore mine in Michigan's Upper Peninsula, fell 2.6%, and natural gas deliveries in Wisconsin fell 9.1%.
Source · Based on the filing body and exhibits
Operating Cash Flow, Financing and Dividend
The company reported net cash provided by operating activities of 3,018.4 million and capital expenditures of 2,492.9 million for 2023. The board declared a quarterly dividend of 83.5 cents per share, which is 7% higher than the prior dividend rate.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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