MILWAUKEE, Dec. 5, 2024
/PRNewswire/ -- The board of directors of WEC Energy Group
(NYSE: WEC) today announced that it is planning to raise the
quarterly dividend on the company's common stock to 89.25 cents per share in the first quarter of
2025. This would represent an increase of 5.75 cents per share, or 6.9 percent.
The directors expect to declare the new dividend at their
regularly scheduled meeting in January. The dividend — which would
be equivalent to an annual rate of $3.57 per share — would be payable March 1, 2025, to stockholders of record on
Feb. 14, 2025.
"The board's review today is consistent with our ongoing plan
targeting a dividend payout ratio of 65 to 70 percent of earnings,"
said Scott Lauber, president and
CEO. "The projected dividend for 2025 is in line with the company's
longer-term objective to grow earnings per share at a 6.5 to 7
percent compound annual growth rate."
In addition, the company introduced earnings guidance for 2025.
Calendar year 2025 earnings are expected to be in a range of
$5.17 to $5.27 per share. The midpoint of the range is
$5.22 per share. This represents
growth of 7.6 percent from the midpoint of the company's 2024
adjusted guidance of $4.85 per
share.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier
energy companies, serving 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota.
The company's principal utilities are We Energies, Wisconsin
Public Service, Peoples Gas, North Shore Gas, Michigan Gas
Utilities, Minnesota Energy Resources and Upper Michigan Energy
Resources. Another major subsidiary, We Power, designs, builds
and owns electric generating plants. In addition, WEC
Infrastructure LLC owns a growing fleet of renewable generation
facilities in states ranging from South
Dakota to Texas.
WEC Energy Group (wecenergygroup.com) is a Fortune 500
company and a component of the S&P 500. The company has
approximately 34,000 stockholders of record, 7,000 employees and
more than $45 billion of
assets.
Forward-looking statements
Certain statements contained in this press release are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are based upon management's
current expectations and are subject to risks and uncertainties
that could cause our actual results to differ materially from those
contemplated in the statements. Readers are cautioned not to place
undue reliance on these statements. Forward-looking statements
include, among other things, statements concerning management's
expectations and projections regarding earnings, earnings growth
rates, dividend payments and future results. In some cases,
forward-looking statements may be identified by reference to a
future period or periods or by the use of forward-looking
terminology such as "anticipates," "believes," "estimates,"
"expects," "forecasts," "guidance," "intends," "may," "objectives,"
"plans," "possible," "potential," "projects," "should," "targets,"
"will" or similar terms or variations of these terms.
Factors that could cause actual results to differ materially
from those contemplated in any forward-looking statements include,
but are not limited to: general economic conditions, including
business and competitive conditions in the company's service
territories; timing, resolution and impact of rate cases and other
regulatory decisions, including rider reconciliations; the
company's ability to continue to successfully integrate the
operations of its subsidiaries; availability of the company's
generating facilities and/or distribution systems; unanticipated
changes in fuel and purchased power costs; key personnel changes;
unusual, varying, or severe weather conditions; continued industry
restructuring and consolidation; continued advances in, and
adoption of, new technologies that produce power or reduce power
consumption; energy and environmental conservation efforts;
electrification initiatives, mandates and other efforts to reduce
the use of natural gas; the company's ability to successfully
acquire and/or dispose of assets and projects and to execute on its
capital plan; terrorist, physical or cyber-security threats or
attacks and data security breaches; construction risks; labor
disruptions; equity and bond market fluctuations; changes in the
company's and its subsidiaries' ability to access the capital
markets; changes in tax legislation or our ability to use certain
tax benefits and carryforwards; federal, state, and local
legislative and regulatory changes, including changes in
rate-setting policies or procedures and environmental standards,
the enforcement of these laws and regulations and changes in the
interpretation of regulations or permit conditions by regulatory
agencies; supply chain disruptions; inflation; political or
geopolitical developments, including impacts on the global economy,
supply chain and fuel prices, generally, from ongoing, escalating,
or expanding regional conflicts; the impact from any health crises,
including epidemics and pandemics; current and future litigation
and regulatory investigations, proceedings or inquiries; changes in
accounting standards; the financial performance of American
Transmission Company as well as projects in which the company's
energy infrastructure business invests; the ability of the company
to obtain additional generating capacity at competitive prices;
goodwill and its possible impairment; and other factors described
under the heading "Factors Affecting Results, Liquidity and Capital
Resources" in Management's Discussion and Analysis of Financial
Condition and Results of Operations and under the headings
"Cautionary Statement Regarding Forward-Looking Information" and
"Risk Factors" contained in the company's Form 10-K for the year
ended December 31, 2023, and in
subsequent reports filed with the Securities and Exchange
Commission. Except as may be required by law, the company expressly
disclaims any obligation to publicly update or revise any
forward-looking information.
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SOURCE WEC Energy Group
