WEC Energy Group (NYSE: WEC) reported net income for 2024 based on generally accepted accounting principles (GAAP) of $1.5 billion, or $4.83 per share, compared to $1.3 billion, or $4.22 per share, in 2023.

Full-year 2024 earnings included a charge of 6 cents per share related to certain capital expenditures under the Qualifying Infrastructure Plant (QIP) rider that were disallowed by the Illinois Commerce Commission (ICC). Full-year 2023 earnings included a non-cash charge of 41 cents per share for similar disallowed capital investments. Excluding these charges, adjusted earnings for 2024 rose to $4.88 per share, a 5.4% increase from 2023's adjusted earnings of $4.63 per share.

For Q4 2024, the company reported net income of $453.5 million, or $1.43 per share, compared to $218.5 million, or $0.69 per share, in Q4 2023. Adjusted earnings for Q4 2023 were $1.10 per share, excluding a non-cash charge.

The company posted consolidated revenues of $8.6 billion for the year, a decrease of $293.1 million from 2023.

Scott Lauber, president and CEO, commented, "We delivered another year of solid results on virtually every meaningful measure—from customer satisfaction to financial performance to steady execution of our capital plan. We have significant growth opportunities ahead and will continue to focus on enhancing value for our customers and stockholders."

Electricity retail deliveries (excluding the iron ore mine in Michigan's Upper Peninsula) increased by 0.5% for the year. Small commercial and industrial customers saw a 0.7% increase in electricity consumption, while large commercial and industrial customers had a 0.1% increase. Residential electricity use rose by 0.5%. On a weather-normal basis, retail electricity deliveries were up by 0.1% for the year.

Natural gas deliveries in Wisconsin (excluding natural gas used for power generation) decreased by 2.9%, with a weather-normal decrease of 0.1%.

WEC Energy Group reaffirmed its earnings guidance for 2025, expecting earnings per share to be between $5.17 and $5.27, representing a growth of 7.6% from the midpoint of the 2024 adjusted earnings guidance of $4.85 per share.

On January 16, the board of directors declared a quarterly cash dividend of $0.8925 per share, a 6.9% increase over the previous dividend rate, marking the 22nd consecutive year of dividend increases for the company.