– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
MILWAUKEE, May 2, 2022 /PRNewswire/ -- WEC Energy Group (NYSE: WEC) today reported net income of $565.9 million, or $1.79 per share, for the first quarter of 2022 — up from $510.1 million, or $1.61 per share, for last year's first quarter.
Consolidated revenues totaled $2.9 billion, up $216.7 million from the first quarter a year ago.
"A colder than normal winter, a strong economy and the performance of our infrastructure segment were the major factors driving our first-quarter results," said Gale Klappa, executive chairman. "The year is off to a solid start as we continue to focus on the fundamentals of our business."
For the quarter, natural gas deliveries in Wisconsin — excluding natural gas used for power generation — rose by 9.3 percent compared to the first quarter of 2021. On a weather-normal basis, natural gas deliveries were 3.6 percent higher.
Retail deliveries of electricity — excluding the iron ore mine in Michigan's Upper Peninsula — increased by 2.2 percent in the first quarter of 2022 compared to the first quarter last year.
Residential electricity use rose by 1.3 percent.
Electricity consumption by small commercial and industrial customers was 3.8 percent higher. Electricity use by large commercial and industrial customers — excluding the iron ore mine — rose by 1.4 percent.
On a weather-normal basis, retail deliveries of electricity — excluding the iron ore mine — grew by 0.7 percent.
In light of its strong performance, the company is raising its earnings guidance for 2022, to a range of $4.34 to $4.38 per share, with an expectation of reaching the top end of the new range. This assumes normal weather for the remainder of the year. The company had previously announced earnings guidance for 2022 in a range of $4.29 to $4.33 per share.
Earnings per share listed in this news release are on a fully diluted basis.
A conference call is scheduled for 1 p.m. Central time, Monday, May 2. The call will review 2022 first-quarter earnings and the company's outlook for the future.
All interested parties, including stockholders, news media and the general public, are invited to listen. Access the call at 833-968-2232 up to 15 minutes before it begins. The number for international callers is 825-312-2063. The conference ID is 9378353.
Conference call access also is available at wecenergygroup.com. Under 'Webcasts,' select 'Q1 Earnings.' In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its first-quarter performance. The materials will be available at 6:30 a.m. Central time, Monday, May 2.
A replay will be available on the website and by phone. Access to the webcast replay will be available on the website about two hours after the call. Access to a phone replay also will be available approximately two hours after the call and remain accessible through May 16, 2022. Domestic callers should dial 800-585-8367. International callers should dial 416-621-4642. The replay conference ID is 9378353.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving 4.6 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 the Midwest.
WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has 38,000 stockholders of record, 7,000 employees and $39 billion of assets.
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 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; the extent, duration and impact of the COVID-19 pandemic or any future health pandemics; timing, resolution and impact of rate cases and other regulatory decisions; 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; varying 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; the company's ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan; cyber-security threats and data security breaches; construction risks; 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 and state legislative and regulatory changes, including changes to environmental standards, the enforcement of these laws and regulations and changes in the interpretation of regulations by regulatory agencies; supply chain disruptions; inflation; political developments; 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, 2021, 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.
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) |
Three Months Ended |
|||
March 31 |
||||
(in millions, except per share amounts) |
2022 |
2021 |
||
Operating revenues |
$ 2,908.1 |
$ 2,691.4 |
||
Operating expenses |
||||
Cost of sales |
1,383.4 |
1,265.6 |
||
Other operation and maintenance |
454.4 |
479.9 |
||
Depreciation and amortization |
278.1 |
261.4 |
||
Property and revenue taxes |
60.8 |
55.2 |
||
Total operating expenses |
2,176.7 |
2,062.1 |
||
Operating income |
731.4 |
629.3 |
||
Equity in earnings of transmission affiliates |
41.7 |
42.6 |
||
Other income, net |
39.6 |
32.8 |
||
Interest expense |
117.6 |
119.5 |
||
Other expense |
(36.3) |
(44.1) |
||
Income before income taxes |
695.1 |
585.2 |
||
Income tax expense |
127.1 |
74.9 |
||
Net income |
568.0 |
510.3 |
||
Preferred stock dividends of subsidiary |
0.3 |
0.3 |
||
Net (income) loss attributed to noncontrolling interests |
(1.8) |
0.1 |
||
Net income attributed to common shareholders |
$ 565.9 |
$ 510.1 |
||
Earnings per share |
||||
Basic |
$ 1.79 |
$ 1.62 |
||
Diluted |
$ 1.79 |
$ 1.61 |
||
Weighted average common shares outstanding |
||||
Basic |
315.4 |
315.4 |
||
Diluted |
316.2 |
316.2 |
||
Dividends per share of common stock |
$ 0.7275 |
$ 0.6775 |
||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts) |
March 31, 2022 |
December 31, 2021 |
||
Assets |
||||
Current assets |
||||
Cash and cash equivalents |
$ 33.8 |
$ 16.3 |
||
Accounts receivable and unbilled revenues, net of reserves of $200.6 and $198.3, respectively |
1,635.7 |
1,505.7 |
||
Materials, supplies, and inventories |
368.8 |
635.8 |
||
Prepayments |
172.9 |
245.5 |
||
Derivative assets |
204.3 |
107.0 |
||
Other |
147.1 |
146.4 |
||
Current assets |
2,562.6 |
2,656.7 |
||
Long-term assets |
||||
Property, plant, and equipment, net of accumulated depreciation and amortization of $10,041.4 and $9,889.3, respectively |
27,110.2 |
26,982.4 |
||
Regulatory assets (March 31, 2022 and December 31, 2021 include $98.2 and $100.7, respectively, |
3,163.6 |
3,264.8 |
||
Equity investment in transmission affiliates |
1,818.2 |
1,789.4 |
||
Goodwill |
3,052.8 |
3,052.8 |
||
Pension and OPEB assets |
910.2 |
881.3 |
||
Other |
356.9 |
361.1 |
||
Long-term assets |
36,411.9 |
36,331.8 |
||
Total assets |
$ 38,974.5 |
$ 38,988.5 |
||
Liabilities and Equity |
||||
Current liabilities |
||||
Short-term debt |
$ 1,450.0 |
$ 1,897.0 |
||
Current portion of long-term debt (March 31, 2022 and December 31, 2021 include $8.8, related to WEPCo Environmental Trust Finance I, LLC) |
163.4 |
169.4 |
||
Accounts payable |
693.7 |
1,005.7 |
||
Other |
957.3 |
680.9 |
||
Current liabilities |
3,264.4 |
3,753.0 |
||
Long-term liabilities |
||||
Long-term debt (March 31, 2022 and December 31, 2021 include $102.8 and $102.7, respectively, related to WEPCo Environmental Trust Finance I, LLC) |
13,514.3 |
13,523.7 |
||
Deferred income taxes |
4,426.2 |
4,308.5 |
||
Deferred revenue, net |
383.8 |
389.2 |
||
Regulatory liabilities |
4,032.6 |
3,946.0 |
||
Environmental remediation liabilities |
517.2 |
532.6 |
||
Pension and OPEB obligations |
218.5 |
219.0 |
||
Other |
1,173.0 |
1,203.2 |
||
Long-term liabilities |
24,265.6 |
24,122.2 |
||
Commitments and contingencies |
||||
Common shareholders' equity |
||||
Common stock – $0.01 par value; 325,000,000 shares authorized; 315,434,531 shares outstanding |
3.2 |
3.2 |
||
Additional paid in capital |
4,131.8 |
4,138.1 |
||
Retained earnings |
7,111.4 |
6,775.1 |
||
Accumulated other comprehensive loss |
(3.2) |
(3.2) |
||
Common shareholders' equity |
11,243.2 |
10,913.2 |
||
Preferred stock of subsidiary |
30.4 |
30.4 |
||
Noncontrolling interests |
170.9 |
169.7 |
||
Total liabilities and equity |
$ 38,974.5 |
$ 38,988.5 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
Three Months Ended |
|
March 31 |
||
(in millions) |
2022 |
2021 |
Operating activities |
||
Net income |
$ 568.0 |
$ 510.3 |
Reconciliation to cash provided by operating activities |
||
Depreciation and amortization |
278.1 |
261.4 |
Deferred income taxes and ITCs, net |
103.8 |
129.6 |
Contributions and payments related to pension and OPEB plans |
(3.6) |
(4.1) |
Equity income in transmission affiliates, net of distributions |
(7.7) |
(9.2) |
Change in – |
||
Accounts receivable and unbilled revenues, net |
(174.3) |
(150.4) |
Materials, supplies, and inventories |
267.0 |
175.1 |
Prepayments |
72.6 |
4.6 |
Amounts recoverable from customers |
10.3 |
(286.7) |
Other current assets |
1.1 |
15.6 |
Accounts payable |
(293.8) |
(181.5) |
Other current liabilities |
289.5 |
(2.3) |
Other, net |
(34.2) |
(67.2) |
Net cash provided by operating activities |
1,076.8 |
395.2 |
Investing activities |
||
Capital expenditures |
(383.5) |
(470.6) |
Acquisition of Jayhawk Wind, LLC |
— |
(119.4) |
Capital contributions to transmission affiliates |
(21.1) |
— |
Proceeds from the sale of assets |
9.7 |
11.3 |
Proceeds from the sale of investments held in rabbi trust |
15.4 |
12.7 |
Insurance proceeds received for property damage |
41.0 |
— |
Other, net |
0.3 |
24.7 |
Net cash used in investing activities |
(338.2) |
(541.3) |
Financing activities |
||
Exercise of stock options |
11.8 |
1.2 |
Purchase of common stock |
(23.4) |
(6.6) |
Dividends paid on common stock |
(229.6) |
(213.7) |
Issuance of long-term debt |
— |
600.0 |
Retirement of long-term debt |
(15.4) |
(14.7) |
Issuance of short-term loan |
0.9 |
— |
Repayment of short-term loan |
— |
(340.0) |
Change in other short-term debt |
(447.9) |
143.5 |
Other, net |
(2.9) |
(6.6) |
Net cash provided by (used in) financing activities |
(706.5) |
163.1 |
Net change in cash, cash equivalents, and restricted cash |
32.1 |
17.0 |
Cash, cash equivalents, and restricted cash at beginning of period |
87.5 |
72.6 |
Cash, cash equivalents, and restricted cash at end of period |
$ 119.6 |
$ 89.6 |
SOURCE WEC Energy Group
МИЛУОКИ, 2 мая 2022 г. /PRNewswire/ -- WEC Energy Group (NYSE: WEC) сегодня сообщила о чистой прибыли в размере $565,9 млн, или $1,79 на акцию, за первый квартал 2022 года — по сравнению с $510,1 млн, или $1,61 на акцию, за первый квартал прошлого года.
Консолидированная выручка составила 2,9 миллиарда долларов, что на 216,7 миллиона долларов больше, чем в первом квартале прошлого года.
"Более холодная, чем обычно, зима, сильная экономика и производительность нашего инфраструктурного сегмента были основными факторами, повлиявшими на наши результаты за первый квартал", - сказал Гейл Клаппа, исполнительный председатель. "Год начинается с хорошего начала, поскольку мы продолжаем фокусироваться на основах нашего бизнеса".
За квартал поставки природного газа в Висконсине — без учета природного газа, используемого для производства электроэнергии, — выросли на 9,3 процента по сравнению с первым кварталом 2021 года. При нормальных погодных условиях поставки природного газа выросли на 3,6 процента.
Розничные поставки электроэнергии — за исключением железорудного рудника на Верхнем полуострове Мичигана — увеличились на 2,2 процента в первом квартале 2022 года по сравнению с первым кварталом прошлого года.
Потребление электроэнергии в жилых домах выросло на 1,3 процента.
Потребление электроэнергии мелкими коммерческими и промышленными потребителями выросло на 3,8 процента. Потребление электроэнергии крупными коммерческими и промышленными потребителями, за исключением железорудного рудника, выросло на 1,4 процента.
При нормальных погодных условиях розничные поставки электроэнергии — за исключением железорудного рудника — выросли на 0,7 процента.
В свете высоких показателей компания повышает прогноз по прибыли на 2022 год до диапазона от 4,34 до 4,38 доллара на акцию с ожиданием достижения верхней границы нового диапазона. Это предполагает нормальную погоду на оставшуюся часть года. Ранее компания объявила прогноз прибыли на 2022 год в диапазоне от 4,29 до 4,33 доллара на акцию.
Прибыль на акцию, указанная в этом пресс-релизе, рассчитана на полностью разводненной основе.
Селекторное совещание запланировано на 1 час дня по центральному времени, понедельник, 2 мая. В ходе телефонного разговора будут рассмотрены доходы за первый квартал 2022 года и перспективы компании на будущее.
К участию приглашаются все заинтересованные стороны, включая акционеров, средства массовой информации и широкую общественность. Получите доступ к вызову по телефону 833-968-2232 за 15 минут до его начала. Номер для международных абонентов - 825-312-2063. Конференция Идентификационный номер 9378353.
Доступ к конференц-связи также доступен по адресу wecenergygroup.com . В разделе "Веб-трансляции" выберите "Доходы за 1 квартал". В связи с этим объявлением о доходах WEC Energy Group разместит на своем веб-сайте пакет подробной финансовой информации о своих результатах за первый квартал. Материалы будут доступны в 6:30 утра по центральному времени в понедельник, 2 мая.
Повтор будет доступен на веб-сайте и по телефону. Доступ к воспроизведению веб-трансляции будет доступен на веб-сайте примерно через два часа после звонка. Доступ к воспроизведению телефонного разговора также будет доступен примерно через два часа после звонка и останется доступным до 16 мая 2022 года. Внутренние абоненты должны набрать 800-585-8367. Международные абоненты должны набрать 416-621-4642. Идентификатор конференции воспроизведения - 9378353.
WEC Energy Group (NYSE: WEC), базирующаяся в Милуоки, является одной из ведущих энергетических компаний страны, обслуживающей 4,6 миллиона клиентов в Висконсине, Иллинойсе, Мичигане и Миннесоте.
Основными коммунальными предприятиями компании являются We Energies, Wisconsin Public Service, Peoples Газ, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources и Upper Michigan Energy. Ресурсы. Другая крупная дочерняя компания, We Power, проектирует, строит и владеет электростанциями. Кроме того, WEC Infrastructure LLC владеет растущим парком объектов возобновляемой генерации на Среднем Западе.
WEC Energy Group (wecenergygroup.com ) является компанией из списка Fortune 500 и входит в S&P 500. Компания насчитывает 38 000 зарегистрированных акционеров, 7000 сотрудников и активы на сумму 39 миллиардов долларов.
Некоторые заявления, содержащиеся в этом пресс-релизе, являются "прогнозными заявлениями" по смыслу раздела 27A Закона о ценных бумагах 1933 года и Раздела 21E Закона о ценных бумагах и биржах 1934 года. Эти заявления основаны на текущих ожиданиях руководства и подвержены рискам и неопределенностям, которые могут привести к тому, что наши фактические результаты будут существенно отличаться от тех, которые предусмотрены в заявлениях. Читателей предостерегают от чрезмерного доверия к этим заявлениям. Заявления прогнозного характера включают, среди прочего, заявления, касающиеся ожиданий и прогнозов руководства в отношении доходов и будущих результатов. В некоторых случаях прогнозные заявления могут быть идентифицированы ссылкой на будущий период или периоды или использованием прогнозной терминологии, такой как "ожидает", "полагает", "оценивает", "ожидает", "прогнозирует", "руководство", "намеревается", "может, "цели", "планы", "возможные", "потенциальные", "проекты", "должны", "цели", "будут" или аналогичные термины или варианты этих терминов. Факторы, которые могут вызвать фактические результаты могут существенно отличаться от тех, что предусмотрены в любом прогнозные заявления включают, но не ограничиваются следующим: общие экономические условия, включая деловые и конкурентные условия в компании уборка территорий; масштабы, продолжительность и влияние COVID-19 пандемией или любых будущих пандемий; время, разрешение и последствия ставка случаях и иными нормативными актами; способность компании продолжать успешно интегрировать деятельность своих филиалов; в наличии компании объектов генерации и/или распространения систем; непредвиденных изменений цен на топливо и покупную энергию расходы; ключевые кадровые перестановки; различные погодные условия; продолжение промышленности реструктуризации и консолидации; о совершенствовании, и освоение новых технологий, продуктов или уменьшить расход энергии; энергетика и охрана окружающей среды усилий; способность предприятия успешно осваивают и/или реализации активов и проектов и для выполнения своего плана капитального ремонта; угрозы информационной безопасности и защиты данных нарушений; строительно-монтажных рисков; акций и облигаций колебаний рынка; изменения в компании и ее дочерних обществ возможность доступа к рынкам капитала; изменения в налоговом законодательстве и наша способность использовать определенные налоговые льготы и переносу; федеральные и региональные законодательные и нормативные изменения, включая изменение экологических норм, соблюдения этих законов и правил, а также изменений в толковании нормативно-правовых актов регулирующими органами; цепочки поставок, перебои; инфляция; политические события; текущие и будущие судебные и нормативные расследования, судебного разбирательства или запросов; изменения в стандартах бухгалтерского учета; финансовые показатели американская компания, осуществляющая передачу электроэнергии, а также проектов, в которых компания энергетической инфраструктуры, бизнес вкладывает средства; способность компании получать дополнительные генерирующие мощности по низким ценам; доброжелательность и их возможного обесценения; и другие факторы, описанные под заголовком "факторы, влияющие на результаты, Ликвидность и капитальные ресурсы" в области менеджмента анализ и оценка финансового состояния и результатов деятельности, и в разделах "предостережение относительно прогнозных информация" и "факторы риска", содержащиеся в компании по форме 10-K за год, закончившийся 31 декабря 2021 года, а в последующих докладах, поданных с по ценным бумагам и биржам. За исключением случаев, когда это может потребоваться по закону, компания прямо отказывается от каких-либо обязательств по публичному обновлению или пересмотру любой прогнозной информации.
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) |
Three Months Ended |
|||
March 31 |
||||
(in millions, except per share amounts) |
2022 |
2021 |
||
Operating revenues |
$ 2,908.1 |
$ 2,691.4 |
||
Operating expenses |
||||
Cost of sales |
1,383.4 |
1,265.6 |
||
Other operation and maintenance |
454.4 |
479.9 |
||
Depreciation and amortization |
278.1 |
261.4 |
||
Property and revenue taxes |
60.8 |
55.2 |
||
Total operating expenses |
2,176.7 |
2,062.1 |
||
Operating income |
731.4 |
629.3 |
||
Equity in earnings of transmission affiliates |
41.7 |
42.6 |
||
Other income, net |
39.6 |
32.8 |
||
Interest expense |
117.6 |
119.5 |
||
Other expense |
(36.3) |
(44.1) |
||
Income before income taxes |
695.1 |
585.2 |
||
Income tax expense |
127.1 |
74.9 |
||
Net income |
568.0 |
510.3 |
||
Preferred stock dividends of subsidiary |
0.3 |
0.3 |
||
Net (income) loss attributed to noncontrolling interests |
(1.8) |
0.1 |
||
Net income attributed to common shareholders |
$ 565.9 |
$ 510.1 |
||
Earnings per share |
||||
Basic |
$ 1.79 |
$ 1.62 |
||
Diluted |
$ 1.79 |
$ 1.61 |
||
Weighted average common shares outstanding |
||||
Basic |
315.4 |
315.4 |
||
Diluted |
316.2 |
316.2 |
||
Dividends per share of common stock |
$ 0.7275 |
$ 0.6775 |
||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except share and per share amounts) |
March 31, 2022 |
December 31, 2021 |
||
Assets |
||||
Current assets |
||||
Cash and cash equivalents |
$ 33.8 |
$ 16.3 |
||
Accounts receivable and unbilled revenues, net of reserves of $200.6 and $198.3, respectively |
1,635.7 |
1,505.7 |
||
Materials, supplies, and inventories |
368.8 |
635.8 |
||
Prepayments |
172.9 |
245.5 |
||
Derivative assets |
204.3 |
107.0 |
||
Other |
147.1 |
146.4 |
||
Current assets |
2,562.6 |
2,656.7 |
||
Long-term assets |
||||
Property, plant, and equipment, net of accumulated depreciation and amortization of $10,041.4 and $9,889.3, respectively |
27,110.2 |
26,982.4 |
||
Regulatory assets (March 31, 2022 and December 31, 2021 include $98.2 and $100.7, respectively, |
3,163.6 |
3,264.8 |
||
Equity investment in transmission affiliates |
1,818.2 |
1,789.4 |
||
Goodwill |
3,052.8 |
3,052.8 |
||
Pension and OPEB assets |
910.2 |
881.3 |
||
Other |
356.9 |
361.1 |
||
Long-term assets |
36,411.9 |
36,331.8 |
||
Total assets |
$ 38,974.5 |
$ 38,988.5 |
||
Liabilities and Equity |
||||
Current liabilities |
||||
Short-term debt |
$ 1,450.0 |
$ 1,897.0 |
||
Current portion of long-term debt (March 31, 2022 and December 31, 2021 include $8.8, related to WEPCo Environmental Trust Finance I, LLC) |
163.4 |
169.4 |
||
Accounts payable |
693.7 |
1,005.7 |
||
Other |
957.3 |
680.9 |
||
Current liabilities |
3,264.4 |
3,753.0 |
||
Long-term liabilities |
||||
Long-term debt (March 31, 2022 and December 31, 2021 include $102.8 and $102.7, respectively, related to WEPCo Environmental Trust Finance I, LLC) |
13,514.3 |
13,523.7 |
||
Deferred income taxes |
4,426.2 |
4,308.5 |
||
Deferred revenue, net |
383.8 |
389.2 |
||
Regulatory liabilities |
4,032.6 |
3,946.0 |
||
Environmental remediation liabilities |
517.2 |
532.6 |
||
Pension and OPEB obligations |
218.5 |
219.0 |
||
Other |
1,173.0 |
1,203.2 |
||
Long-term liabilities |
24,265.6 |
24,122.2 |
||
Commitments and contingencies |
||||
Common shareholders' equity |
||||
Common stock – $0.01 par value; 325,000,000 shares authorized; 315,434,531 shares outstanding |
3.2 |
3.2 |
||
Additional paid in capital |
4,131.8 |
4,138.1 |
||
Retained earnings |
7,111.4 |
6,775.1 |
||
Accumulated other comprehensive loss |
(3.2) |
(3.2) |
||
Common shareholders' equity |
11,243.2 |
10,913.2 |
||
Preferred stock of subsidiary |
30.4 |
30.4 |
||
Noncontrolling interests |
170.9 |
169.7 |
||
Total liabilities and equity |
$ 38,974.5 |
$ 38,988.5 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
Three Months Ended |
|
March 31 |
||
(in millions) |
2022 |
2021 |
Operating activities |
||
Net income |
$ 568.0 |
$ 510.3 |
Reconciliation to cash provided by operating activities |
||
Depreciation and amortization |
278.1 |
261.4 |
Deferred income taxes and ITCs, net |
103.8 |
129.6 |
Contributions and payments related to pension and OPEB plans |
(3.6) |
(4.1) |
Equity income in transmission affiliates, net of distributions |
(7.7) |
(9.2) |
Change in – |
||
Accounts receivable and unbilled revenues, net |
(174.3) |
(150.4) |
Materials, supplies, and inventories |
267.0 |
175.1 |
Prepayments |
72.6 |
4.6 |
Amounts recoverable from customers |
10.3 |
(286.7) |
Other current assets |
1.1 |
15.6 |
Accounts payable |
(293.8) |
(181.5) |
Other current liabilities |
289.5 |
(2.3) |
Other, net |
(34.2) |
(67.2) |
Net cash provided by operating activities |
1,076.8 |
395.2 |
Investing activities |
||
Capital expenditures |
(383.5) |
(470.6) |
Acquisition of Jayhawk Wind, LLC |
— |
(119.4) |
Capital contributions to transmission affiliates |
(21.1) |
— |
Proceeds from the sale of assets |
9.7 |
11.3 |
Proceeds from the sale of investments held in rabbi trust |
15.4 |
12.7 |
Insurance proceeds received for property damage |
41.0 |
— |
Other, net |
0.3 |
24.7 |
Net cash used in investing activities |
(338.2) |
(541.3) |
Financing activities |
||
Exercise of stock options |
11.8 |
1.2 |
Purchase of common stock |
(23.4) |
(6.6) |
Dividends paid on common stock |
(229.6) |
(213.7) |
Issuance of long-term debt |
— |
600.0 |
Retirement of long-term debt |
(15.4) |
(14.7) |
Issuance of short-term loan |
0.9 |
— |
Repayment of short-term loan |
— |
(340.0) |
Change in other short-term debt |
(447.9) |
143.5 |
Other, net |
(2.9) |
(6.6) |
Net cash provided by (used in) financing activities |
(706.5) |
163.1 |
Net change in cash, cash equivalents, and restricted cash |
32.1 |
17.0 |
Cash, cash equivalents, and restricted cash at beginning of period |
87.5 |
72.6 |
Cash, cash equivalents, and restricted cash at end of period |
$ 119.6 |
$ 89.6 |
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