MILWAUKEE, Dec. 3, 2020 /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 67.75 cents per share in the
first quarter of 2021. This would represent an increase of
4.5 cents per share.
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 $2.71 per share — would be payable March 1, 2021, to stockholders of record on
"The board's review today is consistent with our ongoing plan
that targets a dividend payout ratio of 65 to 70 percent of
earnings," said Gale Klappa,
The projected dividend growth for 2021 is in line with the
company's longer-term objective to grow earnings per share at a
rate of 5 to 7 percent annually.
In addition, the company introduced earnings guidance for 2021.
Calendar year 2021 earnings are expected to be in a range of
$3.99 to $4.03 per share.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier
energy companies, serving 4.5 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
WEC Energy Group (wecenergygroup.com) is a Fortune 500
company and a component of the S&P 500. The company has
approximately 45,000 stockholders of record, 7,500 employees and
$35 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,
dividend payments and dividend and earnings growth rates. 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; 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; the impact of tax reform and
any other legislative and regulatory changes, including changes to
environmental standards; 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,
2019, and in subsequent reports filed with the Securities
and Exchange Commission. The company expressly disclaims any
obligation to publicly update or revise any forward-looking
SOURCE WEC Energy Group