MILWAUKEE, Dec. 7, 2017 /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 55.25 cents per share in the
first quarter of 2018. This would represent an increase of
3.25 cents per share or 6.25 percent
over the current quarterly rate.
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 $2.21 per share – is expected to be payable
March 1, 2018, to stockholders of
record on Feb. 14, 2018.
"The board's action today is consistent with our objective to
target a dividend payout ratio of 65 to 70 percent of earnings,"
said Gale Klappa, chairman of the
board and chief executive officer.
The projected dividend growth for 2018 is also in line with the
company's longer term objective to grow earnings per share at a 5
to 7 percent average annual rate.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier
energy companies, serving 4.4 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. The company's other major subsidiary, We Power,
designs, builds and owns electric generating plants.
WEC Energy Group (wecenergygroup.com), a
component of the S&P 500, has approximately 55,000 stockholders
of record, 8,500 employees, and more than $30 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 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; 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 consolidation; continued adoption of distributed
generation by the company's customers; energy conservation efforts;
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 any legislative and regulatory changes,
including changes to environmental standards and tax laws;
political developments; current and future litigation and
regulatory investigations; changes in accounting standards; the
financial performance of the American Transmission Company; 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 Dec.
31, 2016 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
information.
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SOURCE WEC Energy Group