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MILWAUKEE, December 13, 2022 /PRNewswire/ — The Board of Directors of VEC Energi Group (NYSE: VEC) announced today that it plans to increase the quarterly dividend on the company’s common shares to 78 cents per share in the first quarter of 2023. This would represent an increase of 5.25 cents per share, or 7.2 percent.
Directors expect to declare the new dividend at a regular meeting in January. Dividend — which would be equivalent to an annual rate of $3.12 per share — would be worth it March 1, 2023to registered shareholders at February 14, 2023.
“Today’s board review is consistent with our current plan which targets a dividend payout ratio of 65 to 70 percent of earnings,” he said Gale Klappexecutive chairman.
Additionally, the company introduced 2023 earnings guidance. Earnings in calendar year 2023 are expected to be in the range of $4.58 to the $4.62 per action. The midpoint of the range is $4.60 per share, representing 6.7 percent growth from the midpoint of the company’s original 2022 guidance.
VEC Energi Group (NISE: VEC), with headquarters in Milwaukeeis one of the leading energy companies in the country, serving 4.6 million customers Wisconsin, Illinois, Michigan and Minnesota.
The company’s main businesses are Ve 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 power generation facilities. In addition, VEC Infrastructure LLC owns a growing fleet of renewable generation facilities in the Midwest.
VEC Energi Group (vecenergigroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 38,000 shareholders of record, 7,000 employees and more than 40 billion dollars property.
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 on management’s current expectations and are subject to are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements regarding 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.” , “guidelines”, “intends”, “may”, “goals”, “plans”, “possible”, “potential”, “projects”, “should”, “goals”, “will” or similar terms or variations these conditions.
Factors that could cause actual results to differ materially from those anticipated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company’s territory ; the timing, resolution and impact of rate cases and other regulatory decisions; the company’s ability to continue to successfully integrate the businesses of its subsidiaries; the availability of the company’s production facilities and/or distribution systems; unforeseen changes in the cost of fuel and purchased energy; key personnel changes; changeable, adverse or unusually severe weather conditions; continuation of restructuring and consolidation of the industry; continuous progress and adoption of new technologies that produce energy or reduce energy consumption; energy and environmental conservation efforts; initiatives or mandates for electrification; the company’s ability to successfully acquire and/or dispose of assets and projects and to execute its capital plan; cyber security threats and data security breaches; construction risks; stock and bond market fluctuations; changes in the ability of the company and its subsidiaries to access the capital markets; changes in tax legislation or our ability to use certain tax benefits and carry-forwards; federal, state and local legislative and regulatory changes, including changes in environmental standards, the enforcement of these laws and regulations and changes in the interpretation of regulations by regulatory agencies; supply chain disruptions; inflation; political and geopolitical developments, including impacts on the global economy, supply chain and fuel prices generally, from the ongoing conflict between Russia and Ukraine; the impact of any new developments related to the COVID-19 pandemic or any future health pandemic; ongoing and future judicial and regulatory investigations, proceedings or investigations; changes in accounting standards; the financial performance of the American Transmission Company, as well as the projects in which the company’s energy infrastructure business invests; the company’s ability to obtain additional production capacities at competitive prices; goodwill and its possible reduction; 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 submitted to the Securities Commission. Except as may be required by law, the company expressly disclaims any obligation to publicly update or revise any forward-looking information.
See original content: https://www.prnevsvire.com/nevs-releases/vec-energi-group-announces-plan-to-increase-dividend-bi-7-2-percent-301701363.html
SOURCE VEC Energi Group
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