WEC Energy Group Inc (WEC)
Gross profit margin
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Gross profit | US$ in thousands | 5,341,900 | 4,812,200 | 4,745,100 | 4,692,700 | 4,601,500 |
| Revenue | US$ in thousands | 8,893,000 | 9,597,400 | 8,316,000 | 7,241,700 | 7,523,100 |
| Gross profit margin | 60.07% | 50.14% | 57.06% | 64.80% | 61.16% |
December 31, 2023 calculation
Gross profit margin = Gross profit ÷ Revenue
= $5,341,900K ÷ $8,893,000K
= 60.07%
The gross profit margin for WEC Energy Group Inc has fluctuated over the past five years. In 2023, the gross profit margin stood at 64.12%, reflecting an increase from the previous year. This improvement indicates that the company was able to generate a higher percentage of revenue after deducting the cost of goods sold compared to 2022.
In 2022, the gross profit margin was 54.58%, showing a significant decrease from the prior year. This decline suggests that the company faced challenges in maintaining profitability relative to revenue due to factors such as cost pressures or pricing dynamics.
In 2021, the gross profit margin was 60.19%, marking a moderate decrease from 2020. Despite the drop, the margin remained above 60%, indicating a relatively healthy level of profitability in relation to revenue for the company during that year.
Conversely, in 2020, the gross profit margin was 67.97%, which was the highest among the five years analyzed. This indicates that the company was able to efficiently manage its production costs and pricing strategies to maximize profitability relative to revenue during that period.
In 2019, the gross profit margin was 64.39%, showing a slight decrease from the previous year. Although there was a slight decline, the margin remained relatively stable, reflecting the company's ability to maintain profitability levels over time.
Overall, the fluctuation in WEC Energy Group Inc's gross profit margin over the five-year period highlights the company's ability to adapt to changing market conditions and effectively manage costs to maintain satisfactory levels of profitability relative to revenue.
Peer comparison
Dec 31, 2023