MGE Energy Reports Fourth-Quarter and Full-Year 2023 Earnings
MGE continues to invest in new, cost-effective renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base contributed to increased electric earnings for 2023.
During 2023, gas retail therm deliveries decreased approximately 13% compared to the prior year, primarily due to warmer-than-normal weather in 2023. Gas use by commercial and industrial customers was approximately 10% lower during 2023, and residential gas consumption decreased by approximately 15%.
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(In thousands, except per-share amounts) |
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(Unaudited) |
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Three Months Ended |
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2023 |
|
|
2022 |
|
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Operating revenues |
|
$ |
164,652 |
|
|
$ |
189,833 |
|
Operating income |
|
$ |
24,169 |
|
|
$ |
27,935 |
|
Net income |
|
$ |
20,083 |
|
|
$ |
21,051 |
|
Earnings per share - basic |
|
$ |
0.55 |
|
|
$ |
0.58 |
|
Earnings per share - diluted |
|
$ |
0.55 |
|
|
$ |
0.58 |
|
Weighted average shares outstanding - basic |
|
|
36,163 |
|
|
|
36,163 |
|
Weighted average shares outstanding - diluted |
|
|
36,192 |
|
|
|
36,176 |
|
|
|
|
|
|
|
|
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Year Ended |
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2023 |
|
|
2022 |
|
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Operating revenues |
|
$ |
690,431 |
|
|
$ |
714,519 |
|
Operating income |
|
$ |
146,385 |
|
|
$ |
137,743 |
|
Net income |
|
$ |
117,699 |
|
|
$ |
110,952 |
|
Earnings per share - basic |
|
$ |
3.25 |
|
|
$ |
3.07 |
|
Earnings per share - diluted |
|
$ |
3.25 |
|
|
$ |
3.07 |
|
Weighted average shares outstanding - basic |
|
|
36,163 |
|
|
|
36,163 |
|
Weighted average shares outstanding - diluted |
|
|
36,186 |
|
|
|
36,174 |
|
About
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221666232/en/
Media Relations
608-252-7219 | sbschultz@mge.com
Investor Relations
608-252-4723 | kfrassetto@mge.com
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