MGE Energy Reports Second-Quarter 2024 Earnings
In the second quarter of 2024, electric net income decreased
Weather also was a driver of lower electric and gas sales for the quarter. Electric residential sales decreased approximately 4% and gas retail sales decreased approximately 10% compared to the same period in the prior year.
Despite lower earnings, we continue to benefit from an increase in investments included in rate base.
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(In thousands, except per-share amounts) |
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(Unaudited) |
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Three Months Ended |
|
2024 |
|
|
2023 |
|
||
Operating revenues |
|
$ |
145,713 |
|
|
$ |
147,998 |
|
Operating income |
|
$ |
29,735 |
|
|
$ |
38,390 |
|
Net income |
|
$ |
23,794 |
|
|
$ |
28,681 |
|
Earnings per share - basic |
|
$ |
0.66 |
|
|
$ |
0.79 |
|
Earnings per share - diluted |
|
$ |
0.66 |
|
|
$ |
0.79 |
|
Weighted average shares outstanding - basic |
|
|
36,176 |
|
|
|
36,163 |
|
Weighted average shares outstanding - diluted |
|
|
36,197 |
|
|
|
36,186 |
|
|
|
|
|
|
|
|
||
Six Months Ended |
|
2024 |
|
|
2023 |
|
||
Operating revenues |
|
$ |
337,049 |
|
|
$ |
365,251 |
|
Operating income |
|
$ |
70,480 |
|
|
$ |
78,424 |
|
Net income |
|
$ |
57,608 |
|
|
$ |
59,759 |
|
Earnings per share - basic |
|
$ |
1.59 |
|
|
$ |
1.65 |
|
Earnings per share - diluted |
|
$ |
1.59 |
|
|
$ |
1.65 |
|
Weighted average shares outstanding - basic |
|
|
36,173 |
|
|
|
36,163 |
|
Weighted average shares outstanding - diluted |
|
|
36,196 |
|
|
|
36,183 |
|
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/20240807928002/en/
Media Relations
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Investor Relations
608-252-4723 | kfrassetto@mge.com
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