MGE Energy Reports Third-Quarter 2023 Earnings
03 November 2023 - 2:29AM
Business Wire
MGE Energy, Inc. (Nasdaq: MGEE), today reported financial
results for the third quarter of 2023.
MGE Energy's GAAP (Generally Accepted Accounting Principles)
earnings for the third quarter of 2023 were $37.9 million, or $1.05
per share, compared to $33.7 million, or $0.93 per share, for the
same period in the prior year.
Our third-quarter results were primarily driven by an increase
in investments included in rate base. Also, warmer-than-normal
weather led to an increase in electric residential sales of
approximately 5% compared to the third quarter of 2022.
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 the third quarter of 2023. The
timing of depreciation expense also contributed to higher electric
earnings in the third quarter of 2023. Depreciation costs are
expected to increase after significant capital projects are
completed, including the second phase of Badger Hollow and Paris
solar projects.
In the third quarter of 2023, earnings from our investment in
ATC increased $0.9 million, driven by an estimated possible loss
recorded in 2022 from filed complaints regarding MISO transmission
owners' authorized return on equity.
Gas net income in the third quarter of 2023 remained relatively
flat compared to the third quarter of 2022.
MGE Energy, Inc.
(In thousands, except per-share
amounts)
(Unaudited)
Three Months Ended September
30,
2023
2022
Operating revenues
$
160,528
$
163,400
Operating income
$
43,792
$
42,487
Net income
$
37,857
$
33,720
Earnings per share - basic
$
1.05
$
0.93
Earnings per share - diluted
$
1.05
$
0.93
Weighted average shares outstanding -
basic
36,163
36,163
Weighted average shares outstanding -
diluted
36,189
36,176
Nine Months Ended September 30,
2023
2022
Operating revenues
$
525,779
$
524,686
Operating income
$
122,216
$
109,808
Net income
$
97,616
$
89,901
Earnings per share - basic
$
2.70
$
2.49
Earnings per share - diluted
$
2.70
$
2.49
Weighted average shares outstanding -
basic
36,163
36,163
Weighted average shares outstanding -
diluted
36,185
36,174
About MGE Energy
MGE Energy is a public utility holding company. Its principal
subsidiary, Madison Gas and Electric, generates and distributes
electricity to 161,000 customers in Dane County, Wis., and
purchases and distributes natural gas to 173,000 customers in seven
south-central and western Wisconsin counties. MGE's roots in the
Madison area date back more than 150 years.
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 MGE
Energy's current expectations, estimates and assumptions regarding
future events, which are inherently uncertain. We caution you not
to place undue reliance on any forward-looking statements, which
are made as of the date of this press release. We undertake no
obligation to revise or update publicly any such forward-looking
statements to reflect any change in expectations or in events,
conditions or circumstances on which any such statements may be
based. For a further description of the risks and uncertainties
that could cause actual results to differ from those expressed in
these forward-looking statements, as well as risks relating to our
business in general, please refer to the "Risk Factors" sections in
our Annual Report on Form 10-K for the year ended December 31,
2022, filed with the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231102858210/en/
Steve B. Schultz Media Relations 608-252-7219 |
sbschultz@mge.com Ken Frassetto Investor Relations 608-252-4723 |
kfrassetto@mge.com
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