MGE Energy Reports First-Quarter Earnings
May 08 2018 - 11:48AM
Business Wire
MGE Energy, Inc. (Nasdaq: MGEE) today reported financial results
for the first quarter of 2018.
MGE Energy's earnings for the first quarter of 2018 were
$20.0 million, or 58 cents per share, compared to
$19.3 million, or 56 cents per share, for the same period
in the prior year.
During the first quarter of 2018, gas net income increased due
to an increase of over 14% in gas retail sales related to higher
customer demand resulting from colder weather experienced in the
first quarter of 2018 compared to the same period in the prior year
and an increase in retail customers. The average temperature in
February 2018 was 22 degrees compared to 33 degrees in February
2017. Normal average temperature in February is 24 degrees.
About MGE Energy
MGE Energy is a public utility holding company. Its principal
subsidiary, Madison Gas and Electric, generates and distributes
electricity to 151,000 customers in Dane County, Wis., and
purchases and distributes natural gas to 158,000 customers in seven
south-central and western Wisconsin counties. MGE's roots in the
Madison area date back more than 150 years.
MGE Energy, Inc.
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended March 31, 2018
2017 Operating revenue $157,632 $156,823 Operating
income $26,188 $31,836 Net income $20,001 $19,300 Earnings per
share (basic and diluted) $0.58 $0.56 Weighted average shares
outstanding (basic and diluted) 34,668 34,668
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version on businesswire.com: https://www.businesswire.com/news/home/20180508006209/en/
MGE EnergySteven B. SchultzCorporate Communications
Manager608-252-7219 | sbschultz@mge.com
MGE Energy (NASDAQ:MGEE)
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