MGE Energy Reports Fourth-Quarter Earnings
February 22 2019 - 3:49PM
Business Wire
MGE Energy, Inc. (Nasdaq: MGEE) today reported financial results
for the fourth quarter and full year 2018.
MGE Energy's GAAP (Generally Accepted Accounting Principles)
earnings for the full year of 2018 were $84.2 million, or
$2.43 per share, compared to $97.6 million, or $2.82 per
share, for the same period in the prior year. Earnings for 2017
included a 62 cent per share one-time, non-cash tax benefit from
nonregulated operations as a result of the Tax Cuts and Jobs Act
(Tax Act). Earnings for 2018 were positively impacted by customer
growth and favorable weather during the year. There were
approximately 2,000 more electric and approximately 3,000 more gas
customers in 2018, primarily driven by residential customer
growth.
MGE Energy's GAAP earnings for the fourth quarter of 2018 were
$16.4 million, or 47 cents per share, compared to $36.1 million, or
$1.04 per share, in the fourth quarter of 2017. Earnings for the
fourth quarter of 2017 included a 62 cent per share one-time,
non-cash tax benefit from nonregulated operations as a result of
the Tax Act. Excluding the one-time tax benefit,
quarter-over-quarter earnings were higher primarily due to
increased revenue from customer growth.
MGE Energy, Inc.
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended December 31, 2018
2017 Operating revenue $140,079 $140,274 Operating income
$23,990 $25,197 Net income $16,361 $36,134 Earnings per share
(basic and diluted) $0.47 $1.04 Weighted average shares outstanding
(basic and diluted) 34,668 34,668
For the Years Ended
December 31, 2018 2017 Operating revenue $559,768
$563,099 Operating income $114,207 $124,625 Net income $84,219
$97,606 Earnings per share (basic and diluted) $2.43 $2.82 Weighted
average shares outstanding (basic and diluted) 34,668 34,668
About MGE Energy
MGE Energy is a public utility holding company. Its principal
subsidiary, Madison Gas and Electric, generates and distributes
electricity to 153,000 customers in Dane County, Wis., and
purchases and distributes natural gas to 161,000 customers in seven
south-central and western Wisconsin counties. MGE's roots in the
Madison area date back more than 150 years.
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version on businesswire.com: https://www.businesswire.com/news/home/20190222005490/en/
Steven B. SchultzCorporate Communications Manager608-252-7219 |
sbschultz@mge.com
MGE Energy (NASDAQ:MGEE)
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