MGE Energy Reports First-Quarter 2023 Earnings
May 04 2023 - 10:42AM
Business Wire
MGE Energy, Inc. (Nasdaq: MGEE), today reported financial
results for the first quarter of 2023.
MGE Energy's GAAP (Generally Accepted Accounting Principles)
earnings for the first quarter of 2023 were $31.1 million, or $0.86
per share, compared to $34.4 million, or $0.95 per share, for the
same period in the prior year.
During the first quarter of 2023, warmer-than-normal weather was
a significant driver in lower gas and electric retail sales. Gas
retail sales decreased approximately 14% and electric residential
retail sales decreased approximately 7% compared to the same period
in the prior year. Heating degree days is a measure of the extent
to which the average daily temperature is below 65 degrees
Fahrenheit and is considered an indicator of possible increased
demand for energy to provide heating. As measured by heating degree
days, the first quarter of 2023 was 14% warmer than the first
quarter of 2022. The average temperature in January 2023 was
approximately 27 degrees compared to approximately 15 degrees in
January 2022. The normal average temperature for January is 20
degrees.
MGE Energy, Inc.
(In thousands, except per-share
amounts)
(Unaudited)
Three Months Ended March 31,
2023
2022
Operating revenues
$
217,253
$
208,938
Operating income
$
40,034
$
41,863
Net income
$
31,078
$
34,420
Earnings per share - basic
$
0.86
$
0.95
Earnings per share - diluted
$
0.86
$
0.95
Weighted average shares outstanding -
basic
36,163
36,163
Weighted average shares outstanding -
diluted
36,180
36,171
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/20230504005765/en/
Steve B. Schultz Corporate Communications Manager 608-252-7219 |
sbschultz@mge.com
Ken Frassetto Investor Relations 608-252-4723 |
kfrassetto@mge.com
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