MGE Energy Reports Second-Quarter 2023 Earnings
August 03 2023 - 1:37PM
Business Wire
MGE Energy, Inc. (Nasdaq: MGEE), today reported financial
results for the second quarter of 2023.
MGE Energy's GAAP (Generally Accepted Accounting Principles)
earnings for the second quarter of 2023 were $28.7 million, or
$0.79 per share, compared to $21.8 million, or $0.60 per share, for
the same period in the prior year.
Our second-quarter results were primarily driven by an increase
in investments included in rate base.
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 second quarter of 2023. The
timing of 2023 depreciation expense and lower fuel costs also
contributed to higher electric earnings in the second 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.
Gas net income in the second quarter of 2023 remained relatively
flat compared to the second quarter of 2022.
MGE Energy, Inc.
(In thousands, except per-share
amounts)
(Unaudited)
Three Months Ended June 30,
2023
2022
Operating revenues
$
147,998
$
152,348
Operating income
$
38,390
$
25,458
Net income
$
28,681
$
21,761
Earnings per share - basic
$
0.79
$
0.60
Earnings per share - diluted
$
0.79
$
0.60
Weighted average shares outstanding -
basic
36,163
36,163
Weighted average shares outstanding -
diluted
36,186
36,174
Six Months Ended June 30,
2023
2022
Operating revenues
$
365,251
$
361,286
Operating income
$
78,424
$
67,321
Net income
$
59,759
$
56,181
Earnings per share - basic
$
1.65
$
1.55
Earnings per share - diluted
$
1.65
$
1.55
Weighted average shares outstanding -
basic
36,163
36,163
Weighted average shares outstanding -
diluted
36,183
36,173
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/20230803191029/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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