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03.11.2017 15:55:00
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MGE Energy Reports Third-Quarter Earnings
MGE Energy, Inc. (Nasdaq: MGEE) today reported earnings for the three months ended Sept. 30, 2017, of $26.6 million, or 77 cents per share, compared to $27.9 million, or 80 cents per share, for the same period in the prior year.
During the third quarter of 2017, electric net income decreased due to a 5.4% decrease in electric retail sales reflecting lower customer demand due to cooler weather, particularly in August, when compared to warmer weather for the same month in 2016. The average temperature in August was 67 degrees compared to 73 degrees in the prior year. Normal average temperature in August is 70 degrees.
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 149,000 customers in Dane County, Wis., and purchases and distributes natural gas to 154,000 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. | ||||||||
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(In thousands, except per share amounts) |
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(Unaudited) |
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| Three Months Ended September 30, | 2017 | 2016 | ||||||
| Operating revenue | $139,539 | $136,717 | ||||||
| Operating income | $43,001 | $46,527 | ||||||
| Net income | $26,629 | $27,880 | ||||||
| Earnings per share (basic and diluted) | $0.77 | $0.80 | ||||||
| Weighted average shares outstanding (basic and diluted) | 34,668 | 34,668 | ||||||
| Nine Months Ended September 30, | 2017 | 2016 | ||||||
| Operating revenue | $422,825 | $405,820 | ||||||
| Operating income | $102,462 | $104,270 | ||||||
| Net income | $61,472 | $61,058 | ||||||
| Earnings per share (basic and diluted) | $1.77 | $1.76 | ||||||
| Weighted average shares outstanding (basic and diluted) | 34,668 | 34,668 | ||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20171103005566/en/
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