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06.11.2018 18:59:00
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MGE Energy Reports Third-Quarter Earnings
MGE Energy, Inc. (Nasdaq: MGEE) today reported financial results for the third quarter of 2018.
MGE Energy's earnings for the third quarter of 2018 were $29.5 million, or 85 cents per share, compared to $26.6 million, or 77 cents per share, for the same period in the prior year.
During the third quarter of 2018, electric net income increased due to a 3.5% increase in electric retail sales. This increase reflects higher customer demand as a result of warmer weather, particularly in August, when compared to cooler weather for the same month in 2017. The average temperature in August was 72 degrees compared to 67 degrees in the prior year. Normal average temperature in August is 70 degrees.
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MGE Energy, Inc. (In thousands, except per share amounts) (Unaudited) |
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| Three Months Ended September 30, | 2018 | 2017 | ||||
| Operating revenue | $137,795 | $139,539 | ||||
| Operating income | $39,798 | $41,997 | ||||
| Net income | $29,506 | $26,629 | ||||
| Earnings per share (basic and diluted) | $0.85 | $0.77 | ||||
| Weighted average shares outstanding (basic and diluted) | 34,668 | 34,668 | ||||
| Nine Months Ended September 30, | 2018 | 2017 | ||||
| Operating revenue | $419,689 | $422,825 | ||||
| Operating income | $90,217 | $99,428 | ||||
| Net income | $67,858 | $61,472 | ||||
| Earnings per share (basic and diluted) | $1.96 | $1.77 | ||||
| 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181106005819/en/
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