Market Overview

MGE Energy Reports Second-Quarter Earnings

Share:

MGE Energy, Inc. (NASDAQ:MGEE) today reported financial results for the second quarter of 2019.

MGE Energy's earnings for the second quarter of 2019 were $15.5 million, or 45 cents per share, compared to $18.3 million, or 53 cents per share, for the same period in the prior year.

During the second quarter of 2019, electric net income decreased due to lower residential customer usage resulting from cooler weather in June compared to the same period in the prior year. Gas net income decreased during the quarter primarily related to lower gas retail sales attributable to warmer weather in April 2019 compared to the same period in the prior year.

 

MGE Energy, Inc.

 

 

(In thousands, except per share amounts)

 

 

(Unaudited)

 

 

 

 

 

 

 

 

Three Months Ended June 30,

2019

 

2018

 

 

Operating revenue

$122,147

 

$124,262

 

 

Operating income

$19,783

 

$24,231

 

 

Net income

$15,548

 

$18,351

 

 

Earnings per share (basic and diluted)

$0.45

 

$0.53

 

 

Weighted average shares outstanding (basic and diluted)

34,668

 

34,668

 

 

 

 

 

 

 

 

Six Months Ended June 30,

2019

 

2018

 

 

Operating revenue

$289,716

 

$281,894

 

 

Operating income

$50,293

 

$50,419

 

 

Net income

$39,554

 

$38,352

 

 

Earnings per share (basic and diluted)

$1.14

 

$1.11

 

 

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.

View Comments and Join the Discussion!