OGE Energy Corp.’s (OGE - Free Report) second-quarter 2020 earnings of 51 cents per share missed the Zacks Consensus Estimate of 55 cents by 7.3%. The bottom line, however, improved 2% from 50 cents registered in the year-ago quarter.
Including one-time items, the company reported GAAP earnings of 43 cents per share compared with earnings of 50 cents in the year-ago quarter.
Revenues
OGE Energy’s operating revenues of $503.5 million declined 2% from $513.7 million in the prior-year quarter. The year-over-year downside was primarily due to lower revenues from contracts with customers.
Operational Highlights
Total sales in the reported quarter amounted to 6.8 million megawatt-hours (MWh), lower than 6.9 million MWh in the prior-year quarter. Meanwhile, the company’s customer count inched up 1.15% to 863,264.
Cost of sales summed $137.4 million compared with $178.7 million in the prior-year quarter.
Total operating expenses rose 7% year over year to $240.7 million on account of higher depreciation and amortization expenses along with increased taxes.
Operating income grew 14% to $125.4 million from the year-ago quarter’s $110 million.
Interest expenses totaled $40.8 million in the second quarter, up from $35.9 million a year ago.
OGE Energy Corporation Price, Consensus and EPS Surprise
2020 Guidance
OGE Energy updated its 2020 earnings in the range of $2.08-$2.18 per share. The Zacks Consensus Estimate for 2020 earnings is pegged at $2.11, lower than the midpoint of the guided range.
Zacks Rank
OGE Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2020 adjusted earnings per share of 49 cents, which surpassed the Zacks Consensus Estimate of 45 cents by 8.9%.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.
NextEra Energy (NEE - Free Report) reported second-quarter 2020 adjusted earnings of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.50 by 4.4%.
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OGE Energy Corp.’s (OGE - Free Report) second-quarter 2020 earnings of 51 cents per share missed the Zacks Consensus Estimate of 55 cents by 7.3%. The bottom line, however, improved 2% from 50 cents registered in the year-ago quarter.
Including one-time items, the company reported GAAP earnings of 43 cents per share compared with earnings of 50 cents in the year-ago quarter.
Revenues
OGE Energy’s operating revenues of $503.5 million declined 2% from $513.7 million in the prior-year quarter. The year-over-year downside was primarily due to lower revenues from contracts with customers.
Operational Highlights
Total sales in the reported quarter amounted to 6.8 million megawatt-hours (MWh), lower than 6.9 million MWh in the prior-year quarter. Meanwhile, the company’s customer count inched up 1.15% to 863,264.
Cost of sales summed $137.4 million compared with $178.7 million in the prior-year quarter.
Total operating expenses rose 7% year over year to $240.7 million on account of higher depreciation and amortization expenses along with increased taxes.
Operating income grew 14% to $125.4 million from the year-ago quarter’s $110 million.
Interest expenses totaled $40.8 million in the second quarter, up from $35.9 million a year ago.
OGE Energy Corporation Price, Consensus and EPS Surprise
2020 Guidance
OGE Energy updated its 2020 earnings in the range of $2.08-$2.18 per share. The Zacks Consensus Estimate for 2020 earnings is pegged at $2.11, lower than the midpoint of the guided range.
Zacks Rank
OGE Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2020 adjusted earnings per share of 49 cents, which surpassed the Zacks Consensus Estimate of 45 cents by 8.9%.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.
NextEra Energy (NEE - Free Report) reported second-quarter 2020 adjusted earnings of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.50 by 4.4%.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Click Here, See It Free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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