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.
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.
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
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.
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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