OGE Energy Corp. ( OGE Quick Quote OGE - Free Report) have risen 3.5% to $37.55 since the company released its fourth-quarter 2021 results on Feb 24.
OGE Energy reported fourth-quarter 2021 earnings of $1.59 per share, which surged a solid 488.9% from the year-ago quarter, primarily due to net gains from the Enable merger transaction.
OGE Energy reported earnings per share (EPS) of $3.68 for full-year 2021 against the net loss of 87 cents incurred in 2020.
Operating revenues for the fourth quarter totaled $581.3 million and rose 19.8% from the year-ago quarter’s $485.4 million.
In 2021, OGE generated sales worth $3.66 billion, up 72.2% from the year-ago figure.
Total sales in the reported quarter amounted to 6.6 million megawatt-hours (MWh), slightly down from 6.7 million MWh in the prior-year quarter. Meanwhile, the company’s customer count increased 1.4% to 879,447.
Total operating expenses rose 3.9% year over year to $249.3 million.
Operating income slipped 1.5% to $81.3 million from the year-ago quarter’s $82.5 million.
OGE Energy reported net income of $319.2 million in the fourth quarter compared with the prior-year quarter’s $54.8 million.
The OG&E segment’s net income declined 2.5% to $40 million in the fourth quarter from $41 million reported in the fourth quarter of 2020. The decrease in earnings at OG&E was primarily due to warmer weather conditions in the fourth quarter of 2021 and the recognition of a loss associated with the Winter Storm Uri regulatory settlement.
Long-term debt was $4.49 billion as of Dec 31, 2021, higher than the 2020-end level of $3.49 billion.
Net cash outflow from operating activities in 2021 was $358.7 million against cash inflow of $640.4 million in the prior year.
Total capital expenditures totaled $778.5 million in 2021, up from $650.5 million a year ago.
The company initiated its 2022 guidance for the OG&E business segment. Its earnings are projected in the range of $1.87-$1.97 per share.
The company's guidance for other operations, excluding natural gas midstream operations, is a loss in the range of $0.01-$0.02 per share in 2022.
The company did not issue the 2022 consolidated earnings guidance.
OGE Energy currently carries a Zacks Rank #4 (Sell).
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