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OGE Energy (OGE) Q3 Earnings Beat, Revenues Increase Y/Y
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OGE Energy Corp. (OGE - Free Report) shares have decreased 0.9% to reach $36.71 since its third-quarter results. This reflects investors’ disappointment following the company's third-quarter 2022 earnings release.
OGE Energy reported third-quarter 2022 earnings of $1.31 per share, which increased 3.9% from the earnings of $1.26 in the year-ago quarter. Moreover, the bottom line surpassed the Zacks Consensus Estimate of $1.12 by 16.9%.
Revenues
OGE Energy’s operating revenues of $1,270.8 million surged 47% from $864.4 million in the prior-year quarter. The year-over-year upside was driven by higher revenues from contracts with customers.
OGE Energy Corporation Price, Consensus and EPS Surprise
Total sales in the reported quarter amounted to 9.4 million megawatt-hours (MWh), which increased from 8.9 MWh in the prior-year quarter. Meanwhile, the company’s customer count increased 1.2% to 886,915.
The cost of fuel, purchased power and direct transmission increased 104.1% to $673.8 million compared with $330.1 million in the prior-year quarter.
Total operating expenses increased 11.9% year over year to $279.1 million, driven by higher depreciation and amortization expenses and operation and maintenance expenses.
The operating income improved 11.6% to $317.9 million from the year-ago quarter’s $284.8 million.
Interest expenses totaled $42.2 million in the third quarter, up from $39.5 million a year ago.
Financial Highlights
OGE Energy reported a net income of $262.8 million in the third quarter of 2022, which increased from the prior-year quarter’s earnings of $252.5 million.
The OG&E segment’s net income improved 13.1% to $253.1 million in the third quarter from the $223.8 million reported in the third quarter of 2021. The improvement can be attributed to higher operating revenues, driven by more favorable weather and revenues from the recovery of capital investments.
The Natural Gas Midstream Operations segment posted a net income of $16.1 million compared with a net income of $30.8 million in the prior year. The deterioration was due to the elimination of OGE Energy's equity in the earnings of Enable in 2022, which was driven by the merger of Enable and Energy Transfer in December 2021.
Ameren Corporation’s (AEE - Free Report) third-quarter 2022 earnings of $1.74 per share surpassed the Zacks Consensus Estimate of $1.72 by 1.2%. The reported figure increased 5.5% year over year.
Total revenues came in at $2,306 million in the reported quarter, which improved 27.3% year over year due to higher electric and natural gas revenues. Revenues also beat the Zacks Consensus Estimate of $1,901 million by 21.3%.
DTE Energy Company (DTE - Free Report) reported a third-quarter 2022 operating EPS of $1.60, which surpassed the Zacks Consensus Estimate of $1.58 by 1.3%. However, the bottom line decreased 7% from the year-ago quarter’s $1.72 per share.
The operating net income of DTE in the reported quarter totaled $311 million compared with $334 million in the year-ago quarter.
Edison International (EIX - Free Report) reported third-quarter 2022 adjusted earnings of $1.48 per share, which came in line with the Zacks Consensus Estimate. However, the bottom declined 12.4% from $1.69 in the year-ago quarter.
Edison International's third-quarter revenues totaled $5,228 million, which surpassed the Zacks Consensus Estimate of $4,988 million by 4.8%. However, the top line declined 1.3% from the year-ago quarter’s $5,299 million.
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OGE Energy (OGE) Q3 Earnings Beat, Revenues Increase Y/Y
OGE Energy Corp. (OGE - Free Report) shares have decreased 0.9% to reach $36.71 since its third-quarter results. This reflects investors’ disappointment following the company's third-quarter 2022 earnings release.
OGE Energy reported third-quarter 2022 earnings of $1.31 per share, which increased 3.9% from the earnings of $1.26 in the year-ago quarter. Moreover, the bottom line surpassed the Zacks Consensus Estimate of $1.12 by 16.9%.
Revenues
OGE Energy’s operating revenues of $1,270.8 million surged 47% from $864.4 million in the prior-year quarter. The year-over-year upside was driven by higher revenues from contracts with customers.
OGE Energy Corporation Price, Consensus and EPS Surprise
OGE Energy Corporation price-consensus-eps-surprise-chart | OGE Energy Corporation Quote
Operational Highlights
Total sales in the reported quarter amounted to 9.4 million megawatt-hours (MWh), which increased from 8.9 MWh in the prior-year quarter. Meanwhile, the company’s customer count increased 1.2% to 886,915.
The cost of fuel, purchased power and direct transmission increased 104.1% to $673.8 million compared with $330.1 million in the prior-year quarter.
Total operating expenses increased 11.9% year over year to $279.1 million, driven by higher depreciation and amortization expenses and operation and maintenance expenses.
The operating income improved 11.6% to $317.9 million from the year-ago quarter’s $284.8 million.
Interest expenses totaled $42.2 million in the third quarter, up from $39.5 million a year ago.
Financial Highlights
OGE Energy reported a net income of $262.8 million in the third quarter of 2022, which increased from the prior-year quarter’s earnings of $252.5 million.
The OG&E segment’s net income improved 13.1% to $253.1 million in the third quarter from the $223.8 million reported in the third quarter of 2021. The improvement can be attributed to higher operating revenues, driven by more favorable weather and revenues from the recovery of capital investments.
The Natural Gas Midstream Operations segment posted a net income of $16.1 million compared with a net income of $30.8 million in the prior year. The deterioration was due to the elimination of OGE Energy's equity in the earnings of Enable in 2022, which was driven by the merger of Enable and Energy Transfer in December 2021.
Zacks Rank
OGE Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
Ameren Corporation’s (AEE - Free Report) third-quarter 2022 earnings of $1.74 per share surpassed the Zacks Consensus Estimate of $1.72 by 1.2%. The reported figure increased 5.5% year over year.
Total revenues came in at $2,306 million in the reported quarter, which improved 27.3% year over year due to higher electric and natural gas revenues. Revenues also beat the Zacks Consensus Estimate of $1,901 million by 21.3%.
DTE Energy Company (DTE - Free Report) reported a third-quarter 2022 operating EPS of $1.60, which surpassed the Zacks Consensus Estimate of $1.58 by 1.3%. However, the bottom line decreased 7% from the year-ago quarter’s $1.72 per share.
The operating net income of DTE in the reported quarter totaled $311 million compared with $334 million in the year-ago quarter.
Edison International (EIX - Free Report) reported third-quarter 2022 adjusted earnings of $1.48 per share, which came in line with the Zacks Consensus Estimate. However, the bottom declined 12.4% from $1.69 in the year-ago quarter.
Edison International's third-quarter revenues totaled $5,228 million, which surpassed the Zacks Consensus Estimate of $4,988 million by 4.8%. However, the top line declined 1.3% from the year-ago quarter’s $5,299 million.