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Total sales in the reported quarter were 7.1 million megawatt-hours (MWh), up from 6.6 MWh in the prior-year quarter. The company’s customer count increased 1.1% to 886,759.
The cost of fuel, purchased power and direct transmission declined 21.9% to $1,662.4 million in 2022 from $21,127.6 million in the previous year.
Total operating expenses increased 8.3% to $1,063.8 million in 2022, driven by higher depreciation and amortization expenses as well as operation and maintenance expenses.
The operating income was $649.2 million, up 19.3% from the year-ago quarter’s $544.2 million.
Interest expenses totaled $166.3 million in 2022, up from $158.3 million in the previous year.
Financial Highlights
OGE Energy reported a net income of $50.3 million in the fourth quarter of 2022, down from the prior-year quarter’s figure of $319.2 million. The decline was primarily due to a net gain of $265 million on the Enable merger transaction in 2021.
The OG&E segment’s net income was $46.7 million in the fourth quarter of 2022, up 17% from the year-ago period’s $39.9 million. The improvement can be attributed to higher operating revenues, earned from the recovery of capital investments.
2023 Guidance
OGE Energy anticipates 2023 earnings per share (EPS) in the range of $1.93-$2.07.
For its OG&E segment, the company expects earnings in the range of $1.99-$2.0 per share.
Consolidated Edison, Inc. (ED - Free Report) reported fourth-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 78 cents by 3.9%. However, the bottom line declined 19% from $1.00 in the prior-year quarter.
In the reported quarter, the company’s total revenues were $4,031 million, which surpassed the Zacks Consensus Estimate of $3,518 million by 14.6%. The top line also improved 18% from $3,415 million in the year-ago quarter. The upside was due to higher electric, gas and steam as well as non-utility revenues.
Hawaiian Electric Industries, Inc. (HE - Free Report) reported an EPS of 52 cents in the fourth quarter of 2022. The bottom line improved 4% from 50 cents in the prior-year quarter.
Hawaiian Electric’s total revenues were $1,019.1 million in the fourth quarter, up 32.3% from the prior-year quarter’s $770.3 million. The rise in revenues was due to increased contributions from the Electric Utility, Bank and Other segments.
Ameren Corporation’s (AEE - Free Report) fourth-quarter 2022 earnings of 63 cents per share surpassed the Zacks Consensus Estimate of 56 cents by 12.5%. The bottom line increased 31.3% year over year.
Total revenues came in at $2,046 million in the reported quarter, which improved 32.4% year over year due to higher electric and natural gas revenues. The top line also beat the Zacks Consensus Estimate of $1,598 million by 28%.
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OGE Energy (OGE) Q4 Earnings Down, Revenues Increase Y/Y
Shares of OGE Energy Corp. (OGE - Free Report) have lost 3% to reach $36.57 on Feb 27, since its fourth-quarter results’ release.
OGE Energy reported fourth-quarter 2022 earnings of 25 cents per share, which declined 84.3% from $1.59 in the year-ago quarter.
For full-year 2022, OGE reported earnings of $1.38 per share compared with $1.64 in the previous year.
Revenues
OGE Energy’s operating revenues of $711.9 million surged 22.5% from $581.3 million in the prior-year quarter.
For full-year 2022, OGE reported operating revenues of $3,375.7 million compared with $3,653.7 million in the previous year.
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 were 7.1 million megawatt-hours (MWh), up from 6.6 MWh in the prior-year quarter. The company’s customer count increased 1.1% to 886,759.
The cost of fuel, purchased power and direct transmission declined 21.9% to $1,662.4 million in 2022 from $21,127.6 million in the previous year.
Total operating expenses increased 8.3% to $1,063.8 million in 2022, driven by higher depreciation and amortization expenses as well as operation and maintenance expenses.
The operating income was $649.2 million, up 19.3% from the year-ago quarter’s $544.2 million.
Interest expenses totaled $166.3 million in 2022, up from $158.3 million in the previous year.
Financial Highlights
OGE Energy reported a net income of $50.3 million in the fourth quarter of 2022, down from the prior-year quarter’s figure of $319.2 million. The decline was primarily due to a net gain of $265 million on the Enable merger transaction in 2021.
The OG&E segment’s net income was $46.7 million in the fourth quarter of 2022, up 17% from the year-ago period’s $39.9 million. The improvement can be attributed to higher operating revenues, earned from the recovery of capital investments.
2023 Guidance
OGE Energy anticipates 2023 earnings per share (EPS) in the range of $1.93-$2.07.
For its OG&E segment, the company expects earnings in the range of $1.99-$2.0 per share.
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
Consolidated Edison, Inc. (ED - Free Report) reported fourth-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 78 cents by 3.9%. However, the bottom line declined 19% from $1.00 in the prior-year quarter.
In the reported quarter, the company’s total revenues were $4,031 million, which surpassed the Zacks Consensus Estimate of $3,518 million by 14.6%. The top line also improved 18% from $3,415 million in the year-ago quarter. The upside was due to higher electric, gas and steam as well as non-utility revenues.
Hawaiian Electric Industries, Inc. (HE - Free Report) reported an EPS of 52 cents in the fourth quarter of 2022. The bottom line improved 4% from 50 cents in the prior-year quarter.
Hawaiian Electric’s total revenues were $1,019.1 million in the fourth quarter, up 32.3% from the prior-year quarter’s $770.3 million. The rise in revenues was due to increased contributions from the Electric Utility, Bank and Other segments.
Ameren Corporation’s (AEE - Free Report) fourth-quarter 2022 earnings of 63 cents per share surpassed the Zacks Consensus Estimate of 56 cents by 12.5%. The bottom line increased 31.3% year over year.
Total revenues came in at $2,046 million in the reported quarter, which improved 32.4% year over year due to higher electric and natural gas revenues. The top line also beat the Zacks Consensus Estimate of $1,598 million by 28%.