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OGE Energy (OGE) Q1 Earnings Beat, Revenues Decline Y/Y
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OGE Energy Corp.’s (OGE - Free Report) shares gained 0.6% to reach $37.55 on May 8, following its first-quarter 2023 results.
OGE Energy reported earnings of 19 cents per share, which outpaced the Zacks Consensus Estimate of 15 cents by 26.7%. The figure declined 86.3% from $1.39 per share recorded in the year-ago period.
The year-over-year downside can be attributed to OGE’s exit from its natural gas midstream operations, which it divested last year.
OGE Energy Corporation Price, Consensus and EPS Surprise
OGE Energy’s operating revenues of $557.2 million declined 5.8% from $589.3 million in the prior-year quarter. The top line also missed the Zacks Consensus Estimate of $596 million by 6.5%.
Operational Highlights
Total sales in the reported quarter were 7 million megawatt-hours (MWh), down from 7.1 MWh in the prior-year quarter. The company’s customer count increased 0.9% to 890,413.
The cost of fuel, purchased power and direct transmission declined 21.5% to $200.6 million from $255.7 million a year ago.
Total operating expenses increased 11.8% to $280.1 million, primarily driven by higher depreciation and amortization expenses as well as operation and maintenance expenses.
Operating income came in at $76.5 million, down 7.9% from the year-ago quarter’s $83.1 million.
Interest expenses totaled $47.8 million, up from $40.8 million a year ago.
Financial Highlights
OGE Energy reported a net income of $38.3 million in the first quarter of 2023, down from the prior-year quarter’s figure of $279.5 million.
The OG&E segment’s net income amounted to $39.8 million, up 2.1% from the year-ago period’s $39 million. The improvement can be attributed to higher operating revenues related to the recovery of capital investments.
2023 Guidance
OGE Energy reiterated its 2023 earnings per share (EPS) in the range of $1.93-$2.07. The Zacks Consensus Estimate for the same is pegged at $2.01, which lies just below the mid-point of the company guided range.
For its OG&E segment, the company still expects earnings in the range of $1.99-$2.09 per share.
PG&E Corporation’s (PCG - Free Report) first-quarter 2023 adjusted EPS of 29 cents came in line with the Zacks Consensus Estimate. However, the bottom line decreased 3.3% from the year-ago quarter’s reported figure.
In the reported quarter, PG&E reported total revenues of $6,209 million compared with $5,798 million in the year-ago period. The figure missed the Zacks Consensus Estimate of $6,210.3 million..
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported first-quarter 2023 adjusted operating earnings of $1.39 per share, which beat the Zacks Consensus Estimate of $1.21 by 14.9%. The bottom line also increased 4.5% from the prior-year quarter’s reported figure.
Operating revenues came in at $3,755 million, which beat the Zacks Consensus Estimate of $2,557.7 million by 46.8%. The top line also increased 62.3% from the year-ago quarter’s $2,313 million.
Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.
Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.
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OGE Energy (OGE) Q1 Earnings Beat, Revenues Decline Y/Y
OGE Energy Corp.’s (OGE - Free Report) shares gained 0.6% to reach $37.55 on May 8, following its first-quarter 2023 results.
OGE Energy reported earnings of 19 cents per share, which outpaced the Zacks Consensus Estimate of 15 cents by 26.7%. The figure declined 86.3% from $1.39 per share recorded in the year-ago period.
The year-over-year downside can be attributed to OGE’s exit from its natural gas midstream operations, which it divested last year.
OGE Energy Corporation Price, Consensus and EPS Surprise
OGE Energy Corporation price-consensus-eps-surprise-chart | OGE Energy Corporation Quote
Revenues
OGE Energy’s operating revenues of $557.2 million declined 5.8% from $589.3 million in the prior-year quarter. The top line also missed the Zacks Consensus Estimate of $596 million by 6.5%.
Operational Highlights
Total sales in the reported quarter were 7 million megawatt-hours (MWh), down from 7.1 MWh in the prior-year quarter. The company’s customer count increased 0.9% to 890,413.
The cost of fuel, purchased power and direct transmission declined 21.5% to $200.6 million from $255.7 million a year ago.
Total operating expenses increased 11.8% to $280.1 million, primarily driven by higher depreciation and amortization expenses as well as operation and maintenance expenses.
Operating income came in at $76.5 million, down 7.9% from the year-ago quarter’s $83.1 million.
Interest expenses totaled $47.8 million, up from $40.8 million a year ago.
Financial Highlights
OGE Energy reported a net income of $38.3 million in the first quarter of 2023, down from the prior-year quarter’s figure of $279.5 million.
The OG&E segment’s net income amounted to $39.8 million, up 2.1% from the year-ago period’s $39 million. The improvement can be attributed to higher operating revenues related to the recovery of capital investments.
2023 Guidance
OGE Energy reiterated its 2023 earnings per share (EPS) in the range of $1.93-$2.07. The Zacks Consensus Estimate for the same is pegged at $2.01, which lies just below the mid-point of the company guided range.
For its OG&E segment, the company still expects earnings in the range of $1.99-$2.09 per share.
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.
Recent Utility Releases
PG&E Corporation’s (PCG - Free Report) first-quarter 2023 adjusted EPS of 29 cents came in line with the Zacks Consensus Estimate. However, the bottom line decreased 3.3% from the year-ago quarter’s reported figure.
In the reported quarter, PG&E reported total revenues of $6,209 million compared with $5,798 million in the year-ago period. The figure missed the Zacks Consensus Estimate of $6,210.3 million..
Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported first-quarter 2023 adjusted operating earnings of $1.39 per share, which beat the Zacks Consensus Estimate of $1.21 by 14.9%. The bottom line also increased 4.5% from the prior-year quarter’s reported figure.
Operating revenues came in at $3,755 million, which beat the Zacks Consensus Estimate of $2,557.7 million by 46.8%. The top line also increased 62.3% from the year-ago quarter’s $2,313 million.
Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.
Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.