We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
OGE Energy (OGE) Q2 Earnings Lag Estimates, Revenues Rise Y/Y
Read MoreHide Full Article
OGE Energy Corp. (OGE - Free Report) reported second-quarter 2024 earnings of 51 cents per share, which lagged the Zacks Consensus Estimate of 69 cents by 26.1%. The figure increased 15.9% from earnings of 44 cents per share in the year-ago quarter.
Revenues
OGE’s operating revenues of $662.6 million rose 9.5% from $605 million recorded in the prior-year quarter. However, the top line missed the Zacks Consensus Estimate of $837.5 million by 20.9%.
OGE Energy Corporation Price, Consensus and EPS Surprise
Total sales were 8 million megawatt-hours (MWh), up from 7.3 million MWh in the prior-year quarter. The company’s customer count increased 1.2% to 902,303.
During the second quarter, the cost of fuel, purchased power and direct transmission increased 6.7% to $193.9 million.
Total operating expenses rose 5.8% to $292.8 million, due to higher depreciation and amortization expenses, other operation and maintenance expenses as well as taxes other than income.
Operating income totaled $175.9 million in the second quarter, up 20.2% from the year-ago quarter’s level of $146.4 million.
Interest expenses totaled $64.9 million, up 12.5% from the year-ago quarter’s level of $57.7 million.
Segment Details
OGE Energy reported second-quarter net income of $102.3 million, up 15.7% from the prior-year quarter’s figure of $88.4 million.
The OG&E segment’s net income amounted to $109.3 million, up 18.9% from the year-ago period’s $91.9 million. The year-over-year upside was driven by warmer-than-normal weather and excellent load growth.
Financial Highlights
OGE had cash and cash equivalents of $0.1 million as of Jun 30, 2024, compared with $0.2 million as of Dec 31, 2023.
Long-term debt totaled $4.82 billion as of Jun 30, up from $4.34 billion as of Dec 31, 2023.
During the first six months of 2024, OGE generated cash from operating activities worth $336.1 million compared with the year-ago figure of $506.2 million.
2024 Guidance
OGE Energy reiterated its 2024 earnings per share (EPS) guidance. The company still expects to generate earnings in the range of $2.06-$2.18 per share. The Zacks Consensus Estimate for EPS is pegged at $2.13, which lies just above the midpoint of the company’s guided range.
Dominion Energy, Inc. (D - Free Report) reported second-quarter EPS of 55 cents, which lagged the Zacks Consensus Estimate of 58 cents by 5.2%. The figure increased 3.8% from earnings of 53 cents per share in the prior-year quarter.
The consensus estimate for Dominion’s 2024 EPS is pegged at $2.75, implying an improvement of 38.2% from the year-earlier level.
IDACORP, Inc. (IDA - Free Report) reported second-quarter EPS of $1.71, which beat the Zacks Consensus Estimate of $1.37 by 24.8%. The figure increased 26.7% from earnings of $1.35 per share in the prior-year quarter.
The consensus estimate for IDA’s 2024 EPS is pegged at $5.37, implying an improvement of 4.5% from the year-earlier level.
FirstEnergy Corporation (FE - Free Report) reported second-quarter EPS of 56 cents, which met the Zacks Consensus Estimate of 56 cents. The figure increased 19.2% from earnings of 47 cents per share in the prior-year quarter.
The consensus estimate for FE’s 2024 EPS is pegged at $2.70, implying an improvement of 5.5% from the year-earlier level.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
OGE Energy (OGE) Q2 Earnings Lag Estimates, Revenues Rise Y/Y
OGE Energy Corp. (OGE - Free Report) reported second-quarter 2024 earnings of 51 cents per share, which lagged the Zacks Consensus Estimate of 69 cents by 26.1%. The figure increased 15.9% from earnings of 44 cents per share in the year-ago quarter.
Revenues
OGE’s operating revenues of $662.6 million rose 9.5% from $605 million recorded in the prior-year quarter. However, the top line missed the Zacks Consensus Estimate of $837.5 million by 20.9%.
OGE Energy Corporation Price, Consensus and EPS Surprise
OGE Energy Corporation price-consensus-eps-surprise-chart | OGE Energy Corporation Quote
Operational Highlights
Total sales were 8 million megawatt-hours (MWh), up from 7.3 million MWh in the prior-year quarter. The company’s customer count increased 1.2% to 902,303.
During the second quarter, the cost of fuel, purchased power and direct transmission increased 6.7% to $193.9 million.
Total operating expenses rose 5.8% to $292.8 million, due to higher depreciation and amortization expenses, other operation and maintenance expenses as well as taxes other than income.
Operating income totaled $175.9 million in the second quarter, up 20.2% from the year-ago quarter’s level of $146.4 million.
Interest expenses totaled $64.9 million, up 12.5% from the year-ago quarter’s level of $57.7 million.
Segment Details
OGE Energy reported second-quarter net income of $102.3 million, up 15.7% from the prior-year quarter’s figure of $88.4 million.
The OG&E segment’s net income amounted to $109.3 million, up 18.9% from the year-ago period’s $91.9 million. The year-over-year upside was driven by warmer-than-normal weather and excellent load growth.
Financial Highlights
OGE had cash and cash equivalents of $0.1 million as of Jun 30, 2024, compared with $0.2 million as of Dec 31, 2023.
Long-term debt totaled $4.82 billion as of Jun 30, up from $4.34 billion as of Dec 31, 2023.
During the first six months of 2024, OGE generated cash from operating activities worth $336.1 million compared with the year-ago figure of $506.2 million.
2024 Guidance
OGE Energy reiterated its 2024 earnings per share (EPS) guidance. The company still expects to generate earnings in the range of $2.06-$2.18 per share. The Zacks Consensus Estimate for EPS is pegged at $2.13, which lies just above the midpoint of the company’s guided range.
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
Dominion Energy, Inc. (D - Free Report) reported second-quarter EPS of 55 cents, which lagged the Zacks Consensus Estimate of 58 cents by 5.2%. The figure increased 3.8% from earnings of 53 cents per share in the prior-year quarter.
The consensus estimate for Dominion’s 2024 EPS is pegged at $2.75, implying an improvement of 38.2% from the year-earlier level.
IDACORP, Inc. (IDA - Free Report) reported second-quarter EPS of $1.71, which beat the Zacks Consensus Estimate of $1.37 by 24.8%. The figure increased 26.7% from earnings of $1.35 per share in the prior-year quarter.
The consensus estimate for IDA’s 2024 EPS is pegged at $5.37, implying an improvement of 4.5% from the year-earlier level.
FirstEnergy Corporation (FE - Free Report) reported second-quarter EPS of 56 cents, which met the Zacks Consensus Estimate of 56 cents. The figure increased 19.2% from earnings of 47 cents per share in the prior-year quarter.
The consensus estimate for FE’s 2024 EPS is pegged at $2.70, implying an improvement of 5.5% from the year-earlier level.