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) Q3 Earnings Top Estimates, Revenues Up Y/Y
Read MoreHide Full Article
OGE Energy Corp.’s (OGE - Free Report) third-quarter 2019 earnings of $1.25 per share outpaced the Zacks Consensus Estimate of $1.15 by 8.7%. The bottom line increased 22.5% from $1.02 registered in the year-ago quarter. The upside can be primarily attributed to higher contribution from OG&E — a regulated electric utility.
Revenues
OGE Energy’s operating revenues of $755.4 million increased 8.1% from $698.8 million in the prior-year quarter. The upside can be attributed to year-over-year higher revenues from residential, commercial, oilfield, public authorities and street light as well as system sales.
Operational Highlights
Total sales in the reported quarter amounted to 9 million megawatt-hours (MWh), higher than 8.5 million MWh in the prior-year quarter. Meanwhile, the company’s customer count inched up 1.2% to 855,904.
Cost of sales amounted to $234 million compared with $244.4 million in the prior-year quarter.
Total operating expenses rose 8.8% year over year to $247.1 million on higher operation and maintenance expenses, depreciation and amortization expenses as well as higher taxes other than income.
Operating income increased 20.7% to $274.3 million from the year-ago quarter’s $227.3 million.
Interest expenses totaled $39.6 million in the third quarter, up from $38.7 million in the prior-year quarter.
OGE Energy reported net income of $251 million in the third quarter, up from the prior-year quarter’s figure of $205 million.
OGE Energy Corporation Price, Consensus and EPS Surprise
OG&E: The segment’s net income improved 23.4% to $227.2 million from $183.9 million in the prior-year quarter.
Natural Gas Midstream Operations: The segment posted third-quarter net income of $28.59 million compared with $28.4 million in the year-ago quarter.
Guidance
Previously, OGE Energy expected 2019 earnings in the range of $2.05-$2.20 per share. Now, it expects 2019 earnings per share in the range of $2.24-$2.30, whose midpoint of $2.27 is higher than the Zacks Consensus Estimate of $2.15.
The company’s projected capital expenditure is $3.4 billion for 2019-2023 period.
NextEra Energy, Inc (NEE - Free Report) reported third-quarter 2019 adjusted earnings of $2.39 per share, beating the Zacks Consensus Estimate of $2.27 by 5.3%.
Xcel Energy Inc (XEL - Free Report) posted third-quarter 2019 operating earnings of $1.01 per share, which lagged the Zacks Consensus Estimate of $1.05 by 3.8%.
American Electric Power Co., Inc (AEP - Free Report) reported third-quarter 2019 adjusted earnings of $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.30 by 12.3%.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
Image: Bigstock
OGE Energy (OGE) Q3 Earnings Top Estimates, Revenues Up Y/Y
OGE Energy Corp.’s (OGE - Free Report) third-quarter 2019 earnings of $1.25 per share outpaced the Zacks Consensus Estimate of $1.15 by 8.7%. The bottom line increased 22.5% from $1.02 registered in the year-ago quarter. The upside can be primarily attributed to higher contribution from OG&E — a regulated electric utility.
Revenues
OGE Energy’s operating revenues of $755.4 million increased 8.1% from $698.8 million in the prior-year quarter. The upside can be attributed to year-over-year higher revenues from residential, commercial, oilfield, public authorities and street light as well as system sales.
Operational Highlights
Total sales in the reported quarter amounted to 9 million megawatt-hours (MWh), higher than 8.5 million MWh in the prior-year quarter. Meanwhile, the company’s customer count inched up 1.2% to 855,904.
Cost of sales amounted to $234 million compared with $244.4 million in the prior-year quarter.
Total operating expenses rose 8.8% year over year to $247.1 million on higher operation and maintenance expenses, depreciation and amortization expenses as well as higher taxes other than income.
Operating income increased 20.7% to $274.3 million from the year-ago quarter’s $227.3 million.
Interest expenses totaled $39.6 million in the third quarter, up from $38.7 million in the prior-year quarter.
OGE Energy reported net income of $251 million in the third quarter, up from the prior-year quarter’s figure of $205 million.
OGE Energy Corporation Price, Consensus and EPS Surprise
OGE Energy Corporation price-consensus-eps-surprise-chart | OGE Energy Corporation Quote
Segment Details
OG&E: The segment’s net income improved 23.4% to $227.2 million from $183.9 million in the prior-year quarter.
Natural Gas Midstream Operations: The segment posted third-quarter net income of $28.59 million compared with $28.4 million in the year-ago quarter.
Guidance
Previously, OGE Energy expected 2019 earnings in the range of $2.05-$2.20 per share. Now, it expects 2019 earnings per share in the range of $2.24-$2.30, whose midpoint of $2.27 is higher than the Zacks Consensus Estimate of $2.15.
The company’s projected capital expenditure is $3.4 billion for 2019-2023 period.
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.
Other Releases
NextEra Energy, Inc (NEE - Free Report) reported third-quarter 2019 adjusted earnings of $2.39 per share, beating the Zacks Consensus Estimate of $2.27 by 5.3%.
Xcel Energy Inc (XEL - Free Report) posted third-quarter 2019 operating earnings of $1.01 per share, which lagged the Zacks Consensus Estimate of $1.05 by 3.8%.
American Electric Power Co., Inc (AEP - Free Report) reported third-quarter 2019 adjusted earnings of $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.30 by 12.3%.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>