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OGE Energy (OGE) Q1 Earnings Top Estimates, Revenues Drop Y/Y
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OGE Energy Corp.’s (OGE - Free Report) first-quarter 2020 adjusted earnings of 23 cents per share surpassed the Zacks Consensus Estimate of 18 cents by 27.8%.
Including one-time items, the company reported GAAP loss of $2.46 per share against earnings of 24 cents in the year-ago quarter.
The downside can be attributed to a $780 million impairment charge related to Enable Midstream.
Revenues
OGE Energy’s operating revenues of $431.3 million dropped 12% from the prior-year quarter’s $490 million. The decline in revenues primarily resulted from lower contract revenues.
OGE Energy Corporation Price, Consensus and EPS Surprise
Total sales in the reported quarter amounted to 6.8 million megawatt-hours (MWh) compared with 7 million MWh in the prior-year quarter. Meanwhile, the company’s customer count inched up approximately 0.8% to 859,628.
Cost of sales was $135 million in the first quarter compared with $212.6 million in the prior-year quarter.
Total operating expenses rose 5.4% year over year to $240 million on account of higher operation and maintenance expenses as well as depreciation and amortization expenses.
The company’s operating income grew 13.3% from the year-ago quarter’s $49.7 million to $56.3 million.
Interest expenses totaled $38.3 million in the first quarter, compared with $34.6 million in the year-ago quarter.
Other Highlights of the Release
OGE Energy reported a net loss of $491.8 million in first-quarter 2020, significantly down from the prior year’s $47.1 million.
OG&E: Segment net income remained flat year over year at $20 million in the reported quarter, as the recovery of additional assets placed into service was partially offset by unfavorable weather.
Natural Gas Midstream Operations: The segment posted a net loss of $568 million in first- quarter 2020 against earnings of $22 million in the previous year quarter.
2020 Guidance
OGE Energy still expects its 2020 earnings in the range of $2.19-$2.31 per share. The Zacks Consensus Estimate for 2020 earnings is pegged at $2.11, lower than the company provided guidance.
Public Service Enterprise Group Inc. (PEG - Free Report) reported first-quarter 2020 adjusted operating earnings of $1.03 per share, which came in line with the Zacks Consensus Estimate.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
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OGE Energy (OGE) Q1 Earnings Top Estimates, Revenues Drop Y/Y
OGE Energy Corp.’s (OGE - Free Report) first-quarter 2020 adjusted earnings of 23 cents per share surpassed the Zacks Consensus Estimate of 18 cents by 27.8%.
Including one-time items, the company reported GAAP loss of $2.46 per share against earnings of 24 cents in the year-ago quarter.
The downside can be attributed to a $780 million impairment charge related to Enable Midstream.
Revenues
OGE Energy’s operating revenues of $431.3 million dropped 12% from the prior-year quarter’s $490 million. The decline in revenues primarily resulted from lower contract revenues.
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 6.8 million megawatt-hours (MWh) compared with 7 million MWh in the prior-year quarter. Meanwhile, the company’s customer count inched up approximately 0.8% to 859,628.
Cost of sales was $135 million in the first quarter compared with $212.6 million in the prior-year quarter.
Total operating expenses rose 5.4% year over year to $240 million on account of higher operation and maintenance expenses as well as depreciation and amortization expenses.
The company’s operating income grew 13.3% from the year-ago quarter’s $49.7 million to $56.3 million.
Interest expenses totaled $38.3 million in the first quarter, compared with $34.6 million in the year-ago quarter.
Other Highlights of the Release
OGE Energy reported a net loss of $491.8 million in first-quarter 2020, significantly down from the prior year’s $47.1 million.
OG&E: Segment net income remained flat year over year at $20 million in the reported quarter, as the recovery of additional assets placed into service was partially offset by unfavorable weather.
Natural Gas Midstream Operations: The segment posted a net loss of $568 million in first- quarter 2020 against earnings of $22 million in the previous year quarter.
2020 Guidance
OGE Energy still expects its 2020 earnings in the range of $2.19-$2.31 per share. The Zacks Consensus Estimate for 2020 earnings is pegged at $2.11, lower than the company provided guidance.
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
Public Service Enterprise Group Inc. (PEG - Free Report) reported first-quarter 2020 adjusted operating earnings of $1.03 per share, which came in line with the Zacks Consensus Estimate.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>