MGE Energy Reports Fourth-Quarter and Full Year 2022 Earnings
22 Febbraio 2023 - 6:07PM
Business Wire
MGE Energy, Inc. (Nasdaq: MGEE), today reported financial
results for the fourth quarter of 2022 and for the full year of
2022.
MGE Energy's earnings for the full year of 2022 were $111.0
million, or $3.07 per share, compared to $105.8 million, or $2.92
per share, for the same period in the prior year.
MGE's investments in new, cost-effective, and carbon-free
renewable generation are helping to fuel the Company's asset
growth. These investments are steps toward achieving 80% carbon
reduction by 2030, from 2005 levels, and net-zero carbon
electricity by 2050. The Badger Hollow I solar project was
completed in November 2021, which contributed to increased electric
earnings in 2022. The second phase of the Badger Hollow (solar),
Red Barn (wind), and Paris (solar) projects are expected to be
completed in 2023.
MGE's new customer information system contributed to electric
and gas asset growth, which drove additional earnings in 2022
compared to the prior year. The new system went live in September
2021.
During 2022, gas retail therm deliveries increased approximately
15 percent compared to the prior year, primarily due to colder
weather in 2022. Gas use by commercial and industrial customers was
approximately 16 percent higher during 2022 and gas residential
consumption increased by approximately 14 percent.
MGE Energy's earnings for the fourth quarter of 2022 were $21.1
million, or 58 cents per share, compared to $13.1 million, or 36
cents per share, for the same period in the prior year. This
increase is primarily due to increased earnings from the growth of
electric and gas asset base and the timing of costs in 2021. Fourth
quarter earnings were lower in 2021 due to the timing of when 2021
depreciation and other operations and maintenance costs were
collected in rates and when the costs were incurred. Significant
capital projects were placed in service near the end of 2021.
MGE Energy, Inc.
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended December 31,
2022
2021
Operating Revenues
$
189,833
$
162,066
Operating Income
$
27,935
$
17,249
Net Income
$
21,051
$
13,060
Earnings Per Share - basic
$
0.58
$
0.36
Earnings Per Share - diluted
$
0.58
$
0.36
Weighted average shares outstanding -
basic
36,163
36,163
Weighted average shares outstanding -
diluted
36,176
36,169
Year Ended December 31,
2022
2021
Operating Revenues
$
714,519
$
606,584
Operating Income
$
137,743
$
117,294
Net Income
$
110,952
$
105,761
Earnings Per Share - basic
$
3.07
$
2.92
Earnings Per Share - diluted
$
3.07
$
2.92
Weighted average shares outstanding -
basic
36,163
36,163
Weighted average shares outstanding -
diluted
36,174
36,167
About MGE Energy
MGE Energy is a public utility holding company. Its principal
subsidiary, Madison Gas and Electric, generates and distributes
electricity to 161,000 customers in Dane County, Wis., and
purchases and distributes natural gas to 173,000 customers in seven
south-central and western Wisconsin counties. MGE's roots in the
Madison area date back more than 150 years.
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Such forward-looking statements are based on MGE
Energy's current expectations, estimates and assumptions regarding
future events, which are inherently uncertain. We caution you not
to place undue reliance on any forward-looking statements, which
are made as of the date of this press release. We undertake no
obligation to revise or update publicly any such forward-looking
statements to reflect any change in expectations or in events,
conditions or circumstances on which any such statements may be
based. For a further description of the risks and uncertainties
that could cause actual results to differ from those expressed in
these forward-looking statements, as well as risks relating to our
business in general, please refer to the “Risk Factors” sections in
our Annual Report on Form 10-K for the year ended December 31,
2022, filed with the Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20230222005836/en/
Steve B. Schultz Corporate Communications Manager 608-252-7219 |
sbschultz@mge.com
Ken Frassetto Investor Relations 608-252-4723 |
kfrassetto@mge.com
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