MGE Energy Reports Fourth-Quarter and Full-Year 2023 Earnings
21 Febbraio 2024 - 7:47PM
Business Wire
MGE Energy, Inc. (Nasdaq: MGEE), today reported financial
results for the fourth quarter and full year of 2023.
MGE Energy's GAAP (Generally Accepted Accounting Principles)
earnings for the full year of 2023 were $117.7 million, or $3.25
per share, compared to $111.0 million, or $3.07 per share, for the
same period in the prior year.
MGE continues to invest in new, cost-effective renewable
generation, which is helping to fuel the company's asset growth. An
increase in electric investments included in rate base contributed
to increased electric earnings for 2023. The Red Barn wind project
was completed in April 2023 and Badger Hollow II solar project was
completed in December 2023.
During 2023, gas retail therm deliveries decreased approximately
13% compared to the prior year, primarily due to warmer-than-normal
weather in 2023. Gas use by commercial and industrial customers was
approximately 10% lower during 2023, and residential gas
consumption decreased by approximately 15%.
MGE Energy's earnings for the fourth quarter of 2023 were $20.1
million, or 55 cents per share, compared to $21.1 million, or 58
cents per share, for the same period in the prior year. Gas net
income decreased $1.9 million in the fourth quarter of 2023
compared to the same period in the prior year as a result of lower
gas sales. During the fourth quarter of 2023, gas retail therm
deliveries decreased approximately 15% compared to the fourth
quarter of 2022, primarily due to warmer-than-normal weather in
2023.
MGE Energy, Inc.
(In thousands, except per-share
amounts)
(Unaudited)
Three Months Ended December 31,
2023
2022
Operating revenues
$
164,652
$
189,833
Operating income
$
24,169
$
27,935
Net income
$
20,083
$
21,051
Earnings per share - basic
$
0.55
$
0.58
Earnings per share - diluted
$
0.55
$
0.58
Weighted average shares outstanding -
basic
36,163
36,163
Weighted average shares outstanding -
diluted
36,192
36,176
Year Ended December 31,
2023
2022
Operating revenues
$
690,431
$
714,519
Operating income
$
146,385
$
137,743
Net income
$
117,699
$
110,952
Earnings per share - basic
$
3.25
$
3.07
Earnings per share - diluted
$
3.25
$
3.07
Weighted average shares outstanding -
basic
36,163
36,163
Weighted average shares outstanding -
diluted
36,186
36,174
About MGE Energy
MGE Energy is a public utility holding company. Its principal
subsidiary, Madison Gas and Electric, generates and distributes
electricity to 163,000 customers in Dane County, Wis., and
purchases and distributes natural gas to 176,000 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,
2023, filed with the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240221666232/en/
Steve B. Schultz Media Relations 608-252-7219 |
sbschultz@mge.com
Ken Frassetto Investor Relations 608-252-4723 |
kfrassetto@mge.com
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