MGE Energy, Inc. (Nasdaq: MGEE) today reported financial results for the second quarter of 2024.
MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the second quarter of 2024 were $23.8 million, or $0.66 per share, compared to $28.7 million, or $0.79 per share, for the same period in the prior year.
In the second quarter of 2024, electric net income decreased $6.0 million compared to the second quarter of 2023. Our second-quarter results were partially driven by higher fuel costs during 2024 compared to the 2024 fuel cost plan approved by the PSCW.
Weather also was a driver of lower electric and gas sales for the quarter. Electric residential sales decreased approximately 4% and gas retail sales decreased approximately 10% compared to the same period in the prior year.
Despite lower earnings, we continue to benefit from an increase in investments included in rate base.
MGE Energy, Inc. | ||||||||
(In thousands, except per-share amounts) | ||||||||
(Unaudited) | ||||||||
Three Months Ended June 30, | 2024 | 2023 | ||||||
Operating revenues | $ | 145,713 | $ | 147,998 | ||||
Operating income | $ | 29,735 | $ | 38,390 | ||||
Net income | $ | 23,794 | $ | 28,681 | ||||
Earnings per share - basic | $ | 0.66 | $ | 0.79 | ||||
Earnings per share - diluted | $ | 0.66 | $ | 0.79 | ||||
Weighted average shares outstanding - basic | 36,176 | 36,163 | ||||||
Weighted average shares outstanding - diluted | 36,197 | 36,186 | ||||||
Six Months Ended June 30, | 2024 | 2023 | ||||||
Operating revenues | $ | 337,049 | $ | 365,251 | ||||
Operating income | $ | 70,480 | $ | 78,424 | ||||
Net income | $ | 57,608 | $ | 59,759 | ||||
Earnings per share - basic | $ | 1.59 | $ | 1.65 | ||||
Earnings per share - diluted | $ | 1.59 | $ | 1.65 | ||||
Weighted average shares outstanding - basic | 36,173 | 36,163 | ||||||
Weighted average shares outstanding - diluted | 36,196 | 36,183 | ||||||
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.
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