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Total sales in the reported quarter amounted to 8.9 million megawatt-hours (MWh), slightly up from 8.7 million in the prior-year quarter. Meanwhile, the company’s customer count increased 1.3% to 876,739.
Total operating expenses rose 6.2% year over year to $249.5 million.
Operating income improved 10.4% to $284.8 million from the year-ago quarter’s $258 million.
Highlights
OGE Energy reported net income of $252.5 million in the third quarter compared with the prior-year quarter’s $177.4 million.
The OG&E segment’s net income improved 12.6% to $224 million in the third quarter from $199 million reported in the year-ago quarter. The upside was driven by the recovery of increased investments supporting customer growth and favorable weather.
The Natural Gas Midstream Operations segment posted net income of $31 million compared with $10 million in the prior year. The increase can primarily be attributed to higher commodity prices, higher natural gas gathering and processing volumes.
American Electric Power (AEP - Free Report) reported third-quarter 2021 adjusted earnings per share of $1.43, which missed the Zacks Consensus Estimate of $1.44 by 0.7%.
NextEra Energy (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which exceeded the Zacks Consensus Estimate of 72 cents by 4.2%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2021 adjusted earnings of $1.72 per share, which lagged the Zacks Consensus Estimate of $1.83 by 6%.
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OGE Energy (OGE) Q3 Earnings and Revenues IncreaseY/Y
Shares of OGE Energy Corp. (OGE - Free Report) slipped 0.1% to $34.11 on Nov 9, following the company’s third-quarter 2021 results.
OGE Energy reported third-quarter 2021 earnings of $1.26 per share, which improved 41.6% from the year-ago quarter.
Revenues
OGE Energy’s operating revenues of $864.4 million increased 23.1% from $702.1 million in the prior-year quarter.
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 8.9 million megawatt-hours (MWh), slightly up from 8.7 million in the prior-year quarter. Meanwhile, the company’s customer count increased 1.3% to 876,739.
Total operating expenses rose 6.2% year over year to $249.5 million.
Operating income improved 10.4% to $284.8 million from the year-ago quarter’s $258 million.
Highlights
OGE Energy reported net income of $252.5 million in the third quarter compared with the prior-year quarter’s $177.4 million.
The OG&E segment’s net income improved 12.6% to $224 million in the third quarter from $199 million reported in the year-ago quarter. The upside was driven by the recovery of increased investments supporting customer growth and favorable weather.
The Natural Gas Midstream Operations segment posted net income of $31 million compared with $10 million in the prior year. The increase can primarily be attributed to higher commodity prices, higher natural gas gathering and processing volumes.
Zacks Rank
OGE Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
American Electric Power (AEP - Free Report) reported third-quarter 2021 adjusted earnings per share of $1.43, which missed the Zacks Consensus Estimate of $1.44 by 0.7%.
NextEra Energy (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which exceeded the Zacks Consensus Estimate of 72 cents by 4.2%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2021 adjusted earnings of $1.72 per share, which lagged the Zacks Consensus Estimate of $1.83 by 6%.