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OGE Energy's Q3 Earnings Lag Estimates, Revenues Increase Y/Y
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OGE Energy Corp. (OGE - Free Report) reported third-quarter 2024 earnings of $1.09 per share, which lagged the Zacks Consensus Estimate of $1.12 by 2.7%. The figure also decreased 9.2% from earnings of $1.20 per share in the year-ago quarter.
See the Zacks Earnings Calendar to stay ahead of market-making news.
OGE Energy’s Revenues
OGE’s operating revenues of $965.4 million rose 2.1% from $945.4 million recorded in the prior-year quarter. However, the top line missed the Zacks Consensus Estimate of $1.12 billion by 13.4%.
OGE Energy Corporation Price, Consensus and EPS Surprise
Total sales were 9.7 million megawatt-hours (MWh), up from 9.3 million MWh in the prior-year quarter. The company’s customer count increased 1.2% to 904,900.
During the third quarter, the cost of fuel, purchased power and direct transmission increased 4.9% to $350.1 million.
Total operating expenses rose 7.7% to $302.1 million, due to higher depreciation and amortization expenses, other operation and maintenance expenses as well as taxes other than income.
Operating income totaled $313.2 million in the third quarter, down 5.4% from the year-ago quarter’s level of $331.1 million.
Interest expenses totaled $64.2 million, up 11.8% from the year-ago quarter’s level of $57.4 million.
OGE Energy’s Segment Details
OGE Energy reported third-quarter net income of $218.7 million, down 9.6% from the prior-year quarter’s figure of $241.9 million.
The OG&E segment’s net income amounted to $225 million, down 8.6% from the year-ago period’s $246.1 million.
The year-over-year deterioration was on account of higher depreciation and interest expense on a growing asset base, as well as increased operation and maintenance expense and income tax expense.
The Other Operations unit incurred a net loss of $6.3 million, which was wider than the year-ago quarter’s loss of $4.2 million. The deterioration was due to higher interest expense.
OGE Energy’s Financial Highlights
OGE had cash and cash equivalents of $9.9 million as of Sept. 30, 2024, compared with $0.2 million as of Dec. 31, 2023.
Long-term debt totaled $5.02 billion as of the same date, up from $4.34 billion as of Dec. 31, 2023.
During the first nine months of 2024, OGE generated cash from operating activities worth $683.2 million compared with the year-ago figure of $921.3 million.
OGE’s 2024 Guidance
OGE Energy updated its 2024 earnings per share (EPS) guidance. The company now expects to generate earnings at the top of its earlier provided range of $2.06-$2.18 per share. The Zacks Consensus Estimate for EPS is pegged at $2.14.
OGE Energy’s Zacks Rank
OGE Energy currently carries a Zacks Rank #4 (Sell).
Edison International (EIX - Free Report) reported third-quarter adjusted earnings of $1.51 per share, which surpassed the Zacks Consensus Estimate of $1.39 by 8.6%. The bottom line also increased 9.4% from $1.38 per share in the year-ago quarter.
EIX's operating revenues totaled $5.20 billion, which beat the consensus estimate of $4.76 billion by 9.4%. The top line also increased 10.6% from the year-ago quarter’s figure of $4.70 billion.
FirstEnergy (FE - Free Report) reported third-quarter 2024 operating earnings of 85 cents per share, which lagged the Zacks Consensus Estimate of 95 cents by 6.6%. The bottom line decreased 3.4% from the year-ago figure of 88 cents per share.
FE’s operating revenues totaled $3.73 billion, which missed the consensus estimate of $3.98 billion by 6.4%. The top line, however, increased 6.9% from $3.48 billion reported in the year-ago quarter.
CenterPoint Energy, Inc. (CNP - Free Report) reported third-quarter adjusted earnings of 31 cents per share, which missed the Zacks Consensus Estimate of 36 cents by 13.9%. The bottom line also deteriorated 22.5% from the year-ago figure.
CNP’s revenues totaled $1.86 billion, which missed the consensus estimate of $1.88 billion by 1.2%. The top line was also 0.2% lower than the year-ago figure.
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OGE Energy's Q3 Earnings Lag Estimates, Revenues Increase Y/Y
OGE Energy Corp. (OGE - Free Report) reported third-quarter 2024 earnings of $1.09 per share, which lagged the Zacks Consensus Estimate of $1.12 by 2.7%. The figure also decreased 9.2% from earnings of $1.20 per share in the year-ago quarter.
See the Zacks Earnings Calendar to stay ahead of market-making news.
OGE Energy’s Revenues
OGE’s operating revenues of $965.4 million rose 2.1% from $945.4 million recorded in the prior-year quarter. However, the top line missed the Zacks Consensus Estimate of $1.12 billion by 13.4%.
OGE Energy Corporation Price, Consensus and EPS Surprise
OGE Energy Corporation price-consensus-eps-surprise-chart | OGE Energy Corporation Quote
OGE’s Operational Highlights
Total sales were 9.7 million megawatt-hours (MWh), up from 9.3 million MWh in the prior-year quarter. The company’s customer count increased 1.2% to 904,900.
During the third quarter, the cost of fuel, purchased power and direct transmission increased 4.9% to $350.1 million.
Total operating expenses rose 7.7% to $302.1 million, due to higher depreciation and amortization expenses, other operation and maintenance expenses as well as taxes other than income.
Operating income totaled $313.2 million in the third quarter, down 5.4% from the year-ago quarter’s level of $331.1 million.
Interest expenses totaled $64.2 million, up 11.8% from the year-ago quarter’s level of $57.4 million.
OGE Energy’s Segment Details
OGE Energy reported third-quarter net income of $218.7 million, down 9.6% from the prior-year quarter’s figure of $241.9 million.
The OG&E segment’s net income amounted to $225 million, down 8.6% from the year-ago period’s $246.1 million.
The year-over-year deterioration was on account of higher depreciation and interest expense on a growing asset base, as well as increased operation and maintenance expense and income tax expense.
The Other Operations unit incurred a net loss of $6.3 million, which was wider than the year-ago quarter’s loss of $4.2 million. The deterioration was due to higher interest expense.
OGE Energy’s Financial Highlights
OGE had cash and cash equivalents of $9.9 million as of Sept. 30, 2024, compared with $0.2 million as of Dec. 31, 2023.
Long-term debt totaled $5.02 billion as of the same date, up from $4.34 billion as of Dec. 31, 2023.
During the first nine months of 2024, OGE generated cash from operating activities worth $683.2 million compared with the year-ago figure of $921.3 million.
OGE’s 2024 Guidance
OGE Energy updated its 2024 earnings per share (EPS) guidance. The company now expects to generate earnings at the top of its earlier provided range of $2.06-$2.18 per share. The Zacks Consensus Estimate for EPS is pegged at $2.14.
OGE Energy’s Zacks Rank
OGE Energy currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Edison International (EIX - Free Report) reported third-quarter adjusted earnings of $1.51 per share, which surpassed the Zacks Consensus Estimate of $1.39 by 8.6%. The bottom line also increased 9.4% from $1.38 per share in the year-ago quarter.
EIX's operating revenues totaled $5.20 billion, which beat the consensus estimate of $4.76 billion by 9.4%. The top line also increased 10.6% from the year-ago quarter’s figure of $4.70 billion.
FirstEnergy (FE - Free Report) reported third-quarter 2024 operating earnings of 85 cents per share, which lagged the Zacks Consensus Estimate of 95 cents by 6.6%. The bottom line decreased 3.4% from the year-ago figure of 88 cents per share.
FE’s operating revenues totaled $3.73 billion, which missed the consensus estimate of $3.98 billion by 6.4%. The top line, however, increased 6.9% from $3.48 billion reported in the year-ago quarter.
CenterPoint Energy, Inc. (CNP - Free Report) reported third-quarter adjusted earnings of 31 cents per share, which missed the Zacks Consensus Estimate of 36 cents by 13.9%. The bottom line also deteriorated 22.5% from the year-ago figure.
CNP’s revenues totaled $1.86 billion, which missed the consensus estimate of $1.88 billion by 1.2%. The top line was also 0.2% lower than the year-ago figure.