MGE Energy Reports Third-Quarter 2022 Earnings
03 Novembro 2022 - 12:39PM
Business Wire
MGE Energy, Inc. (Nasdaq: MGEE), today reported financial
results for the third quarter of 2022.
MGE Energy's GAAP (Generally Accepted Accounting Principles)
earnings for the third quarter of 2022 were $33.7 million, or $0.93
cents per share, compared to $34.9 million, or $0.97 cents per
share, for the same period in the prior year.
Timing of 2021 depreciation and other operations and maintenance
costs contributed to higher electric earnings in 2021. Significant
capital projects were placed in service near the end of 2021, which
triggered additional depreciation and operations and maintenance
costs after completion. The new customer information system went
live in September 2021 and the first phase of the Badger Hollow
Solar Farm was completed in November 2021. The second phase of
Badger Hollow is expected to be completed in the first half of
2023. Badger Hollow is one of several major ongoing investments in
renewable generation capacity to advance the Company's goal of deep
decarbonization, targeting carbon reductions of at least 80% (from
2005 levels) by 2030 and net-zero carbon electricity by 2050.
In the third quarter of 2022, earnings from our investment in
ATC decreased $0.7 million, driven by an estimated possible loss
from filed complaints regarding MISO transmission owners'
authorized return on equity.
Gas net income in the third quarter of 2022 remained relatively
flat compared to the third quarter of 2021.
MGE Energy, Inc.
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended September
30,
2022
2021
Operating revenues
$
163,400
$
145,873
Operating income
$
42,487
$
37,598
Net income
$
33,720
$
34,917
Earnings per share - basic
$
0.93
$
0.97
Earnings per share - diluted
$
0.93
$
0.97
Weighted average shares outstanding -
basic
36,163
36,163
Weighted average shares outstanding -
diluted
36,176
36,170
Nine Months Ended September 30,
2022
2021
Operating revenues
$
524,686
$
444,518
Operating income
$
109,808
$
100,045
Net income
$
89,901
$
92,701
Earnings per share - basic
$
2.49
$
2.56
Earnings per share - diluted
$
2.49
$
2.56
Weighted average shares outstanding -
basic
36,163
36,163
Weighted average shares outstanding -
diluted
36,174
36,176
About MGE Energy
MGE Energy is a public utility holding company. Its principal
subsidiary, Madison Gas and Electric, generates and distributes
electricity to 159,000 customers in Dane County, Wis., and
purchases and distributes natural gas to 169,000 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,
2021, filed with the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221103005993/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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