MGE Energy Reports First-Quarter 2023 Earnings

About this update from Mge Energy Inc.

[{"type":"text","content":" MADISON, Wis.--(BUSINESS WIRE)--\nMGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the first quarter of 2023.\n\n\nMGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the first quarter of 2023 were $31.1 million, or $0.86 per share, compared to $34.4 million, or $0.95 per share, for the same period in the prior year.\n\n\nDuring the first quarter of 2023, warmer-than-normal weather was a significant driver in lower gas and electric retail sales. Gas retail sales decreased approximately 14% and electric residential retail sales decreased approximately 7% compared to the same period in the prior year. Heating degree days is a measure of the extent to which the average daily temperature is below 65 degrees Fahrenheit and is considered an indicator of possible increased demand for energy to provide heating. As measured by heating degree days, the first quarter of 2023 was 14% warmer than the first quarter of 2022. The average temperature in January 2023 was approximately 27 degrees compared to approximately 15 degrees in January 2022. The normal average temperature for January is 20 degrees.\n\n\n\n\nMGE Energy, Inc.\n\n\n\n\n\n\n\n\n(In thousands, except per-share amounts)\n\n\n\n\n\n\n\n\n(Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n\n\nOperating revenues\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n217,253\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n208,938\n\n\n\n\n\n\n\n\nOperating income\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n40,034\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n41,863\n\n\n\n\n\n\n\n\nNet income\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n31,078\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n34,420\n\n\n\n\n\n\n\n\nEarnings per share - basic\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.86\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.95\n\n\n\n\n\n\n\n\nEarnings per share - diluted\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.86\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.95\n\n\n\n\n\n\n\n\nWeighted average shares outstanding - basic\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n36,163\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n36,163\n\n\n\n\n\n\n\n\nWeighted avera...

More updates from Mge Energy Inc.