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MGE Energy Reports Second-Quarter 2023 Earnings
MADISON, Wis.--(BUSINESS WIRE)-- MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the second quarter of 2023. MGE Energy's GAAP
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 second quarter of 2023.\n\n\nMGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the second quarter of 2023 were $28.7 million, or $0.79 per share, compared to $21.8 million, or $0.60 per share, for the same period in the prior year.\n\n\nOur second-quarter results were primarily driven by an increase in investments included in rate base.\n\n\nMGE continues to invest in new, cost-effective renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base contributed to increased electric earnings for the second quarter of 2023. The timing of 2023 depreciation expense and lower fuel costs also contributed to higher electric earnings in the second quarter of 2023. Depreciation costs are expected to increase after significant capital projects are completed, including the second phase of Badger Hollow and Paris solar projects.\n\n\nGas net income in the second quarter of 2023 remained relatively flat compared to the second quarter of 2022.\n\n\n \n\n\n\n\nMGE Energy, Inc.\n\n\n\n\n(In thousands, except per-share amounts)\n\n\n\n\n(Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nThree Months Ended June 30,\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nOperating revenues\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n147,998\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n152,348\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nOperating income\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n38,390\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n25,458\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNet income\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n28,681\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n21,761\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nEarnings per share - basic\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.79\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.60\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nEarnings per share - diluted\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.79\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\n0.60\n\n\n\n\n\n\n \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 \...