MGE Energy Reports Second-Quarter 2024 Earnings

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[{"type":"text","content":" MADISON, Wis.--(BUSINESS WIRE)--\nMGE Energy, Inc. (Nasdaq: MGEE) today reported financial results for the second quarter of 2024.\n\n\nMGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the second quarter of 2024 were $23.8 million, or $0.66 per share, compared to $28.7 million, or $0.79 per share, for the same period in the prior year.\n\n\nIn the second quarter of 2024, electric net income decreased $6.0 million compared to the second quarter of 2023. Our second-quarter results were partially driven by higher fuel costs during 2024 compared to the 2024 fuel cost plan approved by the PSCW.\n\n\nWeather also was a driver of lower electric and gas sales for the quarter. Electric residential sales decreased approximately 4% and gas retail sales decreased approximately 10% compared to the same period in the prior year.\n\n\nDespite lower earnings, we continue to benefit from an increase in investments included in rate base.\n\n\n\n\nMGE Energy, Inc.\n\n\n\n\n\n\n\n\n(In thousands, except per-share amounts)\n\n\n\n\n\n\n\n\n(Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nThree Months Ended June 30,\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nOperating revenues\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n145,713\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n147,998\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nOperating income\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n29,735\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n38,390\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNet income\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n23,794\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n28,681\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nEarnings per share - basic\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.66\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.79\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nEarnings per share - diluted\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.66\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\n0.79\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\n36,176\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\n\n\n\n\n\n\n\nWeighted average shares outstanding - diluted\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n36,197\n...

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