Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries MGE Energy Reports Fourth-Quarter and Full-Year 2023 Earnings By: MGE Energy, Inc. via Business Wire February 21, 2024 at 13:47 PM EST MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the fourth quarter and full year of 2023. MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the full year of 2023 were $117.7 million, or $3.25 per share, compared to $111.0 million, or $3.07 per share, for the same period in the prior year. MGE 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 2023. The Red Barn wind project was completed in April 2023 and Badger Hollow II solar project was completed in December 2023. During 2023, gas retail therm deliveries decreased approximately 13% compared to the prior year, primarily due to warmer-than-normal weather in 2023. Gas use by commercial and industrial customers was approximately 10% lower during 2023, and residential gas consumption decreased by approximately 15%. MGE Energy's earnings for the fourth quarter of 2023 were $20.1 million, or 55 cents per share, compared to $21.1 million, or 58 cents per share, for the same period in the prior year. Gas net income decreased $1.9 million in the fourth quarter of 2023 compared to the same period in the prior year as a result of lower gas sales. During the fourth quarter of 2023, gas retail therm deliveries decreased approximately 15% compared to the fourth quarter of 2022, primarily due to warmer-than-normal weather in 2023. MGE Energy, Inc. (In thousands, except per-share amounts) (Unaudited) Three Months Ended December 31, 2023 2022 Operating revenues $ 164,652 $ 189,833 Operating income $ 24,169 $ 27,935 Net income $ 20,083 $ 21,051 Earnings per share - basic $ 0.55 $ 0.58 Earnings per share - diluted $ 0.55 $ 0.58 Weighted average shares outstanding - basic 36,163 36,163 Weighted average shares outstanding - diluted 36,192 36,176 Year Ended December 31, 2023 2022 Operating revenues $ 690,431 $ 714,519 Operating income $ 146,385 $ 137,743 Net income $ 117,699 $ 110,952 Earnings per share - basic $ 3.25 $ 3.07 Earnings per share - diluted $ 3.25 $ 3.07 Weighted average shares outstanding - basic 36,163 36,163 Weighted average shares outstanding - diluted 36,186 36,174 About MGE Energy MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 163,000 customers in Dane County, Wis., and purchases and distributes natural gas to 176,000 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, 2023, filed with the Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20240221666232/en/Contacts Steve B. Schultz Media Relations 608-252-7219 | sbschultz@mge.com Ken Frassetto Investor Relations 608-252-4723 | kfrassetto@mge.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
MGE Energy Reports Fourth-Quarter and Full-Year 2023 Earnings By: MGE Energy, Inc. via Business Wire February 21, 2024 at 13:47 PM EST MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the fourth quarter and full year of 2023. MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the full year of 2023 were $117.7 million, or $3.25 per share, compared to $111.0 million, or $3.07 per share, for the same period in the prior year. MGE 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 2023. The Red Barn wind project was completed in April 2023 and Badger Hollow II solar project was completed in December 2023. During 2023, gas retail therm deliveries decreased approximately 13% compared to the prior year, primarily due to warmer-than-normal weather in 2023. Gas use by commercial and industrial customers was approximately 10% lower during 2023, and residential gas consumption decreased by approximately 15%. MGE Energy's earnings for the fourth quarter of 2023 were $20.1 million, or 55 cents per share, compared to $21.1 million, or 58 cents per share, for the same period in the prior year. Gas net income decreased $1.9 million in the fourth quarter of 2023 compared to the same period in the prior year as a result of lower gas sales. During the fourth quarter of 2023, gas retail therm deliveries decreased approximately 15% compared to the fourth quarter of 2022, primarily due to warmer-than-normal weather in 2023. MGE Energy, Inc. (In thousands, except per-share amounts) (Unaudited) Three Months Ended December 31, 2023 2022 Operating revenues $ 164,652 $ 189,833 Operating income $ 24,169 $ 27,935 Net income $ 20,083 $ 21,051 Earnings per share - basic $ 0.55 $ 0.58 Earnings per share - diluted $ 0.55 $ 0.58 Weighted average shares outstanding - basic 36,163 36,163 Weighted average shares outstanding - diluted 36,192 36,176 Year Ended December 31, 2023 2022 Operating revenues $ 690,431 $ 714,519 Operating income $ 146,385 $ 137,743 Net income $ 117,699 $ 110,952 Earnings per share - basic $ 3.25 $ 3.07 Earnings per share - diluted $ 3.25 $ 3.07 Weighted average shares outstanding - basic 36,163 36,163 Weighted average shares outstanding - diluted 36,186 36,174 About MGE Energy MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 163,000 customers in Dane County, Wis., and purchases and distributes natural gas to 176,000 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, 2023, filed with the Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20240221666232/en/Contacts Steve B. Schultz Media Relations 608-252-7219 | sbschultz@mge.com Ken Frassetto Investor Relations 608-252-4723 | kfrassetto@mge.com
MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the fourth quarter and full year of 2023. MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the full year of 2023 were $117.7 million, or $3.25 per share, compared to $111.0 million, or $3.07 per share, for the same period in the prior year. MGE 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 2023. The Red Barn wind project was completed in April 2023 and Badger Hollow II solar project was completed in December 2023. During 2023, gas retail therm deliveries decreased approximately 13% compared to the prior year, primarily due to warmer-than-normal weather in 2023. Gas use by commercial and industrial customers was approximately 10% lower during 2023, and residential gas consumption decreased by approximately 15%. MGE Energy's earnings for the fourth quarter of 2023 were $20.1 million, or 55 cents per share, compared to $21.1 million, or 58 cents per share, for the same period in the prior year. Gas net income decreased $1.9 million in the fourth quarter of 2023 compared to the same period in the prior year as a result of lower gas sales. During the fourth quarter of 2023, gas retail therm deliveries decreased approximately 15% compared to the fourth quarter of 2022, primarily due to warmer-than-normal weather in 2023. MGE Energy, Inc. (In thousands, except per-share amounts) (Unaudited) Three Months Ended December 31, 2023 2022 Operating revenues $ 164,652 $ 189,833 Operating income $ 24,169 $ 27,935 Net income $ 20,083 $ 21,051 Earnings per share - basic $ 0.55 $ 0.58 Earnings per share - diluted $ 0.55 $ 0.58 Weighted average shares outstanding - basic 36,163 36,163 Weighted average shares outstanding - diluted 36,192 36,176 Year Ended December 31, 2023 2022 Operating revenues $ 690,431 $ 714,519 Operating income $ 146,385 $ 137,743 Net income $ 117,699 $ 110,952 Earnings per share - basic $ 3.25 $ 3.07 Earnings per share - diluted $ 3.25 $ 3.07 Weighted average shares outstanding - basic 36,163 36,163 Weighted average shares outstanding - diluted 36,186 36,174 About MGE Energy MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 163,000 customers in Dane County, Wis., and purchases and distributes natural gas to 176,000 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, 2023, filed with the Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20240221666232/en/
Steve B. Schultz Media Relations 608-252-7219 | sbschultz@mge.com Ken Frassetto Investor Relations 608-252-4723 | kfrassetto@mge.com