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OGE Energy (OGE) Q1 Earnings Lag Estimates, Revenues Rise Y/Y
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OGE Energy Corp. (OGE - Free Report) shares rose 1.5% to reach $35.57 on May 6 following the release of its first-quarter 2024 results.
The company reported first-quarter 2024 earnings of 9 cents per share, which lagged the Zacks Consensus Estimate of 35 cents by 74.3%. The figure also declined 52.6% from 19 cents per share recorded in the year-ago quarter.
OGE Energy Corporation Price, Consensus and EPS Surprise
OGE’s operating revenues of $596.8 million rose 7.1% from $557.2 million recorded in the prior-year quarter. However, the top line missed the Zacks Consensus Estimate of $607 million by 1.7%.
Operational Highlights
Total sales in the reported quarter were 7.4 million megawatt-hours (MWh), up from 7 MWh in the prior-year quarter. The company’s customer count increased 1.1% to 899,871.
During the first quarter of 2024, the cost of fuel, purchased power and direct transmission increased 15.8% to $232.2 million from $200.6 million in the prior-year quarter.
Total operating expenses for the first quarter of 2024 rose 3.7% to $290.6 million, primarily driven by higher depreciation and amortization expenses and other operation and maintenance expenses.
Operating income totaled $74 million in the first quarter of 2024, down 3.3% from the year-ago quarter’s level of $76.5 million.
For the first quarter of 2024, interest expenses totaled $60.2 million, up 25.9% from $47.8 million recorded a year ago.
Segment Details
OGE Energy reported a first-quarter net income of $18.6 million, down 51.4% from the prior-year quarter’s figure of $38.3 million.
The OG&E segment’s net income amounted to $25.2 million, down 36.7% from the year-ago period’s $39.8 million. This decrease was primarily driven by higher depreciation and interest expenses on a growing asset base.
Financial Highlights
OGE had cash and cash equivalents of $4.3 million as of Mar 31, 2024 compared with $0.2 million as of Dec 31, 2023.
Long-term debt totaled $4.26 billion as of Mar 31, 2024, down from $4.34 billion as of Dec 31, 2023.
During the first quarter of 2024, OGE generated cash from operating activities worth $83 million compared with the year-ago figure of $172.3 million.
2024 Guidance
OGE Energy reiterated its 2024 earnings per share guidance. The company still expects to generate earnings in the range of $2.06-$2.18 per share. The Zacks Consensus Estimate is pegged at $2.13, which lies just above than the midpoint of the company’s guided range.
For its OG&E segment, OGE still expects earnings to be at $2.22 per share.
Zacks Rank
OGE Energy currently carries a Zacks Rank #4 (Sell).
American Electric Power Company, Inc. (AEP - Free Report) reported a first-quarter 2024 adjusted EPS of $1.27, which missed the Zacks Consensus Estimate of $1.30 by 2.3%. However, the bottom line improved 14.4% from $1.11 recorded in the year-ago quarter.
AEP’s first-quarter operating revenues of $5.03 billion lagged the Zacks Consensus Estimate of $5.29 billion by 5.4%. However, the reported figure rose 7.1% from the year-ago quarter’s level of $4.69 billion.
CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2024 adjusted earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 51 cents by 7.8%. The bottom line improved 10% from the year-ago quarter’s figure of 50 cents per share.
CNP generated revenues of $2.62 billion, which missed the Zacks Consensus Estimate of $2.82 billion by 7%. The top line also came in 5.7% lower than the year-ago quarter’s reported figure of $2.78 billion.
Edison International (EIX - Free Report) reported first-quarter 2024 adjusted earnings of $1.13 per share, which surpassed the Zacks Consensus Estimate of $1.12 by 0.9%. The bottom line also increased 3.7% from $1.09 in the year-ago quarter.
EIX’s first-quarter operating revenues totaled $4.08 billion, which missed the Zacks Consensus Estimate of $4.14 billion by 1.6%. However, the top line increased 2.8% from the year-ago quarter’s figure of $3.97 billion.
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OGE Energy (OGE) Q1 Earnings Lag Estimates, Revenues Rise Y/Y
OGE Energy Corp. (OGE - Free Report) shares rose 1.5% to reach $35.57 on May 6 following the release of its first-quarter 2024 results.
The company reported first-quarter 2024 earnings of 9 cents per share, which lagged the Zacks Consensus Estimate of 35 cents by 74.3%. The figure also declined 52.6% from 19 cents per share recorded in the year-ago quarter.
OGE Energy Corporation Price, Consensus and EPS Surprise
OGE Energy Corporation price-consensus-eps-surprise-chart | OGE Energy Corporation Quote
Revenues
OGE’s operating revenues of $596.8 million rose 7.1% from $557.2 million recorded in the prior-year quarter. However, the top line missed the Zacks Consensus Estimate of $607 million by 1.7%.
Operational Highlights
Total sales in the reported quarter were 7.4 million megawatt-hours (MWh), up from 7 MWh in the prior-year quarter. The company’s customer count increased 1.1% to 899,871.
During the first quarter of 2024, the cost of fuel, purchased power and direct transmission increased 15.8% to $232.2 million from $200.6 million in the prior-year quarter.
Total operating expenses for the first quarter of 2024 rose 3.7% to $290.6 million, primarily driven by higher depreciation and amortization expenses and other operation and maintenance expenses.
Operating income totaled $74 million in the first quarter of 2024, down 3.3% from the year-ago quarter’s level of $76.5 million.
For the first quarter of 2024, interest expenses totaled $60.2 million, up 25.9% from $47.8 million recorded a year ago.
Segment Details
OGE Energy reported a first-quarter net income of $18.6 million, down 51.4% from the prior-year quarter’s figure of $38.3 million.
The OG&E segment’s net income amounted to $25.2 million, down 36.7% from the year-ago period’s $39.8 million. This decrease was primarily driven by higher depreciation and interest expenses on a growing asset base.
Financial Highlights
OGE had cash and cash equivalents of $4.3 million as of Mar 31, 2024 compared with $0.2 million as of Dec 31, 2023.
Long-term debt totaled $4.26 billion as of Mar 31, 2024, down from $4.34 billion as of Dec 31, 2023.
During the first quarter of 2024, OGE generated cash from operating activities worth $83 million compared with the year-ago figure of $172.3 million.
2024 Guidance
OGE Energy reiterated its 2024 earnings per share guidance. The company still expects to generate earnings in the range of $2.06-$2.18 per share. The Zacks Consensus Estimate is pegged at $2.13, which lies just above than the midpoint of the company’s guided range.
For its OG&E segment, OGE still expects earnings to be at $2.22 per share.
Zacks Rank
OGE Energy currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
American Electric Power Company, Inc. (AEP - Free Report) reported a first-quarter 2024 adjusted EPS of $1.27, which missed the Zacks Consensus Estimate of $1.30 by 2.3%. However, the bottom line improved 14.4% from $1.11 recorded in the year-ago quarter.
AEP’s first-quarter operating revenues of $5.03 billion lagged the Zacks Consensus Estimate of $5.29 billion by 5.4%. However, the reported figure rose 7.1% from the year-ago quarter’s level of $4.69 billion.
CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2024 adjusted earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 51 cents by 7.8%. The bottom line improved 10% from the year-ago quarter’s figure of 50 cents per share.
CNP generated revenues of $2.62 billion, which missed the Zacks Consensus Estimate of $2.82 billion by 7%. The top line also came in 5.7% lower than the year-ago quarter’s reported figure of $2.78 billion.
Edison International (EIX - Free Report) reported first-quarter 2024 adjusted earnings of $1.13 per share, which surpassed the Zacks Consensus Estimate of $1.12 by 0.9%. The bottom line also increased 3.7% from $1.09 in the year-ago quarter.
EIX’s first-quarter operating revenues totaled $4.08 billion, which missed the Zacks Consensus Estimate of $4.14 billion by 1.6%. However, the top line increased 2.8% from the year-ago quarter’s figure of $3.97 billion.