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MGE Energy Reports Fourth-Quarter Earnings
Business Wire 22-Feb-2019 3:49 PM
MGE Energy, Inc. (NASDAQ:MGEE) today reported financial results for the
fourth quarter and full year 2018.
MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings
for the full year of 2018 were $84.2 million, or $2.43 per share,
compared to $97.6 million, or $2.82 per share, for the same period in
the prior year. Earnings for 2017 included a 62 cent per share one-time,
non-cash tax benefit from nonregulated operations as a result of the Tax
Cuts and Jobs Act (Tax Act). Earnings for 2018 were positively impacted
by customer growth and favorable weather during the year. There were
approximately 2,000 more electric and approximately 3,000 more gas
customers in 2018, primarily driven by residential customer growth.
MGE Energy's GAAP earnings for the fourth quarter of 2018 were $16.4
million, or 47 cents per share, compared to $36.1 million, or $1.04 per
share, in the fourth quarter of 2017. Earnings for the fourth quarter of
2017 included a 62 cent per share one-time, non-cash tax benefit from
nonregulated operations as a result of the Tax Act. Excluding the
one-time tax benefit, quarter-over-quarter earnings were higher
primarily due to increased revenue from customer growth.
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MGE Energy, Inc.
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended December 31,
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2018
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2017
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Operating revenue
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$140,079
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$140,274
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Operating income
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$23,990
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$25,197
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Net income
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$16,361
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$36,134
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Earnings per share (basic and diluted)
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$0.47
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$1.04
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Weighted average shares outstanding (basic and diluted)
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34,668
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34,668
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For the Years Ended December 31,
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2018
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2017
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Operating revenue
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$559,768
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$563,099
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Operating income
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$114,207
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$124,625
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Net income
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$84,219
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$97,606
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Earnings per share (basic and diluted)
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$2.43
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$2.82
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Weighted average shares outstanding (basic and diluted)
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34,668
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34,668
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About MGE Energy
MGE Energy is a public utility holding company. Its principal
subsidiary, Madison Gas and Electric, generates and distributes
electricity to 153,000 customers in Dane County, Wis., and purchases and
distributes natural gas to 161,000 customers in seven south-central and
western Wisconsin counties. MGE's roots in the Madison area date back
more than 150 years.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190222005490/en/
