MGE Energy Reports First-Quarter Earnings

Nachrichtenquelle: Business Wire (engl.)
07.05.2020, 23:22  |  125   |   |   

MGE Energy, Inc. (Nasdaq: MGEE) today reported financial results for the first quarter of 2020.

MGE Energy's earnings for the first quarter of 2020 were $26.0 million, or 75 cents per share, compared to $24.0 million, or 69 cents per share, for the same period in the prior year.

During the first quarter of 2020, electric and gas net income increased as a result of lower fuel costs, savings in operating and maintenance costs, and customer growth. Increased investments in rate base also contributed to higher earnings. Colder than normal weather in the first quarter of 2019 and milder weather in the first quarter of 2020 partially offset this increase. Gas retail sales decreased by 14% and electric retail sales decreased by 3%.

The situation around the COVID-19 pandemic remains fluid. As a provider of critical infrastructure, we continue to serve new and existing customers by completing work necessary for essential business operations. We are following the guidance of state and federal agencies to manage essential work and to ensure the health, safety and well-being of our employees, customers, and community. We continue to monitor the situation and our response.

MGE Energy, Inc.

(In thousands, except per share amounts)

(Unaudited)

 

   

 

 

 

 

 

 

Three Months Ended March 31,

   

 

2020

 

 

 

2019

Operating revenue

   

$

149,873

 

 

$

167,569

Operating income

   

$

31,440

 

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