OGE Energy Corp. Q3 Profit Rises; Ups FY13 View - Quick Facts

(RTTNews) - OGE Energy Corp. (OGE), the parent company of Oklahoma Gas and Electric Company, Wednesday reported an increase in the third-quarter net income, reflecting lower costs of good sold, and lesser expenses. The revenues, however, declined sharply. The company also spiked ups its full-year earnings outlook.

Net income attributable to the company was $215.2 million or $1.08 per share, compared with 185.5 million or $0.94 per share last year.

On average, three analysts polled by Thomson Reuters expected the company to report earnings per share of $0.93for the quarter. Analysts' estimates typically exclude one-time items.

Total operating revenues were down at $723.2 million, from prior year's $1.11 billion. Total cost of goods sold were $273 million, compared with $539.6 million last year. Total operating expenses were $189.3 million, compared with $269.8 million a year ago.

OGE Energy increased its 2013 earnings outlook to $360 million-$380 million or $1.80 to $1.90 per share, from $335 million-$360 million or $1.68 to $1.80 per share.This is based on the accretive impact of the formation of Enable Midstream Partners, the company said. Analysts expect the company to report earnings of $1.78 per share.