OGE Energy Maintains FY23 Earnings View - Update

(RTTNews) - OGE Energy Corp. (OGE), the parent of regulated electric company OG&E, Wednesday reaffirmed its fiscal 2023 earnings guidance after reporting second-quarter earnings that increased from last year but missed the Street estimates.

For the year, net income is still projected to be between $387 million to $416 million, or $1.93 to $2.07 per average share, with a midpoint of $402 million, or $2.00 per average share.

On average, nine analysts polled by Thomson Reuters expect earnings of $2 per share for the year. Analysts' estimates typically exclude special items.

OG&E is projected to earn approximately $400 million to $421 million, or $1.99 to $2.09 per average share, with a midpoint of $411 million, or $2.04 per average share.

OG&E has significant seasonality in its earnings due to weather on a year over year basis.

In the second quarter, OGE Energy's net income was $88.4 million or $0.44 per share, higher than last year's earnings of $73.1 million, or $0.36 per share. The Street was looking for earnings of $0.45 per share for the quarter.

OG&E contributed net income of $91.9 million or $0.46 per share, compared to $100.7 million, or $0.50 per share in the same period 2022.

Operating revenues fell to $605.0 million from last year's $803.7 million.

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