MGE Energy Reports Second-Quarter Earnings
MGE Energy Reports Second-Quarter Earnings
MADISON, Wis.--(BUSINESS WIRE)-- MGE Energy, Inc. (NAS: MGEE) today reported earnings for the three months ended June 30, 2013, of $13.9 million, or 60 cents per share, compared to $14.3 million, or 62 cents per share, for the same period in the prior year.
During the second quarter of 2013, electric sales decreased 4.3% driven by a return to more normal weather in 2013 compared to unusually warm weather in 2012. The decrease in second-quarter electric sales was partially offset by an increase in gas sales. The June 2013 average temperature of 67.8 degrees was 5.7% lower than the average temperature of 71.9 degrees in June 2012. The normal average temperature in June is 68.3 degrees. In addition, electric operating and maintenance expenditures increased over the prior period driven by increased costs at the Columbia generating station.
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric (MGE), generates and distributes electricity to 140,000 customers in Dane County, Wis., and purchases and distributes natural gas to 145,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.
MGE Energy, Inc. (In thousands, except per-share amounts) (Unaudited) | |||||||
Three Months Ended June 30, | 2013 | 2012 | |||||
Operating revenue | $ | 128,288 | $ | 117,221 | |||
Operating income | $ | 24,497 | $ | 25,081 | |||
Net income | $ | 13,891 | $ | 14,270 | |||
Earnings per share (basic and diluted) | $ | 0.60 | $ | 0.62 | |||
Weighted average shares outstanding (basic and diluted) | 23,114 | 23,114 | |||||
Six Months Ended June 30, | 2013 | 2012 | |||||
Operating revenue | $ | 295,525 | $ | 266,480 | |||
Operating income | $ | 62,125 | $ | 53,525 | |||
Net income | $ | 36,475 | $ | 30,318 | |||
Earnings per share (basic and diluted) | $ | 1.58 | $ | 1.31 | |||
Weighted average shares outstanding (basic and diluted) | 23,114 | 23,114 | |||||
MGE Energy, Inc.
Steve Kraus
Manager - Media Relations
608-252-7907 skraus@mge.com
KEYWORDS: United States North America Wisconsin
INDUSTRY KEYWORDS:
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