OGE Energy reports Q3 earnings, revenue miss despite strong energy demand

OKLAHOMA CITY - OGE Energy Corp. (NYSE:OGE ) reported third quarter earnings that missed analyst expectations, as revenue fell short of estimates despite customer growth and strong energy demand.

OGE Energy's stock was unchanged in pre-market trading following the earnings release.

The parent company of Oklahoma Gas and Electric Company posted earnings of $1.09 per diluted share for the quarter ended September 30, 2024, compared to $1.20 per share in the same period last year. Analysts had expected earnings of $1.14 per share.

Revenue came in at $965.4 million, below the consensus estimate of $1.05 billion but up from $945.4 million in Q3 2023.

OG&E, the company's regulated electric utility, contributed earnings of $1.12 per share, down from $1.22 per share last year. The decrease was primarily due to higher depreciation, interest expense, and operating costs, partially offset by robust load growth.

"Strong weather normalized energy demand across all sectors combined with continued customer growth and outstanding operational excellence including increased digital adoption among our customers delivered solid third quarter results," said Sean Trauschke, OGE Energy's Chairman, President and CEO.

For the full year 2024, OGE Energy now expects earnings at the top end of its original guidance range of $2.06 to $2.18 per share, citing strong load growth and warmer than normal weather. The current analyst consensus is for 2024 EPS of $2.15.

The company serves approximately 905,000 customers in Oklahoma and western Arkansas.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com