OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), today reported earnings of $0.51 per diluted share during the three months that ended June 30, 2024, compared to $0.44 per diluted share in the same period 2023.
- OG&E, a regulated electric company, contributed earnings of $0.54 per diluted share in the second quarter, compared to earnings of $0.46 per diluted share in the second quarter 2023.
- Other operations, which includes the holding company, contributed a loss of $0.03 per diluted share compared to a loss of $0.02 per diluted share in the second quarter 2023.
"Consistent, strong operational performance and increased demand for electricity from our growing service area delivered solid results for the second quarter," said Sean Trauschke, President and CEO of OGE Energy Corp. "These results further demonstrate the company's unwavering commitment to deliver affordable, reliable, and safe energy to our customers."
Second Quarter 2024 results
OG&E contributed net income of $109.3 million, or $0.54 per diluted share, in the second quarter compared to $91.9 million, or $0.46 per diluted share, in the same period 2023. The increase in net income was primarily due to warmer than normal weather and excellent load growth, partially offset by higher depreciation on a growing asset base.
Other Operations resulted in a loss of $7.0 million, or $0.03 per diluted share, in the second quarter compared to a loss of $3.5 million, or $0.02 per diluted share, in the same period 2023. The increase in net loss was primarily due to higher interest expense.
OGE Energy's net income was $102.3 million or $0.51 per diluted share in the second quarter, compared to earnings of $88.4 million, or $0.44 per diluted share, in the same period 2023.
2024 Outlook
OGE Energy's 2024 consolidated earnings guidance is reaffirmed and remains projected to be within a range of $2.06 to $ 2.18 per average diluted share. Due to strong load growth and warmer than normal weather in the first half of 2024, OGE Energy's consolidated earnings are expected to be in the top half of its 2024 earnings guidance range. The guidance assumes, among other things, approximately 201.5 million average diluted shares outstanding and normal weather for the remainder of the year. OG&E has significant seasonality in its earnings due to weather on a year over year basis. See OGE Energy's 2023 Form 10-K for other key factors and assumptions underlying its 2024 guidance.
