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OGE Energy (OGE) Q1 Earnings Top Estimates, Revenues Rise Y/Y

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Shares of OGE Energy Corp. OGE declined 1.8% to $33.42 on May 11, reflecting investor skepticism following the company's first-quarter results.

OGE Energy reported first-quarter 2021 earnings of 26 cents per share, which surpassed the Zacks Consensus Estimate of 18 cents by 44.4%. The bottom-line figure also improved against loss of $2.46 per share in the year-ago quarter.

Revenues

OGE Energy’s operating revenues of $1,630.6 million marginally missed the Zacks Consensus Estimate of $1,631 million. The top line surged 278.1% from $431.3 million in the prior-year quarter. The year-over-year upside was primarily due to higher revenues from contracts with customers.

OGE Energy Corporation Price, Consensus and EPS Surprise

OGE Energy Corporation Price, Consensus and EPS Surprise
OGE Energy Corporation Price, Consensus and EPS Surprise

OGE Energy Corporation price-consensus-eps-surprise-chart | OGE Energy Corporation Quote

Operational Highlights

Total sales in the reported quarter amounted to 6.9 million megawatt-hours (MWh), slightly up from 6.8 million in the prior-year quarter’s figure. Meanwhile, the company’s customer count increased 1.4% to 871,494.

Cost of sales was $1,346.8 million compared with $135 million in the prior-year quarter.

Total operating expenses dropped 2% year over year to $235.2 million on account of reduced operation and maintenance expenses.

Operating income declined 13.7% to $48.6 million from the year-ago quarter’s $56.3 million.

Interest expenses totaled $39.4 million in the first quarter, up from $38.3 million a year ago.

Highlights

OGE Energy reported net income of $52.7 million in the first quarter against the prior-year quarter’s loss of $491.8 million.

The OG&E segment’s net income declined 45% to $11 million in the first quarter from $20 million reported in the first quarter of 2020. The decrease can be primarily attributed to loss incurred from the guaranteed flat bill program during the February 2021 extreme cold weather event.

The Natural Gas Midstream Operations segment posted net income of $38 million against loss of $568 million in the prior year. The increase was primarily due to the absence of 2020 impact of the impairment of

OGE Energy's investment in Enable. Higher net income from Enable's transportation and storage business, resulting from higher natural gas sales prices, may have also boosted this unit’s bottom line.

Zacks Rank

OGE Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Utility Releases

DTE Energy Company DTE reported first-quarter 2021 operating earnings per share (EPS) of $2.44, which surpassed the Zacks Consensus Estimate of $2.16 by 13%.

American Electric Power Co., Inc. AEP reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.

NextEra Energy, Inc. NEE reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.

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