OGE Energy (OGE) Q3 Earnings Miss Estimates, Cuts '17 View
Zacks Investment Research | Nov 02, 2017 11:39PM ET
OGE Energy Corp. (NYSE:OGE) posted third-quarter 2017 earnings of 92 cents per share, which missed the Zacks Consensus Estimate of 93 cents by a penny. However, the reported figure was flat year over year.
Revenues
OGE Energy’s operating revenues of $716.8 million in the quarter fell 3.6% from the prior-year figure of $743.9 million.
Operational Highlights
Total sales in the reported quarter amounted to 8.1 million megawatt-hours (MWh), down from 8.7 million MWh in the prior-year quarter. This decline was due to lower system as well as integrated market sales. Meanwhile, the company’s customer count increased by 8,285 or 1%.
Cost of sales in the quarter under review was $255.7 million, down 5.2%.
Total operating expenses increased 0.5% year over year to $217.8 million mainly on the back of higher other operation and maintenance expenses as well as taxes other than income. However, operating income declined 14% to $243.3 million from the year-ago figure of $257.3 million.
Interest expenses totaled $35.9 million in the quarter, up from $35.4 million a year ago.
OGE Energy Corporation Price, Consensus and EPS Surprise
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