OGE Energy Reports Q3 Earnings, Falls Short of Revenue Expectations Despite Strong Energy Demand

OKLAHOMA CITY - OGE Energy Corp. (NYSE:OGE) reported third-quarter earnings that fell short of analyst expectations, with revenue below forecasts despite an increase in customer numbers and strong energy demand.

The stock of OGE Energy did not show any change in pre-market trading following the earnings announcement. The parent company of Oklahoma Gas and Electric Company reported a diluted earnings per share of $1.09 for the quarter ending September 30, 2024. This figure is down from $1.20 per share during the same period last year. Analysts had expected earnings of $1.14 per share.

Revenue came in at $965.4 million, which was below the consensus estimate of $1.05 billion, but represented an increase compared to $945.4 million in the third quarter of 2023. The company's regulated utility, OG&E, achieved earnings of $1.12 per share, a decrease from $1.22 in the previous year. The primary reasons for the decline included high depreciation, interest expenses, and operating costs, although strong load growth partly offset this decrease.

Sean Trauschke, Chairman, President, and CEO of OGE Energy, stated: "Strong weather-adjusted energy demand across all sectors, ongoing customer growth, and increasing digital adoption among our customers, coupled with extraordinary operational excellence, enabled us to achieve solid third-quarter results."

OGE Energy raised its full-year earnings per share guidance for 2024 to the upper end of the original range of $2.06 to $2.18, citing strong load growth and above-normal hot weather. Analysts currently expect earnings per share of $2.15 for 2024.

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