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Jun 30, 2024
MGEE Q2 2024 Earnings Report
MGE Energy's second quarter earnings decreased due to higher fuel costs and lower electric and gas sales.
Key Takeaways
MGE Energy reported GAAP earnings of $23.8 million, or $0.66 per share, for the second quarter of 2024, compared to $28.7 million, or $0.79 per share, for the same period in the prior year. The decrease was driven by higher fuel costs and lower electric and gas sales, although the company continues to benefit from increased investments in rate base.
Second quarter GAAP earnings were $23.8 million, or $0.66 per share.
Electric net income decreased by $6.0 million compared to the second quarter of 2023.
Higher fuel costs and weather impacted electric and gas sales negatively.
Residential electric sales decreased approximately 4% and gas retail sales decreased approximately 10%.
MGEE
MGEE
Forward Guidance
No specific forward guidance was provided in the press release.