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Dec 31, 2024
MGEE Q4 2024 Earnings Report
MGE Energy reported its financial results for the fourth quarter and full year of 2024.
Key Takeaways
MGE Energy reported increased earnings for the fourth quarter of 2024, with net income rising to $22.0 million and EPS to $0.61, driven by increased electric investments and asset growth. However, gas retail therm deliveries decreased due to warmer-than-normal weather.
Fourth-quarter 2024 earnings increased to $22.0 million, up from $20.1 million in the prior year.
Diluted earnings per share for Q4 2024 were $0.61, compared to $0.55 in Q4 2023.
Increased electric investments contributed to higher electric earnings in 2024.
Gas retail therm deliveries decreased by approximately 4% in 2024, primarily due to warmer weather.
MGEE
MGEE
Forward Guidance
The press release contains forward-looking statements based on current expectations, estimates, and assumptions, and cautions against undue reliance on these statements, noting that actual results may differ due to various risks and uncertainties.
Positive Outlook
- Continued investment in new, cost-effective renewable generation.
- Asset growth fueled by strategic investments.
- Increased electric investments contributing to higher electric earnings.
- Completion of the Paris solar project in December 2024.
- Commitment to long-term growth and stability.
Challenges Ahead
- Forward-looking statements are inherently uncertain and subject to change.
- No obligation to revise or update forward-looking statements publicly.
- Actual results may differ materially from those expressed in forward-looking statements.
- Risks and uncertainties are detailed in the Annual Report on Form 10-K.
- External factors like weather can impact gas deliveries and consumption.