MGE Energy Reports Fourth-Quarter Earnings
MADISON, Wis.--(BUSINESS WIRE)--Feb 22, 2019--MGE Energy, Inc. (Nasdaq: MGEE) today reported financial results for the fourth quarter and full year 2018.
MGE Energy’s GAAP (Generally Accepted Accounting Principles) earnings for the full year of 2018 were $84.2 million, or $2.43 per share, compared to $97.6 million, or $2.82 per share, for the same period in the prior year. Earnings for 2017 included a 62 cent per share one-time, non-cash tax benefit from nonregulated operations as a result of the Tax Cuts and Jobs Act (Tax Act). Earnings for 2018 were positively impacted by customer growth and favorable weather during the year. There were approximately 2,000 more electric and approximately 3,000 more gas customers in 2018, primarily driven by residential customer growth.
MGE Energy’s GAAP earnings for the fourth quarter of 2018 were $16.4 million, or 47 cents per share, compared to $36.1 million, or $1.04 per share, in the fourth quarter of 2017. Earnings for the fourth quarter of 2017 included a 62 cent per share one-time, non-cash tax benefit from nonregulated operations as a result of the Tax Act. Excluding the one-time tax benefit, quarter-over-quarter earnings were higher primarily due to increased revenue from customer growth.
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 153,000 customers in Dane County, Wis., and purchases and distributes natural gas to 161,000 customers in seven south-central and western Wisconsin counties. MGE’s roots in the Madison area date back more than 150 years.
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CONTACT: Steven B. Schultz
Corporate Communications Manager
KEYWORD: UNITED STATES NORTH AMERICA WISCONSIN
INDUSTRY KEYWORD: ENERGY OIL/GAS UTILITIES
SOURCE: MGE Energy, Inc.
Copyright Business Wire 2019.
PUB: 02/22/2019 03:49 PM/DISC: 02/22/2019 03:49 PM