OGE Energy Corp. Reports Q3 Earnings Miss

OKLAHOMA CITY – OGE Energy Corp. (NYSE: OGE) reported third quarter earnings that fell short of analyst expectations, as revenue did not meet estimates despite customer growth and strong energy demand.

OGE Energy's stock remained unchanged in pre-market trading following the earnings release.

The parent company of Oklahoma Gas and Electric Company posted earnings of $1.09 per diluted share for the quarter ended September 30, 2024, down from $1.20 per share in the same period last year, with analysts expecting earnings of $1.14 per share.

Revenue was $965.4 million, below the consensus estimate of $1.05 billion but an increase from $945.4 million in Q3 2023.

OG&E, the company's regulated electric utility, contributed earnings of $1.12 per share, down from $1.22 per share last year. The decrease was primarily due to higher depreciation, interest expenses, and operational costs, though robust load growth offered some offset.

“Strong weather-normalized energy demand across all sectors, coupled with continued customer growth and excellent operational performance, including increased digital adoption, resulted in solid third-quarter outcomes,” stated Sean Trauschke, OGE Energy's Chairman, President, and CEO.

For the full year 2024, OGE Energy now forecasts earnings at the upper end of its initial guidance range of $2.06 to $2.18 per share, attributing this to strong load growth and warmer weather. The current analyst consensus for 2024 EPS stands at $2.15.

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

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