MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE) today reported earnings for the three months ended June 30, 2014, of $14.1 million, or 41 cents per share, compared to $13.9 million, or 40 cents per share, for the same period in the prior year. Average shares outstanding and per share amounts for all periods presented reflect the three-for-two stock split declared on Dec. 20, 2013, effective in the form of a stock dividend distributed on Feb. 7, 2014.
Weather during the second quarter of 2014 was comparable to the same period in the prior year resulting in relatively consistent earnings from the electric and gas utility during the two periods. Factors contributing to earnings during the quarter were savings from MGE's ongoing effort to manage costs and the benefit of allowance for funds used during construction for the environmental controls at the Columbia Energy Center. The remaining Columbia unit environmental controls were placed into service in July 2014.
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric (MGE), generates and distributes electricity to 141,000 customers in Dane County, Wis., and purchases and distributes natural gas to 147,000 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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MGE Energy, Inc. |
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| Three Months Ended June 30, | 2014 | 2013 | ||||
| Operating revenue | $128,765 | $128,288 | ||||
| Operating income | $24,441 | $24,497 | ||||
| Net income | $14,087 | $13,891 | ||||
| Earnings per share (basic and diluted) | $0.41 | $0.40 | ||||
| Weighted average shares outstanding (basic and diluted) | 34,668 | 34,668 | ||||
| Six Months Ended June 30, | 2014 | 2013 | ||||
| Operating revenue | $339,010 | $295,525 | ||||
| Operating income | $68,412 | $62,125 | ||||
| Net income | $41,804 | $36,475 | ||||
| Earnings per share (basic and diluted) | $1.21 | $1.05 | ||||
| Weighted average shares outstanding (basic and diluted) | 34,668 | 34,668 | ||||