OGE Energy Corp. reported diluted earnings of $1.09 per share for the third quarter ended September 30, 2024, a decrease from $1.20 per diluted share in the same period of 2023. The company's consolidated net income for the quarter was $218.7 million, down from $241.9 million in the prior year's third quarter.
The electric company segment, OG&E, contributed $225.0 million in net income, or $1.12 per diluted share, compared to $246.1 million, or $1.22 per diluted share, in Q3 2023. This decrease was primarily attributed to higher depreciation and interest expense on a growing asset base, as well as increased operation and maintenance and income tax expenses, partially offset by robust load growth.
Despite the quarterly decline, OGE Energy expects its 2024 consolidated earnings to reach the top of its original guidance range of $2.06 to $2.18 per average diluted share. This positive adjustment is driven by strong load growth and warmer-than-normal weather conditions experienced during the year, alongside an assumption of approval for the uncontested rate review settlement by the Oklahoma Corporation Commission in 2024.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.