OG&E 2010 earnings up 15%
by February 21, 2011 12:36 pm 79 views
OGE Energy Corp., parent company of Oklahoma Gas and Electric Company (OG&E) and OGE Enogex Holdings (Enogex), recently reported full year net income of $300.4 million, up 15.05% compared to 2009.
Total revenue for the year was $2.109 billion, up 20.4% over 2009.
For the fourth quarter, the company earned $33.8 million, down from the $35.1 million earned in the 2009 quarter. Revenue in the fourth quarter reached $430.1 million, up over the $411.3 million in the 2009 quarter.
OG&E has about 776,500 customers, with about 64,700 of those in western Arkansas.
Earnings on an ongoing basis exclude the one-time charge of $11 million to write off previously recognized Medicare Part D tax benefits affected by the national health care law enacted in 2010, the company noted in the statement.
“We are pleased to report record earnings for 2010," Pete Delaney, OGE Energy chairman and CEO, said in the statement. "OG&E’s record earnings reflect our continued investment in the infrastructure associated with positioning our utility for the future.”
OG&E reported gross margin of $1.1 billion in 2010, compared with $955 million in 2009. OG&E’s higher net income, $216 million in 2010 compared with $200 million in 2009, was primarily attributed to rate relief associated with wind, transmission and infrastructure investments and warmer summer weather resulting in a 25% increase in cooling degree days in 2010.
OG&E shares (NYSE: OGE) closed Friday (Feb. 18) at $47.19. During the past 52 weeks the share price has ranged from a $48.18 high to a $33.87 low.