OGE Energy Lags Estimate – Analyst Blog

Filed in Debt, dividend, earnings, Gold Prices, Guidance, silver by on May 11, 2010 0 Comments

OGE Energy Corporation ( OGE ) reported first quarter earnings per share (EPS) of 25 cents, falling behind the Zacks Consensus Estimate of 29 cents. However, the results were stronger than the year-ago quarterly EPS of 18 cents.   Operational Results   OGE Energy’s operating revenues increased 44.4% year over year to $875.8 million in the reported quarter. Electric Utility revenues increased to $444 million from $336.7 million in the year-ago quarter. Natural Gas Pipeline revenues increased to $431.8 million from $269.9 million in the year-ago quarter.   OGE Energy’s consolidated gross margin on revenues was $306 million compared with $253 million in the year-ago quarter. Net income was $24 million compared with $17 million in the year-ago quarter.   Segmental Results   OG&E’s gross margin on revenues was $193 million in the reported quarter, compared with $166 million in the year-ago quarter. The increase was due primarily to winter weather that was 28% cooler in the reported quarter than the year-ago period and higher electric rates, partially offset by higher operating expenses.   Enogex’s gross margin on revenues was $113 million compared with $85 million in the year-ago quarter. The increase was primarily due to higher natural gas liquids prices and higher natural gas gathering and processing volumes in March 2010.   Financial Condition   OGE Energy ended the quarter with cash and cash equivalents of $5.7 million and approximately $768.9 million of net available liquidity under its revolving credit agreements. In the reported quarter, the company generated $116 million of cash from operating activities and deployed $135 million toward capital expenditure, $289.2 million toward long-term debt repayments and $35.1 million toward dividends. Long-term debt increased to $2.2 billion from $2.1 billion at fiscal-end 2009.   Outlook   OGE Energy reaffirmed its fiscal 2010 earnings on the higher end of its guidance range of $2.70 – $2.95 per share, in line with the Zacks Consensus Estimate of $2.90. Read the full analyst report on “OGE” Zacks Investment Research

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OGE Energy Lags Estimate – Analyst Blog

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