OGE Energy (NYSE: OGE) reported Q3 EPS of $1.04, $0.05 worse than the analyst estimate of $1.09. Revenue for the quarter came in at $702 million versus the consensus estimate of $753.83 million.

Further discussion of ongoing earnings and a reconciliation in accordance with GAAP is included below.

• OG&E, a regulated electric utility, contributed earnings of $1.00 per share in the third quarter, compared with earnings of $1.13 per share in the third quarter last year.
• Natural Gas Midstream Operations contributed earnings of $0.05 per share compared with earnings of $0.14 per share in the third quarter last year.
• The holding company and other operations posted a loss of $0.16 in the third quarter, compared with a loss of $0.02 in the third quarter last year. The holding company's ongoing earnings for the third quarter of 2020 were a loss of $0.01 per share.

"We experienced an unusually cool summer this year, along with the impacts of COVID, and have offset these headwinds through operational savings," said OGE Energy Corp. Chairman, President and CEO Sean Trauschke. "We also want to extend our appreciation for the community and off system support as we restore power across our territory following these historic ice storms."

GUIDANCE:

OGE Energy sees FY2020 EPS of $2.00-$2.06, versus the consensus of $2.10.

2020 Earnings OutlookThe Company's 2020 OG&E earnings guidance is projected to be $1.68 to $1.70 per average diluted share, narrowed and adjusted for mild summer weather, from the previously issued guidance of $1.72 to $1.78 per average diluted share. As a result of the equity method investment impairment recorded by Enable, OGE Energy projects a loss from Natural Gas Midstream Operations to be between ($2.63) to ($2.59) per average diluted share. Ongoing earnings contributions per average diluted share from Natural Gas Midstream Operations are projected to be between $0.32 and $0.36 and we expect to receive approximately $93 million in cash distributions. Additionally, OGE Energy consolidated guidance for 2020 has changed from approximately ($0.87) to ($0.77) per average diluted share to ($0.95) to ($0.89) per average diluted share. OGE Energy consolidated ongoing earnings are projected to be between approximately $2.00 to $2.06 per average diluted share. The guidance assumes approximately 200 million average diluted shares outstanding. More information regarding the Company's 2020 earnings guidance is contained in the Company's 2019 Form 10-K and Form 10-Q for the period ending September 30, 2020 as filed with the Securities and Exchange Commission.

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