OGE Energy (OGE) Tops Q1 EPS by 5c, Revenues Beat; Offers FY21 EPS Guidance Below Consensus
OGE Energy (NYSE: OGE) reported Q1 EPS of $0.26, $0.05 better than the analyst estimate of $0.21. Revenue for the quarter came in at $1.63 million versus the consensus estimate of $479.04 million.
- OG&E contributed earnings of $0.06 per share in the first quarter, compared with earnings of $0.10 per share in the first quarter last year
- Natural Gas Midstream Operations contributed earnings of $0.19 per share, compared to a loss of $2.84 per share in the first quarter last year
- The holding company reported earnings of $0.01 per share compared to $0.28 per share in the first quarter of 2020. As a result of the impairment related to Enable, the holding company's 2020 results were impacted by a consolidating tax adjustment that eliminated over the course of the year.
"We have made strong progress this quarter towards mitigating the impact of the February weather event. Our track record of operational excellence provides us great confidence that we will deliver within our guidance range of $1.76 to $1.86 per share at the utility." said OGE Energy Corp. Chairman, President and CEO Sean Trauschke.
GUIDANCE:
OGE Energy sees FY2021 EPS of $1.76-$1.86, versus the consensus of $2.16.
OG&E's earnings guidance remains unchanged and is between $352 million to $373 million, or $1.76 to $1.86 per average diluted share. Based on first quarter 2021 results, including the impacts of the 2021 February extreme cold weather event and strong mitigation efforts, OG&E currently projects full year results in the lower half of the range. The guidance assumes, among other things, approximately 200 million average diluted shares outstanding and normal weather for the year. As indicated in its 2020 Form 10-K, OGE Energy is not issuing 2021 consolidated earnings guidance due to Enable not issuing an earnings outlook due to the announced merger between Enable and Energy Transfer. See OGE Energy's 2020 Form 10-K for other key factors and assumptions underlying its 2021 guidance.
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