MGE Energy Reports Fourth-Quarter and Full-Year 2024 Earnings
MGE Energy (MGEE) reported its Q4 and full-year 2024 financial results, with annual GAAP earnings of $120.6 million ($3.33 per share), up from $117.7 million ($3.25 per share) in 2023. Fourth-quarter earnings reached $22.0 million ($0.61 per share), compared to $20.1 million ($0.55 per share) in the previous year.
The company's growth was supported by increased electric investments in rate base, including the completion of the Paris solar project in December 2024. However, gas operations saw decreased demand, with both residential and commercial/industrial customers showing approximately 4% lower consumption in 2024, primarily attributed to warmer-than-normal weather conditions.
MGE Energy (MGEE) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, con utili annuali GAAP di 120,6 milioni di dollari (3,33 dollari per azione), in aumento rispetto ai 117,7 milioni di dollari (3,25 dollari per azione) del 2023. Gli utili del quarto trimestre hanno raggiunto i 22,0 milioni di dollari (0,61 dollari per azione), rispetto ai 20,1 milioni di dollari (0,55 dollari per azione) dell'anno precedente.
La crescita dell'azienda è stata sostenuta da un aumento degli investimenti elettrici nella base tariffaria, compresa la conclusione del progetto solare di Parigi nel dicembre 2024. Tuttavia, le operazioni di gas hanno registrato una domanda in calo, con clienti residenziali e commerciali/industriali che hanno mostrato un consumo inferiore di circa il 4% nel 2024, principalmente attribuito a condizioni meteorologiche più calde del normale.
MGE Energy (MGEE) informó sus resultados financieros del cuarto trimestre y del año completo 2024, con ganancias anuales GAAP de 120,6 millones de dólares (3,33 dólares por acción), un aumento respecto a los 117,7 millones de dólares (3,25 dólares por acción) en 2023. Las ganancias del cuarto trimestre alcanzaron los 22,0 millones de dólares (0,61 dólares por acción), en comparación con los 20,1 millones de dólares (0,55 dólares por acción) del año anterior.
El crecimiento de la empresa fue respaldado por un aumento en las inversiones eléctricas en la base tarifaria, incluida la finalización del proyecto solar de París en diciembre de 2024. Sin embargo, las operaciones de gas vieron una disminución en la demanda, con clientes residenciales y comerciales/industriales mostrando un consumo aproximadamente un 4% menor en 2024, atribuido principalmente a condiciones climáticas más cálidas de lo normal.
MGE 에너지 (MGEE)는 2024년 4분기 및 전체 연도 재무 결과를 보고했으며, 연간 GAAP 순이익이 1억 2천6백만 달러 (주당 3.33달러)로 2023년의 1억 1천7백7십만 달러 (주당 3.25달러)에서 증가했습니다. 4분기 순이익은 2천2백만 달러 (주당 0.61달러)에 도달했으며, 이는 전년의 2천1백만 달러 (주당 0.55달러)와 비교됩니다.
회사의 성장은 전기 투자 증가에 의해 지원되었으며, 여기에는 2024년 12월에 완료된 파리 태양광 프로젝트가 포함됩니다. 그러나 가스 사업은 수요 감소를 겪었고, 주거용 및 상업/산업 고객 모두가 2024년에 약 4% 낮은 소비를 보였으며, 이는 주로 정상보다 따뜻한 날씨에 기인합니다.
MGE Energy (MGEE) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024, avec des bénéfices annuels GAAP de 120,6 millions de dollars (3,33 dollars par action), en hausse par rapport à 117,7 millions de dollars (3,25 dollars par action) en 2023. Les bénéfices du quatrième trimestre ont atteint 22,0 millions de dollars (0,61 dollar par action), contre 20,1 millions de dollars (0,55 dollar par action) l'année précédente.
La croissance de l'entreprise a été soutenue par une augmentation des investissements électriques dans la base tarifaire, y compris l'achèvement du projet solaire de Paris en décembre 2024. Cependant, les opérations de gaz ont connu une baisse de la demande, avec des clients résidentiels et commerciaux/industriels affichant une consommation inférieure d'environ 4% en 2024, principalement attribuée à des conditions météorologiques plus chaudes que la normale.
MGE Energy (MGEE) hat seine Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, mit jährlichen GAAP-Gewinnen von 120,6 Millionen Dollar (3,33 Dollar pro Aktie), ein Anstieg von 117,7 Millionen Dollar (3,25 Dollar pro Aktie) im Jahr 2023. Die Gewinne im vierten Quartal beliefen sich auf 22,0 Millionen Dollar (0,61 Dollar pro Aktie), im Vergleich zu 20,1 Millionen Dollar (0,55 Dollar pro Aktie) im Vorjahr.
Das Wachstum des Unternehmens wurde durch erhöhte Investitionen in die elektrische Basis unterstützt, einschließlich des Abschlusses des Solarprojekts in Paris im Dezember 2024. Die Gasbetriebe verzeichneten jedoch einen Rückgang der Nachfrage, wobei sowohl private als auch gewerbliche/industrielle Kunden im Jahr 2024 einen Verbrauch von etwa 4% weniger aufwiesen, was hauptsächlich auf wärmer als normale Wetterbedingungen zurückzuführen ist.
- Full-year EPS increased to $3.33 from $3.25
- Q4 earnings rose to $0.61/share from $0.55/share
- Paris solar project completed on schedule
- Growth in electric investments contributing to earnings
- Gas retail therm deliveries down 4%
- Commercial/industrial gas usage decreased 4%
- Residential gas consumption declined 4%
Insights
MGE Energy's Q4 and full-year 2024 results reveal a 2.5% annual earnings growth to
The company's strategic pivot toward renewable generation is proving effective as a growth driver. The completion of the Paris solar project in December 2024 represents another milestone in MGEE's renewable portfolio expansion, though its financial contribution will primarily impact 2025 results rather than the reported period. This continued investment in clean energy assets is strategically expanding MGEE's regulated asset base, creating a foundation for predictable future earnings growth.
While the 4% decrease in gas deliveries across both residential and commercial segments initially appears concerning, this decline is primarily weather-driven rather than reflecting fundamental demand deterioration. Wisconsin utilities typically have weather normalization mechanisms in their rate structures that help mitigate the financial impact of such variations, protecting the company's returns despite volume fluctuations.
MGEE stands out among smaller regional utilities for its consistent execution and regulatory stability in Wisconsin, which has historically maintained a constructive regulatory environment for utility investments. The modest but steady earnings growth supports the company's dividend profile, which remains a key component of total shareholder returns in this sector.
Looking ahead, investors should monitor how effectively MGEE can continue deploying capital into renewable projects while maintaining its financial discipline. The company's ability to grow earnings despite weather headwinds demonstrates operational resilience, but the modest 2.5% growth rate will need to accelerate to justify MGEE's current valuation multiples, which trade at a premium to many utility peers. The completion of projects like Paris solar suggests this acceleration may materialize in upcoming quarters as these assets contribute fully to the rate base.
MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the full year of 2024 were
MGE Energy's earnings for the fourth quarter of 2024 were
MGE continues to invest in new, cost-effective renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base contributed to increased electric earnings for 2024. The
During 2024, gas retail therm deliveries decreased approximately
MGE Energy, Inc. (In thousands, except per-share amounts) (Unaudited) |
||||||||
Three Months Ended December 31, |
|
2024 |
|
|
2023 |
|
||
Operating Revenues |
|
$ |
171,415 |
|
|
$ |
164,652 |
|
Operating Income |
|
$ |
27,642 |
|
|
$ |
24,169 |
|
Net Income |
|
$ |
22,022 |
|
|
$ |
20,083 |
|
Earnings Per Share - basic |
|
$ |
0.61 |
|
|
$ |
0.55 |
|
Earnings Per Share - diluted |
|
$ |
0.61 |
|
|
$ |
0.55 |
|
Weighted average shares outstanding - basic |
|
|
36,312 |
|
|
|
36,163 |
|
Weighted average shares outstanding - diluted |
|
|
36,347 |
|
|
|
36,192 |
|
|
|
|
|
|
|
|
||
Year Ended December 31, |
|
2024 |
|
|
2023 |
|
||
Operating Revenues |
|
$ |
676,944 |
|
|
$ |
690,431 |
|
Operating Income |
|
$ |
146,262 |
|
|
$ |
146,385 |
|
Net Income |
|
$ |
120,569 |
|
|
$ |
117,699 |
|
Earnings Per Share - basic |
|
$ |
3.33 |
|
|
$ |
3.25 |
|
Earnings Per Share - diluted |
|
$ |
3.33 |
|
|
$ |
3.25 |
|
Weighted average shares outstanding - basic |
|
|
36,210 |
|
|
|
36,163 |
|
Weighted average shares outstanding - diluted |
|
|
36,239 |
|
|
|
36,186 |
|
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 167,000 customers in
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the "Risk Factors" sections in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250225537220/en/
Steve B. Schultz
Media Relations
608-252-7219 | sbschultz@mge.com
Ken Frassetto
Investor Relations
608-252-4723 | kfrassetto@mge.com
Source: MGE Energy, Inc.
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