Anyone with shares in OGE Energy Corp. received third quarter earnings of $1.02 a share according to the earnings report announced by the company on Thursday. Net earnings totaled $205 million, up from the $183 million reported a year earlier.
The earnings were up from the 92-cents a share reported for the third quarter of 2017. OGE Energy Corp. is a holder of 25.6 percent limited partner interest and 50 percent general partner interest in Enable Midstream Partners, LP.
As for OGE, the regulated electricity utility had earnings of 92 cents a share for the third quarter, an eleven cent increase from a year earlier. The net income for the utility was $184 million in the quarter compared to $162 million a year ago.
OGE leaders credited new rates implemented in July along with more favorable weather compared to last year at this time. There were also higher demand fees for non-residential customers and new customer growth.
OGE Energy Holdings, which is primarily Natural Gas Midstream Operations had earnings of 14 cents a share compared to a dime-a-share in the third quarter of 2017. The midstream operations had $29 million in third quarter net income, up from the $21 million a year earlier.
“We are very pleased with our year-to-date performance,” said Sean Trauschke, OGE Energy Chairman, President and CEO. “We’re leading the industry in safety this year, our operational and customer metrics remain strong, and we delivered another 10 percent increase in the dividend. By all measures, we’re continuing to move our company forward to the benefit of our customers, employees, shareholders and communities.”
As a result of the increased earnings, OGE’s earnings guidance has increased from the $1.43 to $1.53 projection originally made for 2018. The company now anticipates the guidance to be up to $1.59 to $1.61 per share.
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