OGE Energy (OGE) Q2 2024 earnings summary

Executive summary

• Q2 2024 consolidated earnings were $0.51 per diluted share, up from $0.44 in Q2 2023, with OG&E contributing $0.54 per share and a holding company loss of $0.03 per share, driven by strong operational performance, robust load growth, and warmer than normal weather.

• Net income for Q2 2024 was $102.3 million, up from $88.4 million in Q2 2023, supported by higher operating revenues and customer growth of 1.2%.

• Business and economic development initiatives contributed to expansion, job creation, and investment in communities.

• Investments in technology and reliability have improved customer experience and reduced costs.

Financial highlights

• Q2 2024 operating revenues rose 9.5% year-over-year to $662.6 million, with operating income increasing to $175.9 million from $146.4 million in Q2 2023.

• Q2 net income attributable to OG&E was $109.3 million, up 18.9% year-over-year; Q2 dividends declared per share were $0.4182.

• Load growth reached 6.7% year-over-year in Q2 2024, with all customer classes showing over 2% growth.

• Weather-normalized residential load grew 2.3% and commercial load 3.1% year-to-date compared to 2023.

Outlook and guidance

• 2024 consolidated EPS guidance reaffirmed at $2.06–$2.18 per share, with expectations to finish in the top half of the range due to strong load growth and warmer weather.

• Full-year load growth projection increased to 4%–6% from the previous 3%–5%.

• Five-year plan targets 5%–7% consolidated EPS growth annually, with no external equity needed to maintain credit metrics.