SIGECO Reports Decrease in Revenues and Net Income

By Bobby Samwell • Friday, March 08 15:21 • Permanent Link

Southern Indiana Gas & Electric Company (SIGECO) has reported its consolidated financial statements for the years ended December 31, 2023 and 2022. The company's total assets have increased from $3.42 billion in 2022 to $3.84 billion in 2023.

In terms of revenues, SIGECO's electric utility revenues decreased from $696 million in 2022 to $595 million in 2023, while gas utility revenues also saw a decline from $146 million to $128 million during the same period. This resulted in total revenues decreasing from $842 million to $740 million.

The company's operating expenses amounted to $689 million in 2022 and decreased to $615 million in 2023. As a result, SIGECO's operating income dropped from $153 million in 2022 to $125 million in 2023.

On the balance sheet, SIGECO's total shareholder's equity decreased from $1.338 billion in 2022 to $1.325 billion in 2023. Additionally, the company's net income fell from $109 million in 2022 to $80 million in 2023.

In terms of cash flows, SIGECO reported a net increase in cash, cash equivalents, and restricted cash from $3 million in 2022 to $12 million in 2023. The company's cash, cash equivalents, and restricted cash at the end of the year amounted to $17 million in 2023, compared to $5 million in 2022.

The financial statements also reflect changes in SIGECO's financing activities, showing a net cash provided by financing activities of $168 million in 2022 and an increase to $277 million in 2023.

Today the company's shares have moved 0.3% to a price of $28.4. For more information, read the company's full 8-K submission here.

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