MGE Energy Reports $120.6M Earnings for 2024

By Bobby Samwell • Tuesday, February 25 15:21 • Permanent Link

MGE Energy, Inc. (NASDAQ: MGEE) has reported its financial results for the fourth quarter and full year of 2024. The company's GAAP earnings for the full year of 2024 were $120.6 million, or $3.33 per share, compared to $117.7 million, or $3.25 per share, for the same period in the prior year.

For the fourth quarter of 2024, MGE Energy's earnings were $22.0 million, or 61 cents per share, compared to $20.1 million, or 55 cents per share, for the same period in the previous year.

MGE Energy highlighted its continued investment in new, cost-effective renewable generation, which has contributed to the company's asset growth. An increase in electric investments included in the rate base also led to increased electric earnings for 2024. Additionally, the Paris solar project was completed in December 2024.

Gas retail therm deliveries decreased approximately 4% in 2024 compared to the prior year, primarily due to warmer-than-normal weather. Gas use by commercial and industrial customers was approximately 4% lower during 2024, and residential gas consumption decreased by approximately 4%.

Looking at the specific figures, the operating revenues for the three months ended December 31, 2024, were $171,415, compared to $164,652 for the same period in 2023. The net income for the fourth quarter of 2024 was $22,022, up from $20,083 in the fourth quarter of 2023.

For the full year ended December 31, 2024, operating revenues were $676,944, down from $690,431 in 2023. The net income for the full year of 2024 was $120,569, compared to $117,699 in the prior year.

MGE Energy, a public utility holding company, operates through its principal subsidiary, Madison Gas and Electric, which generates and distributes electricity to 167,000 customers in Dane County, Wisconsin, and purchases and distributes natural gas to 178,000 customers in seven south-central and western Wisconsin counties. The company's roots in the Madison area date back more than 150 years. Following these announcements, the company's shares moved 1.5%, and are now trading at a price of $94.43. Check out the company's full 8-K submission here.

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