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OGE Energy 2Q Profit Up 33% On Pipelines Unit, Weather

DOW JONES NEWSWIRES OGE Energy Corp.'s (OGE) second-quarter earnings rose 33% on better performance in its pipeline business as a sweltering start to the summer drove higher revenue at its electric utility. The parent company of Oklahoma Gas and Electric Co. also said it expected full-year earnings will top its February forecast of $3 to $3.20 a share. OGE has posted growing revenue last year as its Enogex pipeline business outpaced sluggish residential demand over the past few quarters. The pipeline unit again posted higher earnings in the latest quarter on rising demand, rebounding from a weak first-quarter performance. "In our midstream business, we're pleased to report margins are up in all areas as we continue to see growth in the natural gas liquids-rich basins of the midcontinent," Chairman and Chief Executive Pete Delaney said. OGE posted a profit of $103 million, or $1.04 a share, up from $77.3 million, or 78 cents a share, a year earlier. Analysts surveyed by Thomson Reuters predicted earnings of 88 cents a share. Revenue increased 10% to $978.1 million. Gross margin edged up to 43.8% from 42.9%. Oklahoma Gas and Electric reported 11% higher revenue on weather-related demand, while the midstream business saw revenue climb 9.4% as margins expanded. Shares closed Wednesday at $49.42 and weren't active premarket. In April, the stock hit its highest level since going public in 2004 and has since fallen 7.6%. -By Joan E. Solsman and Drew FitzGerald, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Oge (OGE)
DateTimeHeadline
04/17/201506:02:13Additional Proxy Soliciting Materials (definitive) (defa14a)
04/15/201515:49:00OGE Energy Corp. 1st Quarter 2015 Earnings Webcast
04/11/201512:08:03High-Return Investments in Natural Gas Potentially Worth the...
03/31/201514:02:40Additional Proxy Soliciting Materials (definitive) (defa14a)
03/31/201514:01:27Proxy Statement (definitive) (def 14a)
03/26/201519:55:16Statement of Changes in Beneficial Ownership (4)
03/26/201517:27:37Statement of Changes in Beneficial Ownership (4)
03/26/201517:27:37Statement of Changes in Beneficial Ownership (4)
03/26/201517:26:38Statement of Changes in Beneficial Ownership (4)
03/26/201517:26:12Statement of Changes in Beneficial Ownership (4)
03/26/201517:26:12Statement of Changes in Beneficial Ownership (4)
03/18/201508:02:023 Value Stocks Near 52-Week Lows Worth Buying
03/06/201518:11:15Statement of Changes in Beneficial Ownership (4)
03/06/201518:10:45Statement of Changes in Beneficial Ownership (4)
02/26/201507:04:49OGE Energy beats by $0.02, beats on revenue
02/26/201507:00:00OGE Energy Corp. reports earnings for 2014 and outlook for 2015
02/25/201515:16:00OGE Energy Corp. announces dividend
02/11/201516:55:22Initial Statement of Beneficial Ownership (3)
02/10/201516:06:16Amended Statement of Ownership (sc 13g/a)
01/27/201514:45:00OGE Energy Corp. 4th Quarter/Full-Year 2014 Earnings Webcast

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