OGE EnergyCorp. on May 5 reported first-quarter 2016 net income attributableto the company of $25.2 million, or 13 cents per share. The company had booked$43.2 million, or 22 cents per share, in first-quarter 2015 net income.
The first-quarter consensus normalized EPS estimate was 13cents, according to S&P Capital IQ.
OGE recorded $433.1 million in first-quarter 2016 revenues,a decrease from $480.1 million in the same quarter of 2015, and operating incomeof $37.9 million, compared with $56.4 million in the 2015 quarter.
Gross margin, a non-GAAP measure, dropped to $255.2 millionfrom $268.5 million in the 2015 quarter. Oklahoma Gas and Electric Co. posted first-quarter netincome of $6 million, or 3 cents per share, compared with $17 million, or 9cents per share, in the comparable quarter of 2015. The decrease was primarilydue a decline in gross margin and mild weather.
OGE Energy's interest in Enable Midstream Partners contributed $18 million, or 9cents per share, in the most recent quarter, compared with $23 million, or 11cents per share, in the same quarter of 2015. The decrease reflects lower commodityprices in addition to higher depreciation and interest expense partially offsetby lower operations and maintenance expense, the company said.
For the full year of 2016, OGE Energy said it to expect consolidatedEPS to be in the range of $1.72 to $1.83.
OGE Energy owns 26.3% limited partner interest and 50%general partner interest in Enable Midstream Partners.