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MGE Energy's Q2'19 net income declines

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MGE Energy's Q2'19 net income declines

MGE Energy Inc. on Aug. 7 recorded 2019 second-quarter net income of $15.5 million, or 45 cents per share, down from $18.4 million, or 53 cents per share, in the same period a year ago.

The company attributed the decrease in electric net income to lower residential customer usage resulting from cooler weather in June compared to the prior-year period. Gas net income also decreased primarily due to lower gas retail sales attributable to warmer weather in April 2019 compared to the same period in 2018.

Operating income for the second quarter decreased to $19.8 million, from $24.2 million, a year ago. Operating revenue also dropped to $122.1 million, from $124.3 million, a year ago.