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OGE Energy Q2 earnings benefit from lower operating expenses

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OGE Energy Q2 earnings benefit from lower operating expenses

OGE Energy Corp. on Aug. 3 reported second-quarter 2017 net income of $104.8 million, or 52 cents per share, compared to $71.5 million, or 35 cents per share, in comparable quarter last year.

The S&P Capital IQ consensus normalized EPS estimate for the second quarter was 47 cents.

The company recorded $586.4 million in second-quarter operating revenues, an increase from $551.4 million a year ago, and reported operating income of $143.5 million, compared with $125.9 million in the 2016 quarter. Gross margin grew slightly to $354.3 million from $353.7 million in the comparable quarter of 2016.

Oklahoma Gas and Electric Co. posted second-quarter net income of $86 million, or 43 cents per share, compared with $72 million, or 36 cents per share, in the comparable quarter of 2016. The increase was attributed to lower operating expenses.

OGE Energy's interest in Enable Midstream Partners LP contributed $18 million toward second-quarter net income, compared with break-even results a year ago. The result reflects higher volumes across all business segments driven by contract execution and significant rig activity.

OGE Energy owns 25.7% limited partner interest and 50% general partner interest in Enable Midstream Partners.

For the full year of 2017, the company expects consolidated EPS to be at the lower end of the guidance range of $1.93 to $2.09. The S&P Capital IQ consensus normalized EPS estimate for the year is $1.96.