MGE Energy Inc. on Feb. 23 reported fourth-quarter 2017 net income of $36.1 million, or $1.04 per share, an increase from $14.5 million, or 42 cents per share, in the comparable period in 2016.
Results for the quarter included a 62-cent-per-share, one-time, noncash tax benefit from nonregulated operations as a result of federal tax reform, as well as a 3-cent-per-share expense from a voluntary contribution to the Madison Gas & Electric Foundation.
On an adjusted basis, MGE Energy's non-GAAP earnings were 45 cents per share, up from 42 cents per share in the same quarter in 2016. The company attributed the increase to customer growth and colder weather during the quarter.
Operating revenue for the quarter was $140.3 million, up from $138.9 million in the last quarter of 2016, while operating income totaled $26.3 million, compared to $24.0 million in fourth-quarter 2016.
For full-year 2017, net income totaled $97.6 million, or $2.82 per share, compared to $75.6 million, or $2.18 per share, in 2016. Adjusted earnings totaled $2.23 per share in 2017, compared to $2.18 per share a year ago.
Operating revenue in 2017 totaled $563.1 million, up from $544.7 million in 2016, while operating income was $128.7 million, compared to $128.2 million in 2016.