MGE Energy Reports First-Quarter 2024 Earnings

MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the first quarter of 2024.

MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the first quarter of 2024 were $33.8 million, or $0.93 per share, compared to $31.1 million, or $0.86 per share, for the same period in the prior year.

In the first quarter of 2024, electric net income increased $2.5 million compared to the first quarter of 2023. The first-quarter results were primarily driven by an increase in investments included in rate base.

Despite having one of the warmest February months on record, gas net income in the first quarter of 2024 remained relatively flat compared to the first quarter of 2023.

MGE Energy, Inc. (In thousands, except per-share amounts) (Unaudited)
Three Months Ended March 31,		2024				2023
Operating revenues		$	191,336			$	217,253
Operating income		$	40,745			$	40,034
Net income		$	33,814			$	31,078
Earnings per share - basic		$	0.93			$