OGE Energy Corp. (OGE) on Wednesday reaffirmed its earnings outlook for fiscal years 2009 and 2010, in line with analysts' estimates.
Ahead of a meeting with investors, the Oklahoma-based company reaffirmed its fiscal 2009 earnings guidance in a range of $2.30-$2.60 per share. The company currently projects earnings for the year to be towards the middle of the range. On average, six analysts polled by Thomson Reuters expect the company to report earnings of $2.49 per share for the year. Analysts' estimates typically exclude special items.
The company, the parent company of Oklahoma Gas and Electric Co., or OG&E, and Enogex LLC, also reaffirmed its earnings outlook for fiscal year 2010 in a range of $265 million-$290 million, or $2.70-$2.95 per share. Analysts expect the company to report earnings of $2.87 per share for the year. Last week, OGE Energy said its board of directors approved an increase in the company's annual dividend to $1.45 per share from $1.42 per share. The company said the increase is effective with the first-quarter dividend of $0.3625 per common share of stock, to be paid January 29, 2010, to shareholders of record January 8, 2010.
In late October, OGE Energy reported a marginal decline in profit for the third quarter from the prior year, attributable mainly to lower revenues, partially offset by improved margins in the electric utility business due to rate increases.
Net income attributable to OGE Energy for the third quarter declined to $136.8 million or $1.40 per share from $139.5 million or $1.50 per share in the previous-year quarter. Total operating revenues for the quarter dropped to $845.3 million from $1.25 billion in the same period last year. In Wednesday's regular trading session, OGE is currently trading at $35.62, down $0.43 or 1.19% on a volume of 42 thousand shares.
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