Energy supplying and trading company OGE Energy Corp. (OGE), Tuesday, said it expects fiscal 2009 earnings to exceed its prior guidance of between $2.30 and $2.60 per share. The company attributed this to higher than previously anticipated results for Enogex processing business, colder than normal weather in Oklahoma Gas and Electric Company service area in December, and lower than previously expected operation and maintenance costs at both businesses.
On average, six analysts polled by Thomson Reuters expect OGE Energy to earn $2.49 per share for the year. Analysts' estimates typically exclude special items.
The Oklahoma City, Oklahoma-based company continues to forecast an annual long-term earnings growth rate of 5% to 7% from 2009 through 2012. OGE Energy intends to announce its full year fiscal 2009 results on February 18, 2010.
For the third quarter of 2009, the company's attributable profit dropped to $136.8 million or $1.40 per share from $139.5 million or $1.50 per share in the corresponding period last year, reflecting lower revenues, which was partially offset by improved margins in electric utility business due to rate increases. Total operating revenues for the quarter were $845.3 million as compared with $1.25 billion in the year-ago period.
OGE Energy is the parent company of Oklahoma Gas and Electric Company, which serves nearly 776 thousand customers in a service territory spanning 30 thousand square miles in Oklahoma and western Arkansas, and of Enogex LLC, a natural gas pipeline business with principal operations in Oklahoma.
In Friday's regular trading session, OGE closed trading at $36.38 per share on the New York Stock Exchange. In the past 52-week period, the shares have been trading in a range of $19.70 to $37.79.
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