OGE Energy Q2 Profit Rises, But Misses View; Backs Forecast - Quick Facts

(RTTNews) - OGE Energy Corp. (OGE), the parent company of Oklahoma Gas and Electric Co. or OG&E, reported Thursday that its second-quarter net income attributable to the company increased to $100.8 million from last year's $91.7 million.

Earnings per share was $0.50, compared to $0.46 a year ago.

On average, six analysts polled by Thomson Reuters expected earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.

OG&E, a regulated electric utility, contributed earnings of $0.38 per share, compared to $0.40 per share in the second quarter last year.

Total operating revenues declined to $611.8 million from last year's $734.2 million. The prior year results included revenues from natural gas midstream operations of $160.3 million.

Revenues from electric utility increased to $611.8 million from last year's $573.9 million.

Looking ahead, the company said its 2014 consolidated earnings guidance is unchanged at between $388 million to $411 million of net income, or $1.94 to $2.06 per average share. Analysts expect earnings of $2.01 per share for the year.

This guidance assumes normal weather for the remainder of the year and the dilution associated with the initial public offering of Enable Midstream Partners.