EXHIBIT 99.1
News
MGE Energy Reports Fourth-Quarter Earnings
Madison, Wis., Feb. 24, 2017—MGE Energy, Inc. (Nasdaq: MGEE) today reported earnings for the three months ended Dec. 31, 2016, of $14.5 million, or 42 cents per share, compared to $11.2 million, or 32 cents per share, for the same period in the prior year. MGE Energy reported earnings for the twelve months ended Dec. 31, 2016, of $75.6 million, or $2.18 per share, compared to $71.3 million, or $2.06 per share, for the same period in the prior year.
During the three months ended Dec. 31, 2016, earnings increased compared to the same period in the prior year resulting from increased electric consumption due, in part, to an increase in residential customers. In addition, colder weather in the fourth quarter of 2016 versus the same period last year led to increased sales of natural gas.
During the twelve months ended Dec. 31, 2016, earnings increased compared to the same period in the prior year resulting from increased electric consumption due to a warmer summer in 2016 versus 2015 and an increase in electric and gas residential customers. In 2016, MGE was serving approximately 2,500 more electric and gas customers compared to a year ago.
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 149,000 customers in Dane County, Wis., including the City of Madison, and purchases and distributes natural gas to 154,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.
MGE Energy, Inc.
(In thousands, except per share amounts)
(Unaudited)
| | | |
Three Months Ended Dec. 31, | 2016 | | 2015 |
Operating revenue | $138,925 | | $130,973 |
Operating income | $23,958 | | $22,178 |
Net income | $14,502 | | $11,232 |
Earnings per share (basic and diluted) | $0.42 | | $0.32 |
Weighted average shares outstanding (basic and diluted) | 34,668 | | 34,668 |
| | | |
Twelve Months Ended Dec. 31, | 2016 | | 2015 |
Operating revenue | $544,745 | | $564,028 |
Operating income | $128,228 | | $124,255 |
Net income | $75,560 | | $71,343 |
Earnings per share (basic and diluted) | $2.18 | | $2.06 |
Weighted average shares outstanding (basic and diluted) | 34,668 | | 34,668 |
Contact
Steven Schultz
Corporate Communications Manager
608-252-7219 | sbschultz@mge.com
