OGE Energy Corp. (OGE) has reported a 42.86 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $36 million, or $0.18 a share in the quarter, compared with $25.20 million, or $0.13 a share for the same period last year.
Revenue during the quarter grew 5.29 percent to $456 million from $433.10 million in the previous year period. Gross margin for the quarter contracted 469 basis points over the previous year period to 54.23 percent. Total expenses were 90.39 percent of quarterly revenues, down from 91.25 percent for the same period last year. This has led to an improvement of 85 basis points in operating margin to 9.61 percent.
Operating income for the quarter was $43.80 million, compared with $37.90 million in the previous year period.
"Despite regulatory and weather challenges, the utility is on plan" said OGE Energy Corp. chairman, president and chief executive officer Sean Trauschke. "Each day, we're adjusting, adapting and moving forward. I could not be more proud of the focus and determination of our team to press forward and create value for those we serve."
For financial year 2017, OGE Energy Corp. projects diluted earnings per share to be in the range of $1.93 to $2.09.
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