Utility OGE Energy Says 3Q Profit Fell 2 Percent

OKLAHOMA CITY (AP) — Regional energy provider OGE Energy Corp. said Friday its profit fell 2 percent in the third quarter as sales dropped.

The parent company of Oklahoma Gas and Electric Co. and Enogex LLC still beat a consensus estimate from analysts.

OGE also affirmed its 2009 profit forecast of $2.30 to $2.60 per share. Analysts polled by Thomson Reuters expect $2.50. And the company offered a 2010 profit project of $2.70 to $2.95 per share. Analysts expect $2.88.

In the third quarter, the regional utility earned $136.8 million, or $1.40 per share, compared to the $139.5 million, or $1.50 per share, it earned a year earlier. Analysts had expected $1.34 per share in the most recent quarter.

Revenue fell 33 percent to $845.3 million from $1.25 billion.

OGE shares fell $1.07, or 3 percent, to $33.79 in afternoon trading.