OGE Energy's Profit Up

Shares rise some 3%.
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OGE Energy's

(OGE) - Get Report

first-quarter earnings rose more than four-fold from a year ago.

The company earned $24.9 million, or 27 cents a share, in the quarter, compared with $5.3 million, or 6 cents a share, a year ago. The company earned $24.1 million, or 26 cents a share, from continuing operations in the quarter, compared with $1.7 million, or 2 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 11 cents a share in the most recent quarter.

Revenue fell 12.6% from a year ago to $1.11 billion.

The company increased its earnings guidance for the full year to $2.05 a share to $2.25 a share from $1.75 to $1.85 a share previously. Analysts are forecasting earnings of $1.87 a share.

"Operating discipline in our pipeline business is enabling us to capture significant value from the current price environment for natural gas and processed liquids," the company said. "At OG&E, higher revenues from new rates were partially offset by mild winter weather in the first quarter."

Gross profit of Enogex, an unregulated natural gas pipeline business, increased 63.5% to $85 million and of OG&E, a regulated electric utility increased 7.9% to $136 million.

The company's shares were trading at $30.64, up 80 cents, or 2.7% Wednesday.

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