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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
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FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
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November 2, 2023 Date of report (date of earliest event reported) |
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Commission File No. |
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Name of Registrant, State of Incorporation, Address of Principal Executive Offices, and Telephone No. |
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IRS Employer Identification No. |
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000-49965 |
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MGE Energy, Inc. (a Wisconsin Corporation) 133 South Blair Street Madison, Wisconsin 53788 (608) 252-7000 | mgeenergy.com |
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39-2040501 |
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000-1125 |
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Madison Gas and Electric Company (a Wisconsin Corporation) 133 South Blair Street Madison, Wisconsin 53788 (608) 252-7000 | mge.com
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39-0444025 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
MGE Energy, Inc. ☐ Madison Gas and Electric Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
MGE Energy, Inc. ☐ Madison Gas and Electric Company ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading symbol(s) |
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Name of each exchange on which registered |
Common Stock, $1 Par Value Per Share |
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MGEE |
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The NASDAQ Stock Market |
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Item 2.02. Results of Operations and Financial Condition.
On November 2, 2023, MGE Energy, Inc. (the Company) issued a press release announcing its third quarter 2023 earnings. The Company is furnishing a copy of that press release as Exhibit 99.1 to this report.
This combined Form 8-K is being furnished separately by the Company and Madison Gas and Electric Company. Information contained herein relating to any individual registrant has been furnished by such registrant on its own behalf. Neither registrant makes any representation as to information relating to the other registrant.
Item 9.01. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired: None
(b) Pro forma financial information: None
(c) Shell company transactions: None
(d) Exhibits.
Exhibit No. |
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Description |
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Press release of MGE Energy, Inc., issued on November 2, 2023. |
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104 |
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Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
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MGE Energy, Inc. Madison Gas and Electric Company |
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(Registrants) |
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Date: November 2, 2023 |
/s/ Tamara J. Johnson |
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Tamara J. Johnson Vice President - Chief Accounting Officer and Controller |
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EXHIBIT 99.1
News
MGE Energy Reports Third-Quarter 2023 Earnings
Madison, Wis., Nov. 02, 2023—MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the third quarter of 2023.
MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the third quarter of 2023 were $37.9 million, or $1.05 per share, compared to $33.7 million, or $0.93 per share, for the same period in the prior year.
Our third-quarter results were primarily driven by an increase in investments included in rate base. Also, warmer-than-normal weather led to an increase in electric residential sales of approximately 5% compared to the third quarter of 2022.
MGE continues to invest in new, cost-effective renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base contributed to increased electric earnings for the third quarter of 2023. The timing of depreciation expense also contributed to higher electric earnings in the third quarter of 2023. Depreciation costs are expected to increase after significant capital projects are completed, including the second phase of Badger Hollow and Paris solar projects.
In the third quarter of 2023, earnings from our investment in ATC increased $0.9 million, driven by an estimated possible loss recorded in 2022 from filed complaints regarding MISO transmission owners' authorized return on equity.
Gas net income in the third quarter of 2023 remained relatively flat compared to the third quarter of 2022.
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MGE Energy, Inc.
(In thousands, except per-share amounts)
(Unaudited)
Three Months Ended September 30, |
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2023 |
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2022 |
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Operating revenues |
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$ |
160,528 |
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$ |
163,400 |
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Operating income |
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$ |
43,792 |
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$ |
42,487 |
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Net income |
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$ |
37,857 |
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$ |
33,720 |
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Earnings per share - basic |
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$ |
1.05 |
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$ |
0.93 |
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Earnings per share - diluted |
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$ |
1.05 |
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$ |
0.93 |
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Weighted average shares outstanding - basic |
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36,163 |
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36,163 |
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Weighted average shares outstanding - diluted |
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36,189 |
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36,176 |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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Operating revenues |
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$ |
525,779 |
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$ |
524,686 |
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Operating income |
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$ |
122,216 |
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$ |
109,808 |
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Net income |
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$ |
97,616 |
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$ |
89,901 |
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Earnings per share - basic |
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$ |
2.70 |
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$ |
2.49 |
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Earnings per share - diluted |
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$ |
2.70 |
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$ |
2.49 |
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Weighted average shares outstanding - basic |
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36,163 |
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36,163 |
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Weighted average shares outstanding - diluted |
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36,185 |
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36,174 |
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About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 161,000 customers in Dane County, Wis., and purchases and distributes natural gas to 173,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the “Risk Factors” sections in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission.
Contact: |
Steve B. Schultz Media Relations 608-252-7219 | sbschultz@mge.com
Ken Frassetto Investor Relations 608-252-4723 | kfrassetto@mge.com |
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