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OGE Energy Corp. reported earnings of $0.09 per diluted share in the first quarter of 2024, a decrease from $0.19 per diluted share in the same period in 2023. The company's net income was $18.6 million in Q1 2024. OG&E contributed earnings of $0.12 per diluted share, while other operations resulted in a loss of $0.03 per diluted share. Despite the decrease in net income, the company remains on track to achieve its 2024 targets.
OGE Energy Corp. forecasts earnings of $2.12 per average diluted share for 2024, with OG&E expected to earn $2.22 per average diluted share and the holding company to incur a loss of approximately $0.10 per average diluted share. The company attributes the decrease in net income to higher depreciation and interest expenses on a growing asset base, partially offset by higher operating revenues driven by strong load growth.