OGE Energy swings to 4Q profit
OKLAHOMA CITY (AP) _ OGE Energy Corp., operator of Oklahoma Gas & Electric Co., said Friday that it swung to a fourth-quarter profit as a higher gross margin and fewer charges lifted its bottom line.
The company earned $9.7 million, or 10 cents per share, after posting a loss of $1.6 million, or 2 cents, a year earlier. OGE said its year-ago results were hurt by a $9.2 million write-down on assets held by its Enogex unit.
Revenue for the period totaled $1.4 billion, up 72 percent from $816.2 million a year earlier. Enogex, which operates a natural-gas pipeline, nearly doubled revenue to $1.08 billion, while utility revenue rose 14 percent to $326.4 million.
The company said fourth-quarter gross margin on revenue was $220 million, up from $182 million a year earlier.
Full-year earnings rose to $153.5 million, or $1.73 per share, from $129.8 million, or $1.58 per share, in 2003. Revenue amounted to $4.93 billion, an increase of 30 percent.
OGE forecast 2005 earnings of $1.50 to $1.60 per share. Analysts currently see a profit of $1.68 per share.