Hot Temperatures Boost MGE Energy 2Q Earnings

MGE Energy, Inc. (NASDAQ:MGEE) reported improved second-quarter earnings from a year ago, fueled primarily by hotter-than-normal temperatures that upped air conditioner usage.

The energy producer posted earnings of $11.6 million, or 50 cents a share, compared with $9.9 million, or 43 cents a share, in the same quarter last year, and falling short of average analyst estimates of 51 cents a share, according to a Thomson Reuters poll.

Revenues for the Madison, Wisconsin-based company were $109 million, compared with $107.5 million in the earlier-year period, and marginally missing the Street’s view of $111.4 million.

A 3.8% hike in electric retail sales volumes helped push revenue higher.