OGE Energy reported earnings of $1.37 per diluted share for the three months ended September 30, 2007, compared with earnings of $1.31 per diluted share for the same quarter in 2006.
The company reported consolidated operating revenues of $1 billion in the third quarter of 2007, compared with $1.1 billion a year earlier.
Higher earnings in the 2007 quarter were primarily due to increased gross margins at Enogex (a subsidiary), which reported improved operating income in each of its business segments in the third quarter compared to a year ago, and a lower effective tax rate for OG&E (a subsidiary).
OG&E, a regulated electric utility, posted earnings of $1.18 per share in the third quarter, compared with $1.16 per share last year. Enogex, a natural gas pipeline business, recorded earnings of $0.22 per share, compared with $0.13 per share in the year-ago quarter. The holding company posted a loss of $0.03 per share, compared to earnings of $0.02 per diluted share a year ago.
Peter Delaney, chairman and CEO of OGE Energy, said: It was another quarter of solid business performance, especially in light of the mild summer weather we experienced.