MGE (MGEE) Misses Q2 Earnings and Revenue Estimates

Company Performance - MGE reported quarterly earnings of $0.66 per share, missing the Zacks Consensus Estimate of $0.95 per share, and down from $0.79 per share a year ago, representing an earnings surprise of -30.53% [1] - The company posted revenues of $145.71 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 3.69%, and down from $148 million year-over-year [2] - MGE has not surpassed consensus EPS or revenue estimates over the last four quarters [2] Stock Performance - MGE shares have increased approximately 18% since the beginning of the year, outperforming the S&P 500's gain of 9.9% [3] - The current consensus EPS estimate for the upcoming quarter is $1.17 on revenues of $163.82 million, and for the current fiscal year, it is $3.69 on revenues of $674.38 million [7] Industry Outlook - The Utility - Electric Power industry is currently in the top 37% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact MGE's stock performance [5][6]