Evergy Announces 2020 Results at Top End of Guidance Range, Declares Quarterly Dividend, and Issues 2021 Outlook
Evergy, Inc. (NYSE: EVRG) today announced full year GAAP 2020 earnings of
For the year, GAAP earnings decreased primarily due to lower retail sales driven by unfavorable weather and a decrease in weather-normalized demand primarily due to pandemic impacts. Also contributing to lower earnings was higher depreciation expense from infrastructure investments, severance and advisor expenses, and higher interest expense; partially offset by lower operating and maintenance expenses.
Evergy’s 2020 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were
For the year, adjusted (non-GAAP) earnings per share were driven higher primarily by lower operations and maintenance expense due to continued cost management and fewer shares outstanding. These benefits were partially offset by unfavorable weather, lower demand due to the impacts of the pandemic, higher depreciation expense, and higher interest expense.
“I’m very excited to be part of the Evergy team and to welcome Kirk Andrews, our new Chief Financial Officer,” said David Campbell, Evergy president and chief executive officer. “Our executive team and employees remained laser-focused to deliver strong financial results in 2020, despite the unprecedented challenges. We also had solid operating performance in safety and reliability, and we continued to find efficiencies throughout our business. We have a tremendous opportunity in front of us with the Sustainability Transformation Plan, which we expect to continue driving long-term value for both customers and shareholders.”
2021 EPS Guidance
Evergy issued 2021 GAAP EPS guidance of
Updates to Five-Year Capital Plan
Evergy has updated its five-year capital plan to include
Dividend Declaration
The Board of Directors declared a dividend on the company’s common stock of
Earnings Conference Call
Evergy management will host a conference call Friday, February 26, with the investment community at 8:00 a.m. ET (7:00 a.m. CT). Investors, media and the public may listen to the conference call by dialing (888) 353-7071, conference ID 5353707. A webcast of the live conference call will be available at investors.evergy.com.
Members of the media are invited to listen to the conference call and then contact Gina Penzig with any follow-up questions.
This earnings announcement, a package of detailed fourth-quarter financial information, the Company's quarterly report on Form 10-K for the period ended December 31, 2020 and other filings the Company has made with the Securities and Exchange Commission (SEC) are available on the Company's website at investors.evergy.com.
Adjusted Earnings (non-GAAP) and Adjusted Earnings Per Share (non-GAAP)
Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) exclude costs resulting from rebranding, voluntary severance, advisor expenses and the revaluation of deferred tax assets and liabilities from the Kansas state income tax rate change. This information is intended to enhance an investor's overall understanding of results. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board of Directors. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies' presentations or more useful than the GAAP information provided elsewhere in this report.
The following tables provide a reconciliation between net income attributable to Evergy, Inc. and diluted earnings per common share as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP).
Evergy, Inc |
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Consolidated Earnings and Diluted Earnings Per Share |
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(Unaudited) |
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Earnings
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Earnings
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Earnings
|
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Earnings
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Three Months Ended December 31 |
2020 |
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2019 |
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(millions, except per share amounts) |
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Net income attributable to Evergy, Inc. |
$ |
51.0 |
|
$ |
0.22 |
|
$ |
63.9 |
|
$ |
0.28 |
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Non-GAAP reconciling items: |
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|
|
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Rebranding costs, pre-tax(a) |
|
— |
|
|
— |
|
|
7.4 |
|
|
0.03 |
|
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Voluntary severance costs, pre-tax(b) |
|
11.0 |
|
|
0.05 |
|
|
4.7 |
|
|
0.02 |
|
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Advisor expenses, pre-tax(c) |
|
6.2 |
|
|
0.03 |
|
|
— |
|
|
— |
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Income tax benefit(d) |
|
(4.4 |
) |
|
(0.02 |
) |
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(3.2 |
) |
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(0.01 |
) |
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Adjusted earnings (non-GAAP) |
$ |
63.8 |
|
$ |
0.28 |
|
$ |
72.8 |
|
$ |
0.32 |
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Earnings
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Earnings
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Earnings
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Earnings
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Year Ended December 31 | 2020 |
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2019 |
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(millions, except per share amounts) |
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Net income attributable to Evergy, Inc. |
$ |
618.3 |
|
$ |
2.72 |
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Evergy Inc
NASDAQ:EVRGEVRG RankingsEVRG Latest NewsApr 15, 2025
Evergy to Conduct 2025 Shareholders Meeting Online
EVRG Stock Data
15.73B
229.62M
0.22%
89.78%
4.08%
Utilities - Regulated Electric
Electric & Other Services Combined
United States
KANSAS CITY
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