Evergy Announces Third Quarter 2024 Results, Increases Quarterly Dividend, Reaffirms 2024 Guidance, Establishes 2025 Guidance
Evergy (NASDAQ: EVRG) reported strong Q3 2024 results with GAAP earnings of $465.6 million ($2.02 per share), up from $351.6 million ($1.53 per share) in Q3 2023. The company increased its quarterly dividend by 4% to $0.6675 per share and announced a $16.2 billion capital investment plan for 2025-2029. Evergy reaffirmed its 2024 EPS guidance of $3.73-$3.93 and established 2025 guidance of $3.92-$4.12. The improved performance was driven by new retail rates, FERC regulated investments, and growth in weather-normalized demand, partially offset by cooler summer weather and higher depreciation expenses.
Evergy (NASDAQ: EVRG) ha riportato risultati solidi per il terzo trimestre del 2024 con utili GAAP di 465,6 milioni di dollari (2,02 dollari per azione), in aumento rispetto ai 351,6 milioni di dollari (1,53 dollari per azione) del terzo trimestre del 2023. L'azienda ha aumentato il suo dividendo trimestrale del 4% a 0,6675 dollari per azione e ha annunciato un piano di investimenti in capitale di 16,2 miliardi di dollari per il periodo 2025-2029. Evergy ha confermato la propria guida sull'EPS per il 2024 compresa tra 3,73 e 3,93 dollari e ha stabilito una guida per il 2025 di 3,92-4,12 dollari. Le performance migliorate sono state influenzate da nuove tariffe al dettaglio, investimenti regolati dalla FERC e crescita della domanda normalizzata rispetto alle condizioni meteorologiche, parzialmente compensate da un'estate più fresca e da spese di ammortamento più elevate.
Evergy (NASDAQ: EVRG) reportó resultados sólidos para el tercer trimestre de 2024 con ganancias GAAP de 465,6 millones de dólares (2,02 dólares por acción), un aumento respecto a los 351,6 millones de dólares (1,53 dólares por acción) en el tercer trimestre de 2023. La compañía incrementó su dividendo trimestral en un 4% a 0,6675 dólares por acción y anunció un plan de inversión de capital de 16,2 mil millones de dólares para el período 2025-2029. Evergy reafirmó su guía de EPS para 2024 entre 3,73 y 3,93 dólares y estableció una guía para 2025 de 3,92-4,12 dólares. El mejor desempeño fue impulsado por nuevas tarifas minoristas, inversiones reguladas por la FERC y crecimiento en la demanda normalizada por el clima, parcialmente compensado por un verano más fresco y mayores gastos de depreciación.
Evergy (NASDAQ: EVRG)는 2024년 3분기 GAAP 수익이 4억 6,560만 달러(주당 2.02달러)로 2023년 3분기 3억 5,160만 달러(주당 1.53달러)에서 증가했다고 보고했습니다. 이 회사는 분기 배당금을 4% 증가시켜 주당 0.6675달러로 설정하고 2025-2029년을 위한 162억 달러의 자본 투자 계획을 발표했습니다. Evergy는 2024년 EPS 지침을 재확인했습니다 (3.73-3.93달러 범위) 및 2025년 지침을 3.92-4.12달러로 설정했습니다. 향상된 성과는 새로운 소매 요금, FERC 규제 투자 및 정상 기상 수요 성장에 의해 촉진되었으며, 부분적으로는 더 시원한 여름 날씨와 증가한 감가상각 비용에 의해 상쇄되었습니다.
Evergy (NASDAQ: EVRG) a annoncé des résultats solides pour le troisième trimestre 2024 avec des bénéfices GAAP de 465,6 millions de dollars (2,02 dollars par action), en hausse par rapport à 351,6 millions de dollars (1,53 dollars par action) au troisième trimestre 2023. L'entreprise a augmenté son dividende trimestriel de 4% à 0,6675 dollars par action et a annoncé un plan d'investissement en capital de 16,2 milliards de dollars pour la période 2025-2029. Evergy a réaffirmé ses prévisions de BPA pour 2024 se situant entre 3,73 et 3,93 dollars et a établi des prévisions pour 2025 de 3,92 à 4,12 dollars. La performance améliorée a été stimulée par de nouveaux tarifs de détail, des investissements réglementés par la FERC et une croissance de la demande normalisée par rapport aux conditions météorologiques, partiellement compensée par un été plus frais et des dépenses d'amortissement plus élevées.
Evergy (NASDAQ: EVRG) berichtete starke Ergebnisse für das 3. Quartal 2024 mit GAAP-Gewinnen von 465,6 Millionen Dollar (2,02 Dollar pro Aktie), ein Anstieg im Vergleich zu 351,6 Millionen Dollar (1,53 Dollar pro Aktie) im 3. Quartal 2023. Das Unternehmen erhöhte seine vierteljährliche Dividende um 4% auf 0,6675 Dollar pro Aktie und gab einen Investitionsplan von 16,2 Milliarden Dollar für 2025-2029 bekannt. Evergy bestätigte seine EPS-Prognose für 2024 von 3,73 bis 3,93 Dollar und legte eine Prognose für 2025 von 3,92 bis 4,12 Dollar fest. Die verbesserte Leistung wurde durch neue Einzelhandelspreise, von der FERC regulierte Investitionen und ein Wachstum der wetterbereinigten Nachfrage begünstigt, teilweise ausgeglichen durch kühleres Sommerwetter und höhere Abschreibungskosten.
- Q3 2024 EPS increased 32% to $2.02 from $1.53 in Q3 2023
- Quarterly dividend increased by 4% to $0.6675 per share
- Announced $16.2 billion capital investment plan for 2025-2029
- Expects long-term adjusted EPS growth in upper half of 4-6% range starting 2026
- Higher depreciation and amortization expenses impacted earnings
- Cooler summer weather affected financial performance
Insights
The Q3 results showcase strong financial performance with
The company's guidance reaffirmation for 2024 (
The announcement of two 705-megawatt combined-cycle natural gas plants represents a strategic pivot in Evergy's generation portfolio. This infrastructure expansion aligns with regional growth demands and enhances system reliability. The
The unanimous settlement agreement in the Missouri West rate case indicates positive regulatory relationships, important for utility operations. This balanced approach between infrastructure investment and customer rates positions Evergy favorably for future regulatory proceedings and growth opportunities in Kansas and Missouri markets.
-
Third Quarter 2024 GAAP EPS of
$2.02 $1.53 -
Third Quarter 2024 Adjusted EPS (Non-GAAP) of
$2.02 $1.88 -
Increases quarterly dividend
4% to$0.66 75 -
Introduces 2025E-2029E capital investment plan of
$16.2 billion -
Reaffirms 2024 GAAP and Adjusted (Non-GAAP) EPS guidance of
$3.73 $3.93 -
Establishes 2025 GAAP and Adjusted (Non-GAAP) EPS guidance of
$3.92 $4.12
Evergy’s third quarter 2024 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were
Third quarter 2024 adjusted earnings (non-GAAP) per share were higher than last year due primarily to new retail rates, FERC regulated investments and growth in weather-normalized demand, partially offset by cooler summer weather and higher depreciation and amortization expense.
"We were pleased to announce a unanimous settlement agreement in our Missouri West rate case which, if approved by the Missouri Public Service Commission (MPSC), delivers a constructive outcome for our Missouri West customers," said David Campbell, Evergy chairman and chief executive officer. "We also recently announced the sites of two 705 megawatt combined-cycle natural gas plants that will help us meet the growing energy needs in our region, while creating jobs and tax dollars and ensuring we can attract and serve new businesses to our area given the historic opportunities ahead of us in
"We're also excited to announce our 2025E-2029E capital investment plan of
"We are reaffirming our 2024 adjusted earnings per share (EPS) guidance range of
Earnings Guidance
The Company reaffirmed its 2024 GAAP EPS guidance range of
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 Thursday, November 7, with the investment community at 9:00 a.m. ET (8:00 a.m. CT). To view the webcast and presentation slides, please go to investors.evergy.com. To access via phone, investors and analysts will need to register using this link where they will be provided a phone number and access code.
This earnings announcement, a package of detailed third quarter financial information, the Company's quarterly report on Form 10-Q for the period ended September 30, 2024, and other filings the Company has made with the Securities and Exchange Commission are available on the Company's website at http://investors.evergy.com.
Adjusted Earnings (non-GAAP) and Adjusted Earnings Per Share (non-GAAP)
Management believes that adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are representative measures of Evergy's recurring earnings, assist in the comparability of results and are consistent with how management reviews performance.
Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended and year to date September 30, 2024 were
In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy's management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without:
-
the mark-to-market impacts of economic hedges related to Evergy Kansas Central's
8% ownership share of JEC; - the costs resulting from non-regulated energy marketing margins from the February 2021 winter weather event;
- the second quarter 2023 recognition of a regulatory liability for the refund to customers of revenues previously collected since October 2019 for costs related to an electric subdivision rebate program to be refunded to customers in accordance with a June 2020 KCC order; and
- the recognition of a regulatory liability for future refund of amounts of revenues previously collected from customers related to COLI rate credits in accordance with a September 2023 KCC rate case unanimous settlement agreement.
Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are intended to aid an investor's overall understanding of results. Management believes that adjusted earnings (non-GAAP) provides a meaningful basis for evaluating Evergy's operations across periods because it excludes certain items that management does not believe are indicative of Evergy's ongoing performance or that can create period to period earnings volatility.
Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board. Adjusted earnings (non-GAAP) and adjusted EPS (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.
Evergy, Inc |
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Consolidated Earnings and Diluted Earnings Per Share |
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(Unaudited) |
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Earnings (Loss) |
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Earnings (Loss) per Diluted Share |
|
Earnings (Loss) |
|
Earnings (Loss) per Diluted Share |
||||||
Three Months Ended September 30 |
2024 |
|
2023 |
||||||||||
|
(millions, except per share amounts) |
||||||||||||
Net income attributable to Evergy, Inc. |
$ |
465.6 |
|
$ |
2.02 |
|
$ |
351.6 |
|
|
$ |
1.53 |
|
Non-GAAP reconciling items: |
|
|
|
|
|
|
|
||||||
Mark-to-market impact of JEC economic hedges, pre-tax(a) |
|
— |
|
|
— |
|
|
6.8 |
|
|
|
0.03 |
|
Customer refund related to COLI rate credits, pre-tax(d) |
|
— |
|
|
— |
|
|
96.5 |
|
|
|
0.42 |
|
Income tax benefit(e) |
|
— |
|
|
— |
|
|
(22.6 |
) |
|
|
(0.10 |
) |
Adjusted earnings (non-GAAP) |
$ |
465.6 |
|
$ |
2.02 |
|
$ |
432.3 |
|
|
$ |
1.88 |
|
|
Earnings (Loss) |
|
Earnings (Loss) per Diluted Share |
|
Earnings (Loss) |
|
Earnings (Loss) per Diluted Share |
|||||||
Year to Date September 30 |
2024 |
|
2023 |
|||||||||||
|
(millions, except per share amounts) |
|||||||||||||
Net income attributable to Evergy, Inc. |
$ |
795.3 |
|
|
$ |
3.45 |
|
$ |
673.3 |
|
|
$ |
2.92 |
|
Non-GAAP reconciling items: |
|
|
|
|
|
|
|
|||||||
Mark-to-market impact of JEC economic hedges, pre-tax(a) |
|
2.6 |
|
|
|
0.01 |
|
|
4.8 |
|
|
|
0.02 |
|
Non-regulated energy marketing costs related to February 2021 winter weather event, pre-tax(b) |
|
— |
|
|
|
— |
|
|
0.2 |
|
|
|
— |
|
Electric subdivision rebate program costs refund, pre-tax(c) |
|
— |
|
|
|
— |
|
|
2.6 |
|
|
|
0.01 |
|
Customer refunds related to COLI rate credits, pre-tax(d) |
|
— |
|
|
|
— |
|
|
96.5 |
|
|
|
0.42 |
|
Income tax benefit (e) |
|
(0.6 |
) |
|
|
— |
|
|
(22.9 |
) |
|
|
(0.10 |
) |
Adjusted earnings (non-GAAP) |
$ |
797.3 |
|
|
$ |
3.46 |
|
$ |
754.5 |
|
|
$ |
3.27 |
|
(a) |
Reflects mark-to-market gains or losses related to forward contracts for natural gas and electricity entered into as economic hedges against fuel price volatility related to Evergy Kansas Central's |
(b) |
Reflects non-regulated energy marketing incentive compensation costs related to the February 2021 winter weather event that are included in operating and maintenance expense on the consolidated statements of comprehensive income. |
(c) |
Reflects the second quarter 2023 recognition of a regulatory liability for the refund to customers of revenues previously collected since October 2019 for costs related to an electric subdivision rebate program to be refunded to customers in accordance with a June 2020 KCC order that are included in operating revenues on the consolidated statements of comprehensive income. |
(d) |
Reflects the recognition of a regulatory liability for the refund to customers for amounts of revenues previously collected related to COLI rate credits in accordance with a September 2023 KCC rate case unanimous settlement agreement reached between Evergy, the KCC staff and other intervenors that are included in operating revenues on the consolidated statements of comprehensive income. |
(e) |
Reflects an income tax effect calculated at a statutory rate of approximately |
GAAP to Non-GAAP Earnings Guidance |
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|
|||
|
Original 2023
Guidance |
2024
Guidance |
2025
Guidance |
Net income attributable to Evergy, Inc. |
|
|
|
Non-GAAP reconciling items: |
|
|
|
- |
- |
- |
- |
Adjusted earnings (non-GAAP) |
|
|
|
About Evergy
Evergy, Inc. (NASDAQ: EVRG) serves 1.7 million customers in
For more information about Evergy, visit us at http://investors.evergy.com.
Forward Looking Statements
Statements made in this document that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings; future energy demand, including demand driven by existing and future customers; future power prices; plans with respect to existing and potential future generation resources; the availability and cost of generation resources and energy storage; target emissions reductions; and other matters relating to expected financial performance or affecting future operations. Forward-looking statements are often accompanied by forward-looking words such as "anticipates," "believes," "expects," "estimates," "forecasts,“ "guidance," "should," "could," "may," "seeks," "intends," "predict," "potential," "opportunities," "proposed,“ "projects," "planned," "target," "outlook," "remain confident," "goal," "will" or other words of similar meaning. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information.
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Evergy Companies are providing a number of risks, uncertainties and other factors that could cause actual results to differ from the forward-looking information. These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; significant changes in the demand for electricity; changes in business strategy or operations, including with respect to the Evergy Companies' strategy to meet demand requirements of existing and future customers; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; the ability to build or acquire generation and transmission facilities to meet the future demand for electricity from customers; the ability to control costs, avoid costs and schedule overruns during the development, construction and operation of generation, transmission, distribution or other projects due to challenges, which include, but are not limited to, changes in labor costs, availability and productivity, challenges with the management of contractors or vendors, subcontractor performance, shortages, delays, increased costs or inconsistent quality of equipment, materials and labor and increased financing costs as a result of changes in interest rates or as a result of project delays; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; the impact of climate change, including increased frequency and severity of significant weather events; risks relating to potential wildfires, including costs of litigation, potential regulatory penalties and damages in excess of insurance liability coverage; the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity and natural gas in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of future pandemic health events on, among other things, sales, results of operations, financial position, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies' employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, disruptions in the banking industry, including volatility in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to the Evergy Companies' facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; impact of geopolitical conflicts on the global energy market, including the ability to contract for non-Russian sourced uranium; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; impacts of tariffs; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; the Evergy Companies' ability to manage their generation, transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies' ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, wages, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy’s strategic plan, financial results or operations; the impact of changing expectations and demands of the Evergy Companies' customers, regulators, investors and stakeholders, including heightened emphasis on environmental, social and governance concerns; the possibility that strategic initiatives, including mergers, acquisitions and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, contractors, regulators or suppliers; and other risks and uncertainties.
This list of factors is not all-inclusive because it is not possible to predict all factors. You should also carefully consider the information contained in the Evergy Companies' other filings with the Securities and Exchange Commission (SEC). Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Evergy Companies with the SEC. New factors emerge from time to time, and it's not possible for the Evergy Companies to predict all such factors, nor can the Evergy Companies assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. The Evergy Companies undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107116537/en/
Investor Contact:
Pete Flynn
Director, Investor Relations
Phone: 816-652-1060
Peter.Flynn@evergy.com
Media Contact:
Gina Penzig
Director, Corporate Communications
Phone: 785-508-2410
Gina.Penzig@evergy.com
Media line: 888-613-0003
Source: Evergy, Inc.
FAQ
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