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- First Quarter 2023 GAAP EPS of $0.62, compared to $0.53 in 2022<\/i><\/li>\n
- First Quarter 2023 Adjusted EPS (Non-GAAP) of $0.59, compared to $0.56 in 2022<\/i><\/li>\n
- Declares quarterly dividend of $0.6125 per share<\/i><\/li>\n
- 2023 GAAP EPS guidance of $3.55 to $3.75; Reaffirms 2023 Adjusted EPS (Non-GAAP) guidance of $3.55 to $3.75<\/i><\/li>\n<\/ul>\n
KANSAS CITY, Mo.–(BUSINESS WIRE<\/a>)–
\nEvergy, Inc. (NASDAQ: EVRG) today announced first quarter 2023 GAAP earnings of $143 million, or $0.62 per share, compared to GAAP earnings of $123 million, or $0.53 per share, for first quarter 2022.<\/p>\n\nEvergy\u2019s first quarter 2023 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $136 million and $0.59, respectively, compared to $130 million and $0.56 in 2022. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are reconciled to GAAP earnings in the financial table included in this release.<\/p>\n
\nFirst quarter adjusted earnings (non-GAAP) per share were driven by higher weather-normalized demand, lower operations and maintenance expense, and higher transmission margin, partially offset by unfavorable weather, higher depreciation and amortization expense, and higher interest expense.<\/p>\n
\n\u201cA solid start to the year keeps us on pace to achieve our 2023 targets,” said David Campbell, Evergy president and chief executive officer. “We formed Evergy with a focus on reducing costs, investing in beneficial infrastructure, and making rates more affordable and competitive. Over the past five years, we have made significant progress in advancing each of those goals. As part of our rate filing last month, we seek to share those cost savings and recover investments made to improve the electric grid and build a smarter, more reliable energy future for our Kansas customers.\u201d<\/p>\n
Earnings Guidance<\/span><\/b><\/p>\n
\nThe Company reaffirmed its 2023 GAAP EPS guidance range of $3.55 to $3.75, along with its 2023 adjusted EPS (Non-GAAP) guidancerange of $3.55 to $3.75. Additionally, the Company reaffirmed its long-term adjusted EPS (Non-GAAP) annual growth target of 6% to 8% through 2025 from the $3.30 midpoint of the original 2021 adjusted EPS (Non-GAAP) guidance range. Adjusted EPS (non-GAAP) guidance is reconciled to GAAP EPS guidance in the financial table included in this release.<\/p>\n
Dividend Declaration<\/span><\/b><\/p>\n
\nThe Board of Directors declared a dividend on the Company\u2019s common stock of $0.6125 per share payable on June 20, 2023. The dividends are payable to shareholders of record as of May 19, 2023.<\/p>\n
Earnings Conference Call<\/span><\/b><\/p>\n
\nEvergy management will host a conference call Friday, May 5, 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<\/a>. To access via phone, investors and analysts will need to register using this link<\/a> where they will be provided a phone number and access code.<\/p>\n
\nMembers of the media are invited to listen to the conference call and then contact Gina Penzig with any follow-up questions.<\/p>\n
\nThis earnings announcement, a package of detailed first quarter financial information, the Company’s quarterly report on Form 10-Q for the period ended March 31, 2023, 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<\/a>.<\/p>\n
Adjusted Earnings (non-GAAP) and Adjusted Earnings Per Share (non-GAAP)<\/span><\/b><\/p>\n
\nManagement 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 March 31, 2022 have been recast, as applicable, to conform to the current year presentation.<\/p>\n
\nEvergy’s adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended March 31, 2023 were $136.1 million or $0.59 per share. For the three months ended March 31, 2022, Evergy’s adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $129.9 million or $0.56 per share.<\/p>\n
\nIn 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 i.) the costs resulting from non-regulated energy marketing margins from the February 2021 winter weather event; ii.) gains or losses related to equity investments subject to a restriction on sale; iii.) the revenues collected from customers for the return on investment of the retired Sibley Station in 2022 for future refunds to customers; iv.) the mark-to-market impacts of economic hedges related to Evergy Kansas Central’s non-regulated 8% ownership share of Jeffrey Energy Center (JEC); and v.) the transmission revenues collected from customers in 2022 through Evergy Kansas Central’s FERC transmission formula rate (TFR) to be refunded to customers in accordance with a December 2022 FERC order.<\/p>\n
\nAdjusted 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.<\/p>\n
\nAdjusted 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 of directors. 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.<\/p>\n
- First Quarter 2023 Adjusted EPS (Non-GAAP) of $0.59, compared to $0.56 in 2022<\/i><\/li>\n
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