- \n
- 2024 GAAP EPS of $3.79, compared to $3.17 in 2023<\/i><\/li>\n
- 2024 Adjusted EPS (non-GAAP) of $3.81, compared to $3.54 in 2023<\/i><\/li>\n
- Declares quarterly dividend of $0.6675 per share<\/i><\/li>\n
- Raises 2025E-2029E capital investment plan to $17.5 billion<\/i><\/li>\n
- Reaffirms 2025 GAAP and Adjusted (non-GAAP) EPS guidance of $3.92 to $4.12<\/i><\/li>\n<\/ul>\n
KANSAS CITY, Mo.–(BUSINESS WIRE<\/a>)–
\nEvergy, Inc. (NASDAQ: EVRG) today announced full year 2024 GAAP earnings of $873.5 million, or $3.79 per share, compared to GAAP earnings of $731.3 million, or $3.17 per share, for the full year 2023. Fourth quarter 2024 GAAP earnings were $78.2 million, or $0.34 per share, compared to earnings of $58.0 million, or $0.25 per share, for the fourth quarter of 2023.<\/p>\n\nEvergy\u2019s full year 2024 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $877.9 million, or $3.81 per share, compared to $815.6 million, or $3.54 in 2023. 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
\nFourth quarter 2024 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $80.6 million and $0.35, respectively, compared to $61.1 million and $0.27, respectively, in fourth quarter 2023. 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
\nFull year 2024 adjusted earnings (non-GAAP) per share benefited from new retail rates, FERC regulated investments and growth in weather-normalized demand. These favorable results were partially offset by mild weather, higher depreciation and amortization expense, as well as higher operations and maintenance and interest expense.<\/p>\n
\n\u201cOur financial results in 2024 were in line with expectations, thanks to the hard work of everyone on our team. Overcoming weather headwinds, we reported adjusted earnings per share (EPS) of $3.81 \u2013 within our guidance range of $3.73 to $3.93,\u201d said David Campbell, chairman and chief executive officer.<\/p>\n
\n\u201c2024 marked a turning point for our company, with the passage of House Bill 2527 in Kansas reflecting support for infrastructure investment to enable and advance economic development, and the unanimous settlement agreement in our Missouri West rate case demonstrating regulatory execution and constructive relationships with our stakeholders. Relative to our size, the backlog for large customers evaluating Kansas and Missouri is one of the most robust in the country. As part of discussions with our more than 10-gigawatt project pipeline, we are in advanced negotiations with two large data center customers, reflecting the vitality of our region and the exciting opportunities ahead.\u201d<\/p>\n
Earnings Guidance<\/span><\/b><\/p>\n
\nThe Company reaffirmed its 2025 GAAP EPS and adjusted EPS (non-GAAP) guidance range of $3.92 to $4.12. Additionally, the Company reaffirmed its long-term adjusted EPS (non-GAAP) annual growth target of 4% to 6% through 2029 based on the 2025 adjusted EPS (non-GAAP) guidance midpoint of $4.02. The Company expects adjusted EPS growth in the upper half of the 4% to 6% range beginning in 2026. 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 $0.6675 per share payable on March 21, 2025. The dividends are payable to shareholders of record as of March 10, 2025.<\/p>\n
Earnings Conference Call<\/span><\/b><\/p>\n
\nEvergy management will host a conference call Thursday, February 27, 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
\nThis earnings announcement, a package of detailed fourth quarter financial information, the Company’s annual report on Form 10-K for the year ended December 31, 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<\/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.<\/p>\n
\nEvergy’s adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for 2024 were $877.9 million or $3.81 per share. For 2023, Evergy’s adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $815.6 million or $3.54 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:<\/p>\n
\n
\n i.<\/td>\n \n \n \nthe mark-to-market impacts of economic hedges related to Evergy Kansas Central’s 8% ownership share of JEC;<\/p>\n<\/td>\n<\/tr>\n
\n ii.<\/td>\n \n \n \nthe costs resulting from non-regulated energy marketing margins from the February 2021 winter weather event;<\/p>\n<\/td>\n<\/tr>\n
\n iii.<\/td>\n \n \n \nthe 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;<\/p>\n<\/td>\n<\/tr>\n
\n iv.<\/td>\n \n 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; and<\/td>\n<\/tr>\n \n v.<\/td>\n \n \n \nthe costs incurred in the fourth quarter 2024 resulting from the realignment of the executive operations corporate structure.<\/p>\n<\/td>\n<\/tr>\n<\/table>\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. 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
\n
\n \n Evergy, Inc<\/b><\/p>\n
Consolidated Earnings and Diluted Earnings Per Share<\/b><\/p>\n
\n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n Earnings
\n
(Loss)<\/b><\/p>\n<\/td>\n\n \n\u00a0<\/p>\n<\/td>\n
\n Earnings
\n
(Loss)
\n
per
\n
Diluted
\n
Share<\/b><\/p>\n<\/td>\n\n \n\u00a0<\/p>\n<\/td>\n
\n Earnings
\n
(Loss)<\/b><\/p>\n<\/td>\n\n \n\u00a0<\/p>\n<\/td>\n
\n Earnings
\n
(Loss)
\n
per
\n
Diluted
\n
Share<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n Three Months Ended December 31<\/b><\/p>\n<\/td>\n
\n 2024<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(millions, except per share amounts)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income attributable to Evergy, Inc.<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n78.2<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.34<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n58.0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.25<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-GAAP reconciling items:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMark-to-market impact of JEC economic hedges, pre-tax(a)<\/sup><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.02<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-regulated energy marketing costs related to February 2021 winter weather event, pre-tax(b)<\/sup><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nExecutive operations team realignment, pre-tax(e)<\/sup><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.01<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax benefit (f)<\/sup><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.1<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.9<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted earnings (non-GAAP)<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n80.6<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.35<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n61.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.27<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
- 2024 Adjusted EPS (non-GAAP) of $3.81, compared to $3.54 in 2023<\/i><\/li>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20250227854834\/en\/1156870\/3\/Evergy_to_IR_page.jpg\")
<\/td>\n<\/tr>\n