Evergy (EVRG) Reports In-Line Q2 EPS

Evergy (NYSE: EVRG) reported Q2 EPS of $0.56, in-line with the analyst estimate of $0.56.

• Second quarter 2018 earnings of $102 million, or $0.56 per share, compared with earnings of $72 million, or $0.50 per share, for the second quarter of 2017.
• In June 2018, Westar Energy and Great Plains Energy, the parent company of Kansas City Power & Light (KCP&L) and KCP&L Greater Missouri Operations (GMO), completed their merger to create Evergy.
  • Evergy’s second quarter earnings include Westar’s earnings for the full period and KCP&L and GMO’s earnings beginning in June 2018. Comparison to 2017 earnings are based on Westar’s earnings for that period.
  • Higher Westar retail sales, lower income tax expense, and the inclusion of KCP&L and GMO earnings positively affected second quarter results. Those gains were partially offset by merger related costs and reductions of revenue for customer bill credits incurred in June 2018 following the merger close.
• Second quarter 2018 Pro Forma earnings, which reflect the consolidated operations of Evergy as if the merger had taken place on January 1, 2017 and exclude non-recurring merger-related costs, were $244 million, or $0.90 per share, compared with earnings of $161 million, or $0.59 per share for the second quarter of 2017.
• Revaluing Westar’s deferred income taxes based on Evergy’s composite tax rate and increased sales, due primarily to warm weather, contributed to the increase in pro forma earnings.

“Evergy’s second quarter results reflect strong execution across both companies,” said Terry Bassham, president and chief executive officer of Evergy. “Following the completion of our merger, Evergy is well positioned to provide attractive total shareholder returns while maintaining competitive energy prices, excellent customer service and innovative solutions for our customers.”

For earnings history and earnings-related data on Evergy (EVRG) click here.

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