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EVRG · Evergy

25 filings

10-Q

EVRG 10-Q Quarterly Reports

Evergy - 25 quarterly reports

Filing record · 2017–202610-K810-Q258-K104

2026-Q2
Evergy Quarterly Report for Q2 Ended Jun 30, 2026
Evergy, Inc. (EVRG) reported second-quarter 2026 net income attributable to Evergy, Inc. of $215.0 million, or $0.91 diluted earnings per share, compared with $171.3 million, or $0.74 per share, in the second quarter of 2025. For the six months ended June 30, 2026, net income attributable to Evergy, Inc. was $366.5 million, or $1.55 diluted EPS, versus $296.3 million, or $1.28 per share, a year earlier. Management attributes the increase primarily to new Evergy Kansas Central retail rates effective in October 2025, higher retail sales driven by weather and higher weather-normalized demand, and gains from non-regulated early-stage clean energy investments compared with losses a year earlier, partially offset by higher interest, depreciation and operating and maintenance expense. Adjusted EPS (non-GAAP) was $0.88 for the quarter and $1.57 year to date. Capital spending and financing activity increased significantly. Year-to-date additions to property, plant and equipment were $1,811.8 million, compared with $1,220.1 million in the prior year period. Total assets rose to $35.35 billion at June 30, 2026, from $33.95 billion at December 31, 2025. Evergy entered into a $3.5 billion master credit facility expiring in June 2031, and short-term borrowings and notes payable and commercial paper increased to $2,331.0 million. Evergy also repurchased $244.1 million of its convertible notes in early 2026, leaving $1,155.9 million outstanding, and the notes are classified as current maturities because they became convertible at holders' option. Large load customers signed electric service agreements for data centers with a projected peak load of approximately 2,600 MW, with remaining contractual minimum performance obligations of $8.9 billion for Evergy. Regulatory and other items include a pending Evergy Metro rate case requesting an increase of approximately $140 million, with an evidentiary hearing scheduled for October 2026 and new rates expected in January 2027. Evergy Metro also filed a CCN application for a 440 MW simple-cycle gas turbine facility expected to begin operations in 2030. The filing notes that a generation development agreement could require a payment of approximately $80 million if the companies elect not to proceed by a deadline, with a decision expected no later than the second quarter of 2027.
Aug 6, 2026
2026-Q1
Evergy Quarterly Report for Q1 Ended Mar 31, 2026
Evergy, Inc. (Evergy) filed this combined Form 10-Q for the quarter ended March 31, 2026, covering Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. Consolidated net income attributable to Evergy, Inc. was $151.5 million, or $0.64 diluted EPS, versus $125.0 million, or $0.54, in the first quarter of 2025. Adjusted earnings (non-GAAP) were $161.8 million, or $0.69 per share, versus $127.8 million, or $0.55 recast for 2025. Operating revenues rose to $1,443.7 million from $1,374.5 million, driven by new Evergy Kansas Central retail rates effective October 2025 ($40.0 million increase), higher non-regulated energy marketing revenue ($16.6 million), and higher wholesale revenue, partially offset by unfavorable weather (heating degree days down 20%). Capital spending and financing activity were heavy. Additions to property, plant and equipment were $851.9 million versus $592.8 million a year earlier, and Evergy's notes payable and commercial paper rose to $1,960.3 million from $1,394.0 million at year-end 2025. Evergy repurchased $244.1 million principal of its 4.50% Convertible Notes for $309.5 million, funded by term loans, and issued $350.0 million of 4.25% Notes due 2029. In May 2026, Evergy entered into a $1.0 billion Delayed Draw Term Loan Agreement, with no borrowings made as of the filing. Large load customers signed electric service agreements for projected peak load of approximately 2,500 MWs, with Evergy's remaining contractual minimum consideration for large load contracts stated at $8.7 billion. Evergy Metro filed a rate case in February 2026 requesting an increase of approximately $140 million, with an evidentiary hearing scheduled for October 2026 and new rates expected in January 2027. Evergy Kansas Central's KCC earnings review mechanism requires refunds of 50% of earnings above a 9.7% return on equity, and the filing states no significant refund obligation is estimated for 2026. Subsidiary-level results also appear in the filing: Evergy Kansas Central net income was $147.0 million and Evergy Metro net income was $36.2 million.
May 7, 2026
2025-Q3
Evergy Quarterly Report for Q3 Ended Sep 30, 2025
Evergy, Inc. reported third-quarter 2025 net income attributable to Evergy, Inc. of $475.0 million, or $2.03 diluted EPS, compared with $465.6 million, or $2.02, in the same period of 2024. Year to date through September 30, 2025, net income attributable to Evergy, Inc. was $771.3 million, or $3.31 diluted EPS, down from $795.3 million, or $3.45, a year earlier. Management attributed the year-to-date decline mainly to higher interest, depreciation and operating and maintenance expenses, lower COLI proceeds, and $29.0 million of unrealized and impairment losses on early-stage clean energy investments, partly offset by new Evergy Missouri West retail rates and higher transmission revenues. Year-to-date operating revenues were $4,621.4 million, up from $4,589.9 million. Capital spending and financing remained heavy. Additions to property, plant and equipment were $1,932.4 million year to date, versus $1,822.4 million a year earlier, and long-term debt rose to $12,446.3 million from $11,809.2 million at December 31, 2024. Evergy's ATM program allows up to $1.2 billion of common stock sales, with approximately $1.1 billion still available, and forward sale agreements were outstanding at a weighted average initial forward price of $72.08. Regulatory developments included Kansas Central's 2025 rate case settlement providing a $128.0 million retail revenue increase, Missouri SB 4 cost-recovery mechanisms for new natural gas plants, and KCC and MPSC approvals for planned natural gas and solar investments. The filing also notes a $2.5 billion master credit facility with $1,263.5 million of available borrowing capacity at September 30, 2025, and a declared quarterly dividend of $0.6950 per share payable December 19, 2025. Environmental and litigation exposures remain significant, including ozone and particulate matter rules and a Montrose Station coal ash lawsuit, which the filing describes as at preliminary stages.
Nov 6, 2025
2025-Q2
Evergy Quarterly Report for Q2 Ended Jun 30, 2025
Evergy, Inc. (EVRG) reported second-quarter 2025 results in this combined Form 10-Q with Evergy Kansas Central, Inc. and Evergy Metro, Inc. For the three months ended June 30, 2025, operating revenues were $1,437.0 million (vs. $1,447.5 million), net income attributable to Evergy, Inc. was $171.3 million (vs. $207.0 million), and diluted EPS was $0.74 (vs. $0.90). Year to date, net income attributable to Evergy, Inc. was $296.3 million ($1.28 diluted EPS) compared with $329.7 million ($1.43) a year earlier. The filing attributes the decline primarily to lower retail sales from unfavorable weather, higher operating and maintenance, depreciation and interest expenses, and $25.4 million of unrealized and impairment losses on investments in early-stage clean energy and energy solution companies in the quarter. These were partially offset by new Evergy Missouri West retail rates effective January 2025 and $11.6 million of income from the sale of a commercial solar generation project. Adjusted EPS (non-GAAP) was $0.82 for the quarter versus $0.90 a year earlier, and $1.37 year to date versus $1.44. Total assets were $32,911.3 million at June 30, 2025, up from $32,282.1 million at December 31, 2024, and long-term debt, net, rose to $12,398.0 million from $11,809.2 million. Year-to-date cash flows from operating activities were $773.5 million, and additions to property, plant and equipment were $1,220.1 million. Cash dividends paid were $304.6 million. Evergy declared a quarterly dividend of $0.6675 per share in August 2025. Regulatory developments in July 2025 include KCC approval of a settlement for Evergy Kansas Central's new natural gas plant investments and Kansas Sky solar facility, and MPSC approval of certificates of convenience and necessity for Evergy Missouri West's natural gas and solar plants. Evergy Kansas Central's pending rate case settlement would increase retail revenues by $128.0 million, subject to KCC approval and expected to take effect September 29, 2025.
Aug 7, 2025
2025-Q1
Evergy Quarterly Report for Q1 Ended Mar 31, 2025
Evergy, Inc. reported first-quarter 2025 net income attributable to Evergy of $125.0 million, or $0.54 per diluted share, compared with $122.7 million, or $0.53 per diluted share, in the same period of 2024. The filing attributes the increase mainly to new Evergy Missouri West retail rates effective January 2025, higher transmission revenues, and retail sales driven by favorable weather, partly offset by higher interest and depreciation expense and lower investment earnings. Operating revenues rose to $1,374.5 million from $1,331.0 million. Adjusted earnings (non-GAAP) were $125.0 million, or $0.54 per share, versus $124.7 million, or $0.54 per share, a year earlier. Cash flow from operating activities was $449.6 million, up from $317.3 million, while additions to property, plant and equipment totaled $592.8 million. Evergy issued $594.2 million of long-term debt, including $300.0 million of Evergy Kansas Central First Mortgage Bonds and $300.0 million of Evergy Kansas Central Notes, and used the proceeds to reduce commercial paper, which fell to $943.6 million from $1,207.6 million. Long-term debt, net, rose to $12,405.5 million from $11,809.2 million. The Board declared a quarterly common dividend of $0.6675 per share in May 2025. Regulatory and legislative developments include a pending Evergy Kansas Central rate case requesting an increase of approximately $196 million, with an evidentiary hearing scheduled for July 2025. Partial settlements on natural gas plant and Kansas Sky solar predetermination were reached in April 2025, with a KCC order expected in July 2025. Missouri S.B. 4 and Kansas H.B. 2107 were signed into law in April 2025. In April 2025, Moody's changed the outlook on Evergy Missouri West to Stable and lowered its credit ratings, with a corporate credit rating of Baa3.
May 8, 2025
2024-Q3
Evergy Quarterly Report for Q3 Ended Sep 30, 2024
Evergy, Inc. (Evergy) filed this combined Form 10-Q for the quarter ended September 30, 2024, covering Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. For the nine months ended September 30, 2024, Evergy reported operating revenues of $4.59 billion, income from operations of $1.25 billion and net income attributable to Evergy, Inc. of $795.3 million, or $3.45 diluted EPS, compared with $673.3 million, or $2.92, a year earlier. For the three months ended September 30, 2024, net income attributable to Evergy, Inc. was $465.6 million, or $2.02 per diluted share, versus $351.6 million, or $1.53, in the prior-year quarter. The filing attributes the quarterly increase mainly to a $96.5 million regulatory liability recorded in Q3 2023 for COLI rate credit refunds, new Evergy Kansas Central retail rates effective December 2023, and higher transmission revenues. Capital spending and financing dominate the balance sheet story. Year-to-date additions to property, plant and equipment were $1.82 billion, and Evergy's five-year capital expenditure plan totals $2.48 billion for 2025 rising to $3.80 billion in 2028. Total assets reached $32.15 billion at September 30, 2024, and long-term debt rose to $11.57 billion. Evergy issued $919.6 million of long-term debt year to date and repaid $800.0 million of 2.45% Senior Notes in September 2024. Cash dividends paid year to date were $443.2 million, and the board declared a quarterly dividend of $0.6675 per share in November 2024. Available borrowing capacity under the $2.5 billion master credit facility was $1.07 billion. Regulatory and environmental items to watch include a pending Evergy Missouri West rate case, in which a partial stipulation would increase retail revenues by about $55 million, subject to MPSC approval expected in December 2024. The filing also describes Kansas legislation (H.B. 2527 and S.B. 410), new solar and natural gas generation plans, and several EPA rules, some of which the company says could have a material cost to comply.
Nov 7, 2024
2024-Q2
Evergy Quarterly Report for Q2 Ended Jun 30, 2024
Evergy, Inc. (EVRG) filed its combined Form 10-Q for the quarter ended June 30, 2024, covering Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. For the three months ended June 30, 2024, Evergy reported operating revenues of $1,447.5 million, net income attributable to Evergy, Inc. of $207.0 million, and diluted earnings per share of $0.90, compared with $179.1 million and $0.78 a year earlier. For the year to date, net income attributable to Evergy, Inc. was $329.7 million, or $1.43 per diluted share, versus $321.7 million, or $1.40, in the prior-year period. Management attributed the year-to-date increase mainly to new Evergy Kansas Central retail rates effective in December 2023, higher transmission revenues, lower pension non-service costs and higher retail sales driven by favorable weather. Adjusted EPS (non-GAAP) for the year to date was $1.44. Balance sheet and financing activity grew over the period. Total assets rose to $31.83 billion at June 30, 2024 from $30.98 billion at December 31, 2023, and long-term debt, net, increased to $11.95 billion from $11.05 billion. Year-to-date additions to property, plant and equipment were $1,296.1 million, and operating cash flow was $634.8 million, down from $715.2 million a year earlier. Evergy Metro issued $300.0 million of 5.40% mortgage bonds in April 2024, Evergy Missouri West issued $300.0 million of 5.65% first mortgage bonds in May 2024, and Evergy Missouri West Storm Funding issued $331.1 million of 5.10% securitized bonds in February 2024. The company reported $1,527.6 million of available borrowing capacity under its $2.5 billion master credit facility. Regulatory and environmental developments include a pending Evergy Missouri West rate case requesting an increase of approximately $104 million, with an evidentiary hearing scheduled to begin in late September 2024 and new rates expected in January 2025. Kansas enacted H.B. 2527, which provides a plant-in-service accounting option, and Evergy Kansas Central and Evergy Metro elected it effective July 2024. The filing also reports that the EPA finalized several rules, including GHG regulations and an expanded CCR regulation, which the company says could have a material cost to comply, and that the company recorded $72.8 million of additional ARO liabilities tied to the CCR expansion. Management stated that it believes existing cash and available borrowing capacity provide sufficient liquidity.
Aug 9, 2024
2024-Q1
Evergy Quarterly Report for Q1 Ended Mar 31, 2024
Evergy, Inc. reported net income attributable to Evergy of $122.7 million, or $0.53 per diluted share, for the three months ended March 31, 2024, down from $142.6 million, or $0.62 per diluted share, a year earlier. Management attributed the decline mainly to higher depreciation and taxes other than income tax, 2023 mark-to-market gains on forward contracts, and higher transmission and distribution expense, partially offset by new Evergy Kansas Central retail rates effective in December 2023, lower pension non-service costs and lower income tax expense. Adjusted EPS (non-GAAP) was $0.54 versus $0.59. Operating revenues rose to $1,331.0 million from $1,296.8 million, and utility gross margin (non-GAAP) increased $20.5 million to $881.9 million. Cash flows from operating activities were $317.3 million compared with $362.9 million, while additions to property, plant and equipment rose to $618.6 million from $527.7 million. Financing inflows of $303.6 million were supported by the February 2024 issuance of $331.1 million of 5.10% Securitized Bonds by Evergy Missouri West Storm Funding, which recover costs from the February 2021 winter weather event. Long-term debt, net, increased to $11,658.4 million from $11,053.3 million at December 31, 2023. Evergy's board declared a quarterly dividend of $0.6425 per share in May 2024. Key pending matters include an Evergy Missouri West retail rate request of approximately $104 million, with an evidentiary hearing scheduled to begin in late September 2024 and new rates expected in January 2025. The filing also describes several EPA rules finalized in April 2024, such as those covering mercury and air toxics, greenhouse gases and coal combustion residuals, and states that compliance costs could be material for certain of them.
May 9, 2024
2023-Q3
Evergy Quarterly Report for Q3 Ended Sep 30, 2023
Evergy, Inc. (EVRG) reported third-quarter 2023 results in this combined Form 10-Q with Evergy Kansas Central, Inc. and Evergy Metro, Inc. For the three months ended September 30, 2023, operating revenues were $1,669.3 million versus $1,909.1 million a year earlier, and net income attributable to Evergy, Inc. was $351.6 million, or $1.53 per diluted share, compared with $428.2 million, or $1.86, in the prior-year quarter. Year to date, net income attributable to Evergy, Inc. was $673.3 million, or $2.92 per diluted share, versus $745.2 million, or $3.23, a year earlier. Management attributes the decline mainly to a $96.5 million deferral of revenue for future refund to customers of COLI rate credits, lower retail sales from unfavorable weather, higher depreciation and higher interest expense, partly offset by lower income tax expense and lower operating and maintenance costs. Adjusted EPS (non-GAAP) was $1.88 for the quarter versus $2.00 a year earlier. The company's balance sheet shows total assets of $30,616.0 million at September 30, 2023, up from $29,489.9 million at December 31, 2022. Current maturities of long-term debt rose to $889.4 million and notes payable and commercial paper to $2,178.4 million. Year to date, cash flows from operating activities were $1,551.7 million, and additions to property, plant and equipment were $1,657.9 million. Evergy closed the purchase of Persimmon Creek Wind Farm for $217.9 million, net of cash acquired, through Evergy Kansas Central. Regulatory developments include a unanimous settlement in the Evergy Kansas Central and Evergy Metro 2023 Kansas rate case, which still requires KCC approval. It provides a retail revenue increase of $74.0 million for Evergy Kansas Central and a decrease of $32.9 million for Evergy Metro, with new rates expected in December 2023. The filing also discloses an agreement, signed in November 2023, for Evergy Missouri West to buy an interest of approximately 143 MW in a natural gas combined cycle facility for approximately $60 million, subject to MPSC approval and expected to close in the second quarter of 2024.
Nov 7, 2023
2023-Q2
Evergy Quarterly Report for Q2 Ended Jun 30, 2023
Evergy, Inc. (filed as Evergy, Inc.; combined Form 10-Q with Evergy Kansas Central, Inc. and Evergy Metro, Inc.) reported operating revenues of $1,354.2 million for the three months ended June 30, 2023, down from $1,446.5 million a year earlier, and net income attributable to Evergy, Inc. of $179.1 million, or $0.78 diluted EPS, compared with $194.5 million, or $0.84, in the prior-year quarter. For the six months ended June 30, 2023, net income attributable to Evergy, Inc. was $321.7 million, or $1.40 diluted EPS, versus $317.0 million, or $1.38, a year earlier. The filing attributes the quarterly decline mainly to higher depreciation, higher interest expense and lower retail sales from unfavorable weather, partially offset by lower operating and maintenance expense and new Evergy Metro and Evergy Missouri West retail rates effective January 2023. Adjusted EPS (non-GAAP) was $0.81 for the quarter and $1.40 year to date. Balance sheet activity shows total assets of $30,277.1 million at June 30, 2023, with notes payable and commercial paper rising to $2,371.1 million from $1,332.3 million at year-end 2022. Evergy issued debt through its subsidiaries, including $400.0 million of 5.70% first mortgage bonds by Evergy Kansas Central and $300.0 million of 4.95% mortgage bonds by Evergy Metro, and it drew $500.0 million under a term loan facility. Year-to-date capital additions to property, plant and equipment were $1,104.2 million, and the company acquired the Persimmon Creek wind farm for $217.9 million net of cash acquired. Cash dividends paid were $281.3 million year to date. The filing also details pending regulatory matters, including April 2023 rate case applications by Evergy Kansas Central (requesting an increase of approximately $204 million in retail revenues) and Evergy Metro (approximately $14 million), with new rates expected in December 2023, and a pending Missouri Court of Appeals decision on the securitization financing order for the February 2021 winter weather event costs. Evergy's board declared a quarterly dividend of $0.6125 per share payable September 20, 2023.
Aug 4, 2023
2023-Q1
Evergy Quarterly Report for Q1 Ended Mar 31, 2023
Evergy, Inc. reported first-quarter 2023 net income attributable to Evergy, Inc. of $142.6 million, or $0.62 per diluted share, compared with $122.5 million, or $0.53 per diluted share, in the first quarter of 2022. Operating revenues rose to $1,296.8 million from $1,223.9 million, and operating and maintenance expense fell to $216.3 million from $252.2 million. The filing attributes the earnings increase primarily to lower operating and maintenance expenses, new Evergy Metro and Evergy Missouri West retail rates effective January 2023, and a 2022 realized loss on an equity investment, partially offset by higher depreciation, higher interest expense and lower retail sales from warmer winter weather. Adjusted earnings (non-GAAP) were $136.1 million, or $0.59 per share, versus $129.9 million, or $0.56 per share, a year earlier. Interest expense rose to $123.1 million from $91.8 million, driven mainly by higher short-term borrowings. Notes payable and commercial paper increased to $1,748.8 million from $1,332.3 million at year-end 2022, and the company borrowed $500.0 million under a term loan facility. Evergy Kansas Central issued $400.0 million of 5.70% first mortgage bonds in March 2023, and Evergy Metro repaid $300.0 million of 3.15% senior notes at maturity. Cash flow from operating activities was $362.9 million, compared with $265.1 million in the prior-year period, and dividends paid were $140.7 million. Regulatory activity is significant for the period. Evergy Kansas Central and Evergy Metro filed 2023 rate case applications with the Kansas Corporation Commission requesting retail revenue increases of approximately $204 million and $14 million, respectively, with new rates expected in December 2023. Evergy Missouri West agreed to buy a 199 MW Oklahoma wind farm for approximately $250 million, and the Missouri Public Service Commission granted the required certificate in April 2023. The purchase is expected to close in the second quarter of 2023 and may be assigned to Evergy Kansas Central.
May 5, 2023
2022-Q3
Evergy Quarterly Report for Q3 Ended Sep 30, 2022
Evergy, Inc. reported third-quarter 2022 operating revenues of $1,909.1 million, up from $1,616.5 million a year earlier, while net income attributable to Evergy, Inc. fell to $428.2 million from $449.4 million, and diluted EPS was $1.86 versus $1.95. The decline was driven primarily by a $47.5 million deferral of revenues for the expected refund of amounts collected from customers since December 2018 for the return on investment in the retired Sibley Station, higher depreciation, higher unrealized losses on equity investments and higher interest expense, partly offset by higher retail sales from higher weather-normalized demand and favorable weather. Year-to-date, net income attributable to Evergy, Inc. was $745.2 million ($3.23 diluted EPS) compared with $826.3 million ($3.60) in 2021, which included non-regulated energy marketing margins tied to the February 2021 winter weather event. Evergy's adjusted earnings (non-GAAP) were $462.3 million, or $2.01 per share, for the quarter and $789.7 million, or $3.43 per share, year to date, compared with $452.4 million ($1.97) and $768.1 million ($3.35) in the prior-year periods. Capital spending was substantial: additions to property, plant and equipment were $1,614.6 million year to date, and cash flows from operating activities rose to $1,477.7 million from $1,036.0 million. Short-term borrowings increased, with notes payable and commercial paper at $1,722.3 million at September 30, 2022, versus $1,159.3 million at year-end 2021. Regulatory matters pending include Evergy Missouri West's Sibley Unit 3 recovery and its rate case, with a final MPSC order expected in November 2022, and a securitization financing order for February 2021 winter weather costs issued in October 2022. The filing also reports a $6.0 million estimated impairment on Sibley Unit 3, a $250 million agreement in August 2022 to buy a 199 MW Oklahoma wind farm expected to close in the first half of 2023, and the enactment of the Inflation Reduction Act of 2022, which Evergy said is not expected to have a material impact on its operations or results. Evergy declared a quarterly dividend of $0.6125 per share in November 2022.
Nov 4, 2022
2022-Q2
Evergy Quarterly Report for Q2 Ended Jun 30, 2022
Evergy, Inc. reported second-quarter 2022 net income attributable to Evergy, Inc. of $194.5 million, or $0.84 diluted earnings per share, up from $185.3 million, or $0.81, in the prior-year quarter. For the year to date through June 30, 2022, net income attributable to Evergy, Inc. was $317.0 million, or $1.38 diluted EPS, compared with $376.9 million, or $1.65, a year earlier. The company attributed the year-to-date decline mainly to $95.0 million of non-regulated energy marketing margins recognized in 2021 related to the February 2021 winter weather event, higher depreciation, higher property taxes, lower investment earnings and lower corporate-owned life insurance proceeds. Quarterly results improved on higher retail sales from higher weather-normalized demand and favorable weather, higher transmission revenue and increases from TDC riders. Adjusted earnings (non-GAAP) were $332.2 million, or $1.44 per diluted share, year to date, versus $320.5 million, or $1.40, in 2021. Operating revenues for the year to date were $2,670.4 million, down from $2,848.1 million, while operating and maintenance expense was essentially flat at $535.0 million. Evergy's capital additions to property, plant and equipment rose to $1,116.4 million year to date, from $891.1 million, and total short-term notes payable and commercial paper increased to $2,028.5 million at June 30, 2022, from $1,159.3 million at December 31, 2021. Evergy borrowed $500.0 million under a term loan facility and issued $250.0 million of 3.75% First Mortgage Bonds through Evergy Missouri West. Regulatory items to watch include pending rate cases at Evergy Metro and Evergy Missouri West, with evidentiary hearings scheduled to begin in late August 2022 and new rates expected in December 2022. Evergy Missouri West also filed a non-unanimous stipulation on August 1, 2022 under which it would be allowed to recover $306.1 million through securitization of February 2021 winter weather costs, subject to MPSC approval. The filing also notes an estimated loss of approximately $50 million on Sibley Station revenues that Evergy has determined are not probable of refund, which could arise when new rates take effect.
Aug 4, 2022
2022-Q1
Evergy Quarterly Report for Q1 Ended Mar 31, 2022
Evergy, Inc. reported first-quarter 2022 net income attributable to Evergy, Inc. of $122.5 million, or $0.53 per diluted share, down from $191.6 million, or $0.84 per diluted share, in the first quarter of 2021. The filing attributes the decrease primarily to non-regulated energy marketing margins recognized in 2021 related to the February 2021 winter weather event, higher investment losses, higher depreciation expense and higher property taxes, partially offset by lower operating and maintenance expenses and lower income tax expense. Operating revenues fell to $1,223.9 million from $1,611.9 million, while adjusted earnings (non-GAAP) were $133.8 million, or $0.58 per share, compared with $125.4 million, or $0.55 per share, a year earlier. Liquidity and financing activity were significant during the quarter. Evergy entered into a $500.0 million unsecured Term Loan Facility in February 2022 and had fully borrowed it by March 31, 2022. Evergy Missouri West issued $250.0 million of 3.75% First Mortgage Bonds and repaid $100.0 million of 3.74% Senior Notes at maturity. Cash flows from operating activities were $265.1 million, compared with negative $28.6 million in the prior-year period, while additions to property, plant and equipment were $524.7 million. Available borrowing capacity under the master credit facility totaled $1.6 billion as of March 31, 2022. Regulatory matters remain central to the outlook. Evergy Metro and Evergy Missouri West filed 2022 rate cases with the Missouri Public Service Commission requesting retail revenue increases of $43.9 million and $27.7 million, respectively, before rebasing fuel expense, with new rates expected in December 2022. Evergy Missouri West also filed for securitization of about $281.8 million of February 2021 winter weather costs, with an MPSC order expected no later than October 2022. The filing also discloses an estimated loss of approximately $50 million tied to Sibley Station revenues if not deemed probable of refund.
May 5, 2022
2021-Q3
Evergy Quarterly Report for Q3 Ended Sep 30, 2021
Evergy, Inc. reported third-quarter 2021 net income attributable to Evergy of $449.4 million, or $1.95 diluted earnings per share, compared with $364.5 million, or $1.60, in the third quarter of 2020. Operating revenues were $1,616.5 million for the quarter. Year to date, net income attributable to Evergy was $826.3 million, or $3.60 diluted EPS, versus $567.3 million, or $2.49, a year earlier. The company said the increase was driven partly by non-regulated energy marketing margins of $95.0 million tied to the February 2021 winter weather event, along with higher retail sales from favorable weather and lower operating and maintenance expense. Management's adjusted EPS, a non-GAAP measure, was $3.38 year to date. The February 2021 winter weather event created net fuel and purchased power costs of $349.7 million, which the Evergy Companies have deferred to regulatory assets or liabilities for future recovery or refund, though the timing could be extended and the SPP resettlement process could change final amounts. Cash flow from operations was $1,036.0 million year to date, down from $1,421.7 million, while additions to property, plant and equipment were $1,394.7 million. Evergy's five-year capital plan totals $1,953.0 million for 2021 and $2,417.0 million for 2025. Evergy also received $112.5 million, net of issuance costs, from the sale of common stock and a warrant to an affiliate of Bluescape Energy Partners. Key regulatory and strategic items include a pending Kansas Corporation Commission predetermination request for the planned retirement of coal-fired Lawrence Energy Center Unit 4 and about 190 MW of solar generation, with a decision expected in the first or second quarter of 2022. Evergy also disclosed a revised goal of net-zero carbon emissions by 2045, with an interim goal of a 70% reduction from 2005 levels by 2030. Evergy expects a possible significant unrealized gain in the fourth quarter of 2021 from a minority equity investment that became publicly traded through a SPAC transaction.
Nov 3, 2021
2021-Q2
Evergy Quarterly Report for Q2 Ended Jun 30, 2021
Evergy, Inc. (EVRG) reported second-quarter 2021 results in this combined Form 10-Q filed with Evergy Kansas Central, Inc. and Evergy Metro, Inc. Operating revenues for the three months ended June 30, 2021 were $1,236.2 million, up from $1,184.7 million, and net income attributable to Evergy, Inc. rose to $185.3 million, or $0.81 diluted EPS, versus $133.4 million, or $0.59, a year earlier. Year to date, net income attributable to Evergy was $376.9 million ($1.65 diluted EPS) versus $202.8 million ($0.89), with the increase driven in part by $95.0 million of non-regulated energy marketing margins tied to the February 2021 winter weather event. Management's adjusted EPS (non-GAAP) was $1.40 year to date, compared with $1.09 a year earlier. The February 2021 winter weather event was the dominant item in the period. Evergy recorded net fuel and purchased power costs of $349.5 million from the event, primarily at Evergy Missouri West ($292.7 million) and Evergy Kansas Central ($128.2 million), partially offset by $71.4 million of net wholesale revenues at Evergy Metro. The company has deferred substantially all of these costs to regulatory assets or liabilities, with recovery timing subject to pending Kansas Corporation Commission and Missouri Public Service Commission proceedings and SPP resettlement that could change the final amounts. Year-to-date operating cash flow fell to $224.6 million from $522.5 million, largely due to $371.6 million of cash payments for net fuel and purchased power costs from the event. Balance-sheet and financing activity was substantial. Long-term debt, net was $9,297.3 million at June 30, 2021, and notes payable and commercial paper rose to $913.0 million from $315.0 million. Evergy issued $500.0 million of Evergy Missouri West senior notes in April 2021 and sold 2,269,447 common shares to an affiliate of Bluescape Energy Partners for $112.5 million net of issuance costs, along with a warrant for up to 3,950,000 additional shares. Capital additions to property, plant and equipment were $891.1 million year to date, versus $635.6 million a year earlier. Cash dividends paid were $244.0 million year to date, and the Board declared a quarterly dividend of $0.535 per share in August 2021.
Aug 5, 2021
2021-Q1
Evergy Quarterly Report for Q1 Ended Mar 31, 2021
Evergy, Inc. (Kansas City, Missouri) filed this combined Form 10-Q for the quarter ended March 31, 2021, covering Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. Consolidated net income attributable to Evergy, Inc. was $191.6 million, or $0.84 diluted EPS, compared with $69.4 million, or $0.31, in the first quarter of 2020. Operating revenues rose to $1,611.9 million from $1,116.7 million, driven largely by the February 2021 winter weather event, which produced $96.5 million of non-regulated energy marketing margins recognized at Evergy Kansas Central. Adjusted earnings (non-GAAP) were $125.4 million, or $0.55 per share, versus $94.2 million, or $0.41 per share, a year earlier. The winter weather event also created significant costs: Evergy recorded net natural gas and purchased power costs of $341.3 million, substantially all of which has been deferred to a regulatory asset or liability pending recovery from or refund to customers. Operating cash flow was negative $28.6 million, versus $320.6 million a year earlier, reflecting $363.7 million of cash payments for net fuel and purchased power costs during the event. Cash and cash equivalents were $482.0 million at quarter-end, and the company had $1.2 billion of available borrowing capacity under its $2.5 billion master credit facility. Short-term notes payable and commercial paper rose to $1,295.0 million from $315.0 million at year-end. Subsequent events disclosed in the filing include the April 2021 closing of a $113.2 million common stock sale to an affiliate of Bluescape Energy Partners, together with a warrant for up to 3,950,000 additional shares at $64.70 per share, and the issuance by Evergy Missouri West of $500.0 million of senior notes, which Evergy guaranteed. Evergy also redeemed its $350.0 million 4.85% senior notes in April 2021 and announced a net-zero carbon emissions goal by 2045.
May 6, 2021
2020-Q3
Evergy Quarterly Report for Q3 Ended Sep 30, 2020
Evergy, Inc. filed this combined Form 10-Q for the quarter ended September 30, 2020, covering Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. Evergy reported third-quarter 2020 net income attributable to Evergy, Inc. of $364.5 million, or $1.60 diluted EPS, compared with $366.8 million, or $1.56, a year earlier. Year to date, net income attributable to Evergy, Inc. was $567.3 million, or $2.49 diluted EPS, versus $606.0 million, or $2.49, in 2019. The filing attributes the decline in net income primarily to unfavorable weather, lower commercial and industrial demand from COVID-19 business closures, and higher depreciation and interest expense, partly offset by lower operating and maintenance expense. Adjusted EPS (non-GAAP) was $2.82 year to date, excluding voluntary severance, advisor expenses and a Kansas tax-rate revaluation charge. Evergy announced a five-year Sustainability Transformation Plan in August 2020 that targets roughly $330 million of operating and maintenance expense reduction by 2024 and approximately $8.9 billion of base capital investments through 2024, $1.4 billion more than the prior plan. The company also reported a Wolf Creek asset retirement obligation increase of $259.1 million in the third quarter, and a Kansas corporate income tax exemption beginning in 2021 that reduced net deferred tax liabilities by $233.8 million for Evergy in May 2020, with a $13.8 million income tax expense from non-recoverable revaluation. Cash and cash equivalents were $361.6 million at September 30, 2020, with $2.3 billion of available borrowing capacity under the master credit facility. Regulatory matters include KCC approval in July 2020 of an accounting authority order for COVID-19 incremental costs, a pending MPSC decision expected in January 2021 on a similar non-unanimous stipulation, and a potential refund or loss tied to Sibley Station revenues at Evergy Missouri West. The filing also discloses environmental exposures, including potentially material costs from the Hawthorn Station water permit, CCR and effluent rules, and the ACE Rule.
Nov 5, 2020
2020-Q2
Evergy Quarterly Report for Q2 Ended Jun 30, 2020
Evergy, Inc. (EVRG) reported second-quarter 2020 net income attributable to Evergy, Inc. of $133.4 million, or $0.59 diluted EPS, down from $139.7 million, or $0.57 per diluted share... (correction: EPS rose from $0.57 to $0.59 on fewer diluted shares). Year-to-date net income attributable to Evergy, Inc. was $202.8 million, or $0.89 per diluted share, versus $239.2 million, or $0.96, a year earlier. Operating revenues were $1,184.7 million for the quarter, down from $1,221.7 million, and $2,301.4 million year to date, down from $2,438.6 million. The filing attributes the decline mainly to lower weather-normalized commercial and industrial demand from COVID-19 business closures, partly offset by higher residential demand, along with higher depreciation, interest expense and income tax expense from the Kansas corporate income tax rate change. Adjusted earnings (non-GAAP) were $154.2 million, or $0.68 per share, for the quarter and $248.4 million, or $1.09 per share, year to date. Evergy's board announced a Sustainability Transformation Plan, a five-year plan targeting about $330 million of operating and maintenance expense reduction by 2024 and about $8.9 billion of base capital investments through 2024, $1.4 billion more than the prior plan. Liquidity at June 30, 2020 included $176.2 million of cash and $2.0 billion of available borrowing capacity under the master credit facility. Cash from operations fell to $522.5 million year to date from $633.7 million. The filing also notes a $233.8 million net decrease in Evergy's deferred income tax liabilities from the Kansas tax change, and that the KCC granted a COVID-19 accounting authority order allowing future recovery of incremental costs and possibly lost revenues. The Evergy Missouri West Sibley Station refund issue remains uncertain, with a $15.6 million regulatory liability recorded for probable refunds.
Aug 5, 2020
2020-Q1
Evergy Quarterly Report for Q1 Ended Mar 31, 2020
Evergy, Inc. (EVRG) reported first-quarter 2020 net income attributable to Evergy, Inc. of $69.4 million, or $0.31 per diluted share, down from $99.5 million, or $0.39 per diluted share, in the first quarter of 2019. The filing attributes the decline primarily to lower retail sales from unfavorable weather and lower corporate-owned life insurance benefits, partially offset by lower transmission and distribution operating and maintenance expenses, which reflected storm costs in January 2019. Adjusted earnings (non-GAAP) were $94.2 million, or $0.41 per share, versus $111.1 million, or $0.44 per share, a year earlier. Operating revenues were $1,116.7 million compared with $1,216.9 million. Heating degree days fell 19% year over year, and the company noted it did not experience a significant first-quarter impact from COVID-19, though it expects reduced demand shifting toward residential customers after the quarter. Balance sheet and liquidity shifted notably. Cash and cash equivalents rose to $304.4 million from $23.2 million at December 31, 2019, while notes payable and commercial paper increased to $1,055.0 million from $561.9 million, as the pandemic disrupted the commercial paper market and the company drew on its master credit facility. Long-term debt, net was $8,993.5 million. Evergy stated that as of April 30, 2020 it had approximately $400 million of cash and cash equivalents plus about $250 million of restricted cash earmarked for redeeming $250.0 million of 5.10% first mortgage bonds, and $1.6 billion of available borrowing capacity under its master credit facility. Capital expenditures for the quarter were $354.4 million, and cash dividends paid were $114.5 million. The filing also highlights governance and strategic developments. In March 2020 the Board created a Strategic Review & Operations Committee to explore ways to enhance long-term shareholder value, including a potential strategic combination, with a recommendation expected by July 2020. Share repurchases were not expected to resume while that review continues. Evergy Kansas Central and Evergy Metro filed requests with state regulators for accounting authority orders to consider COVID-19 costs for future recovery, with decisions expected in the second half of 2020. Management cited anticipated rate base investment of approximately $7.6 billion from 2020 through 2024.
May 6, 2020
2019-Q3
Evergy Quarterly Report for Q3 Ended Sep 30, 2019
Evergy, Inc. (filed under the Evergy name as its combined Form 10-Q with Evergy Kansas Central, Inc. and Evergy Metro, Inc.) reported net income attributable to Evergy, Inc. of $366.8 million, or $1.56 per diluted share, for the quarter ended September 30, 2019, compared with $355.0 million, or $1.32 per diluted share, a year earlier. Year to date, net income attributable to Evergy, Inc. was $606.0 million, or $2.49 per diluted share, versus $517.3 million, or $2.61 per diluted share, in 2018. The filing attributes the quarterly increase mainly to new retail rates effective in 2018, net of a rate-refund provision recorded in the third quarter of 2018 for the Tax Cuts and Jobs Act. Year-to-date results reflect the inclusion of Evergy Metro's and Evergy Missouri West's earnings following the June 2018 merger of Great Plains Energy and Evergy Kansas Central, and a higher diluted share count. Adjusted earnings (non-GAAP) were $369.8 million, or $1.57 per share, for the quarter and $621.2 million, or $2.55 per share, year to date. The balance sheet shows total assets of $25.9 billion at September 30, 2019, up from $25.6 billion at December 31, 2018, with long-term debt, net, rising to $8.75 billion from $6.64 billion. This increase reflects the issuance of $1.6 billion of senior notes in September 2019, which was used to repay a $1.0 billion term loan that had financed share repurchases. Year to date, Evergy repurchased $1.63 billion of common stock under its program, which authorizes up to 60 million shares and is expected to be completed by mid-2020. Total equity declined to $8.59 billion from $9.99 billion, and cash from operations was $1.45 billion year to date. The filing also highlights regulatory and environmental developments. In September 2019, the Kansas Corporation Commission disallowed recovery of costs tied to the lease extension and purchase of an 8% interest in the Jeffrey Energy Center, resulting in an $8.4 million pre-tax loss. The Missouri Public Service Commission ordered Evergy Missouri West to record a regulatory liability for Sibley Station revenues pending its next rate case. The EPA's Affordable Clean Energy rule and proposed coal combustion residuals and effluent limitations guideline changes could have material cost impacts, though the company states it cannot yet determine the effect.
Nov 6, 2019
2019-Q2
Evergy Quarterly Report for Q2 Ended Jun 30, 2019
Evergy, Inc. (then filed as Evergy, Inc.; the combined report also covers Westar Energy, Inc. and Kansas City Power & Light Company) reported net income attributable to Evergy, Inc. of $139.7 million, or $0.57 per diluted share, for the three months ended June 30, 2019, compared with $101.8 million, or $0.56 per diluted share, a year earlier. For the year to date, net income attributable to Evergy, Inc. was $239.2 million, or $0.96 per diluted share, versus $162.3 million, or $1.00 per diluted share, in the prior-year period. Management attributes the quarterly increase mainly to including KCP&L's and GMO's earnings following the June 2018 merger, partially offset by lower Westar Energy retail sales driven by unfavorable weather. Diluted EPS declined year to date because of a higher count of diluted weighted average shares, which reduced diluted EPS by $0.51. Capital allocation was a major theme in the period. Evergy repurchased $1,128.7 million of common stock year to date under a program authorized in July 2018 for up to 60 million shares, and total repurchases since inception were approximately $2.2 billion. To fund repurchases, Evergy borrowed $1.0 billion under a six-month term loan, which it expects to repay with proceeds from a long-term debt issuance in the third quarter of 2019. Total assets were $25.72 billion at June 30, 2019, and notes payable and commercial paper rose to $2.24 billion from $738.6 million at year-end 2018. Evergy's 2019 Q2 adjusted earnings (non-GAAP) were $140.3 million, or $0.58 per share. Regulatory and environmental matters remain significant. The filing notes a pending MPSC accounting authority order request related to GMO's Sibley Station, with a hearing scheduled for August 2019 and an order expected before the end of 2019. The Affordable Clean Energy rule, which the EPA finalized in July 2019 to replace the Clean Power Plan, could carry material compliance costs depending on how states implement it. The filing also states that the Evergy Companies cannot determine the impact of that rule on operations or results, and that a Hawthorn Station water permit renewal remains unresolved.
Aug 7, 2019
2019-Q1
Evergy Quarterly Report for Q1 Ended Mar 31, 2019
Evergy, Inc. (filed under the name Evergy, Inc.; formed in 2017 as Monarch Energy Holding, Inc.) reported first-quarter 2019 net income attributable to Evergy of $99.5 million, or $0.39 per diluted share, compared with $60.5 million, or $0.42 per diluted share, in the first quarter of 2018. The increase in net income primarily reflects the inclusion of KCP&L's and GMO's earnings following the June 2018 merger with Great Plains Energy, higher Westar Energy retail sales driven by colder weather, and lower Westar Energy operating and maintenance expense, partially offset by higher Westar Energy depreciation. Diluted EPS declined because the merger issued about 128.9 million shares to Great Plains Energy shareholders, which the filing says diluted EPS by $0.30. Adjusted earnings (non-GAAP) were $111.1 million, or $0.44 per share, excluding rebranding and voluntary severance costs. Operating revenues rose to $1,216.9 million from $600.2 million. Balance sheet and capital activity were significant during the quarter. Evergy repurchased $578.3 million of common stock, bringing total repurchases since inception to approximately $1.6 billion and 26.9 million shares under a program authorizing up to 60 million shares. Notes payable and commercial paper rose to $1,311.0 million from $738.6 million at year-end 2018, and long-term debt, net increased to $7,125.9 million from $6,636.3 million. KCP&L issued $400.0 million of 4.125% Mortgage Bonds due 2049 and GMO issued $100.0 million of 3.74% Senior Notes, and Evergy borrowed $500.0 million under a $1.0 billion, six-month term loan to fund repurchases. Evergy expects to repay the term loan with an anticipated long-term debt issuance in the second half of 2019. Total equity fell to $9,391.7 million from $9,990.7 million. Regulatory and environmental matters include a Westar Energy transmission delivery charge expected to reduce annual retail revenues by $7.7 million and a KCP&L charge expected to reduce them by $8.3 million. The filing states that Westar Energy and KCP&L do not expect a refund obligation under the Kansas earnings review plan for 2019. An MPSC proceeding on GMO's Sibley Station is scheduled for a hearing in July 2019. The filing also describes ongoing EPA rulemakings on greenhouse gases, coal combustion residuals and water discharge, which the company says could be material depending on their final form.
May 8, 2019
2018-Q3
Evergy Quarterly Report for Q3 Ended Sep 30, 2018
Evergy, Inc. (filed under the name Evergy, Inc.; Monarch Energy Holding, Inc. was its pre-merger name) reported a combined Form 10-Q for the quarter ended September 30, 2018, covering Evergy, Westar Energy and Kansas City Power & Light Company. The June 4, 2018 merger of Great Plains Energy and Westar Energy made Evergy the parent of Westar Energy, KCP&L and GMO. Evergy's operating revenues were $1,582.5 million for the quarter, up from $794.3 million, and $3,076.1 million year to date, up from $1,976.2 million. Net income attributable to Evergy was $355.0 million for the quarter and $517.3 million year to date, and diluted EPS was $1.32 and $2.61, compared with $1.11 and $2.03 a year earlier. The filing attributes the increases mainly to inclusion of KCP&L's and GMO's earnings from June 2018 and higher Westar retail sales from favorable weather, partly offset by merger costs and customer bill credits. Total assets rose to $26,075.2 million from $11,624.4 million at December 31, 2017, largely from the merger, including $2,333.5 million of goodwill. Evergy repurchased $486.1 million of common stock in 2018 under a July 2018 authorization of up to 60 million shares, expected to be completed by mid-2020. Long-term debt, net, was $6,639.8 million, and the filing notes a $2.5 billion master credit facility entered in September 2018. Key regulatory items include Kansas and Missouri rate case settlements and Tax Cuts and Jobs Act refund obligations, with Evergy's regulatory liabilities for TCJA refunds recorded at $155.1 million. The filing reports that Evergy's 2018 rate cases resulted in new rates expected to take effect in December 2018 for KCP&L, and that the Evergy Companies have an investment-grade credit profile, with Evergy rated A- by S&P Global and Baa2 by Moody's on senior unsecured debt.
Nov 7, 2018
2018-Q2
Evergy Quarterly Report for Q2 Ended Jun 30, 2018
Evergy, Inc. filed its combined Form 10-Q for the quarter ended June 30, 2018, covering Evergy, Westar Energy and Kansas City Power & Light Company. The quarter reflects the June 4, 2018 closing of the merger in which Great Plains Energy merged into Evergy and Westar Energy was determined to be the accounting acquirer. Evergy reported net income attributable to Evergy of $101.8 million, or $0.56 diluted EPS, for the three months ended June 30, 2018, compared with $72.1 million and $0.50 a year earlier. For the year to date, net income attributable to Evergy was $162.3 million, or $1.00 diluted EPS, versus $131.7 million and $0.92. Operating revenues rose to $893.4 million for the quarter from $609.3 million, primarily because KCP&L and GMO results are included from the merger date. Merger-related costs were $123.3 million for the quarter, and the filing attributes the earnings increase mainly to the inclusion of KCP&L's and GMO's earnings, higher Westar retail sales, and lower income tax expense. The balance sheet changed substantially. Total assets were $26,659.3 million at June 30, 2018, up from $11,624.4 million at December 31, 2017, and goodwill of $2,333.7 million was recorded. Cash and cash equivalents were $1,280.1 million, including $140.6 million received from settlement of Great Plains Energy's interest rate swaps. Total equity was $10,895.4 million. The Evergy Board authorized repurchase of up to 60 million common shares in July 2018, which the company expects to complete by mid-2020, and the filing describes an anticipated common equity ratio of approximately 50% after completion. The company also cites a strategy including approximately $600 million of potential net merger synergies from 2018 through 2022 and approximately $6 billion of anticipated rate base investment over the same period. Several regulatory matters remain pending. Westar Energy's Kansas rate case stipulation calls for a decrease in retail revenues of approximately $66 million before rebasing property tax expense, subject to KCC approval. KCP&L and GMO have Missouri rate cases with evidentiary hearings expected in September 2018, and KCP&L has a Kansas rate case with new rates expected in December 2018. The merger orders include bill credits, a five-year base rate moratorium in Kansas, and commitments that base rates will not increase because of the merger. Credit ratings for Evergy are Baa2 at Moody's and BBB+ at S&P Global.
Aug 8, 2018