01—Abstract
Summary
Summary of the 8-K filed February 29, 2024. Cited figures are marked; the original filing is the authoritative source.
Evergy, Inc. (NASDAQ: EVRG) reported full-year 2023 GAAP earnings of $731.3 milliona, or $3.17 per diluted share, compared with $752.7 million, or $3.27 per share, in 2022.
Adjusted (non-GAAP) earnings were $815.6 millionb, or $3.54 per share, versus $853.8 million, or $3.71 per share, in 2022. For the fourth quarter, GAAP earnings were $58.0 million, or $0.25 per share, compared with $7.5 million, or $0.03 per share, a year earlier, and adjusted earnings were $61.1 million, or $0.27 per share, versus $68.6 million, or $0.30 per share. Management cited higher interest rates, regulatory lag and mild end-of-year weather as headwinds, partly offset by cost management that reduced adjusted O&M by 12% relative to 2022.
The company issued 2024 GAAP and adjusted EPS guidance of $3.73 to $3.93c, reaffirmed its long-term adjusted EPS growth target of 4% to 6% through 2026 off the original $3.65 midpoint of 2023 adjusted EPS guidance, and updated its five-year capital investment plan to $12.5 billion for 2024 through 2028. The board declared a quarterly dividend of $0.6425 per share, payable March 22, 2024, to holders of record as of March 11, 2024.
The filing is a combined Form 8-K for Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc., furnishing the earnings press release (Exhibit 99.1) under Items 2.02 and 7.01. The information is furnished rather than filed, so it is not subject to Section 18 liabilities.
02—Key points
Key Highlights
- 2023 GAAP EPS of $3.17 versus $3.27 in 2022; adjusted EPS (non-GAAP) of $3.54 versus $3.71
- 2024 GAAP and adjusted EPS guidance of $3.73 to $3.93 per diluted share
- Long-term adjusted EPS growth target of 4% to 6% through 2026 reaffirmed
- Five-year capital investment plan updated to $12.5 billion for 2024 through 2028
- Quarterly dividend of $0.6425 per share declared, payable March 22, 2024 to holders of record as of March 11, 2024
- Fourth-quarter 2023 GAAP EPS of $0.25 versus $0.03 in Q4 2022; adjusted EPS of $0.27 versus $0.30
- Adjusted O&M reduced to $945 million in 2023 from $1,074 million in 2022, with management citing 12% lower adjusted O&M
03—Questions
Frequently Asked Questions
What drove the decline in 2023 adjusted earnings per share?
The filing states that full-year 2023 adjusted EPS was driven lower by higher interest expense, higher depreciation and amortization, and unfavorable weather compared with the prior year. These were partially offset by lower operations and maintenance expense, tax items, and higher corporate owned life insurance proceeds.
What is Evergy's 2024 earnings guidance?
Evergy issued 2024 GAAP EPS guidance of $3.73 to $3.93 and adjusted (non-GAAP) EPS guidance of the same range, with no non-GAAP reconciling items shown in the guidance table.
What is the dividend and when is it payable?
The Board declared a quarterly common stock dividend of $0.6425 per share, payable March 22, 2024, to shareholders of record as of March 11, 2024.
What did the company say about its capital investment plan?
Evergy updated its five-year capital investment plan to $12.5 billion covering 2024 through 2028.
Is the information in this filing considered filed for Exchange Act liability purposes?
No. The filing states that the information under Items 2.02 and 7.01 and in Exhibit 99.1 is furnished and not deemed filed under Section 18 of the Exchange Act, and is not incorporated by reference into Securities Act registration statements unless expressly indicated.
04—Continue