How did Evergy perform in the second quarter of 2024?

Evergy reported GAAP earnings of $207.0 million, or $0.90 per diluted share, up from $179.1 million, or $0.78 per share, in Q2 2023. Adjusted (non-GAAP) earnings were $207.0 million, or $0.90 per share, compared with $186.1 million, or $0.81 per share, a year earlier.

What drove the increase in second quarter adjusted EPS?

Management attributed the increase primarily to warmer than normal weather, growth in weather-normalized demand, new retail rates and higher transmission margin. These were partially offset by higher operation and maintenance expense, higher depreciation and amortization expense and higher interest expense.

Did Evergy change its 2024 earnings guidance?

No. Evergy reaffirmed its 2024 GAAP and adjusted EPS guidance range of $3.73 to $3.93 per diluted share and its long-term adjusted EPS annual growth target of 4% to 6% through 2026.

What did management say about growth prospects?

CEO David Campbell said the overall economic development pipeline remains robust in both Kansas and Missouri, and pointed to the Panasonic electric vehicle battery manufacturing plant and the Meta and Google data centers as examples of recent success in the region.

EVRG 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed August 9, 2024. Cited figures are marked; the original filing is the authoritative source.

Evergy, Inc. (NASDAQ: EVRG) furnished this combined Form 8-K, filed jointly with Evergy Kansas Central, Inc. and Evergy Metro, Inc., to report its second quarter 2024 results (quarter ended June 30, 2024), declare a quarterly dividend, and reaffirm 2024 guidance.

Evergy reported second quarter 2024 GAAP earnings of $207.0 million^a, or $0.90 per diluted share, compared with $179.1 million, or $0.78 per share, in the second quarter of 2023. Adjusted (non-GAAP) earnings were also $207.0 million, or $0.90 per share, versus $186.1 million, or $0.81 per share, a year earlier. Management attributed the year-over-year improvement in adjusted EPS mainly to warmer than normal weather, growth in weather-normalized demand, new retail rates and higher transmission margin, partially offset by higher operation and maintenance, depreciation and amortization, and interest expense.

Year to date through June 30, 2024, GAAP net income attributable to Evergy was $329.7 million^b, or $1.43 per diluted share, and adjusted earnings were $331.7 million, or $1.44 per share, compared with adjusted earnings of $322.2 million, or $1.40 per share, in the prior-year period. Evergy reaffirmed its 2024 GAAP and adjusted EPS guidance range of $3.73 to $3.93 and its long-term adjusted EPS annual growth target of 4% to 6% through 2026, measured off the original $3.65 midpoint of 2023 adjusted EPS guidance. The Board declared a quarterly common dividend of $0.6425 per share, payable September 20, 2024 to shareholders of record as of August 20, 2024.

Chairman and CEO David Campbell said the economic development pipeline in Kansas and Missouri remains robust, citing the Panasonic EV battery plant and Meta and Google data centers as examples. The earnings and guidance information is furnished under Items 2.02 and 7.01 and is not deemed filed for Section 18 purposes.

02—Key points

Key Highlights

Q2 2024 GAAP EPS of $0.90 versus $0.78 in Q2 2023; net income of $207.0 million versus $179.1 million.
Q2 2024 adjusted EPS (non-GAAP) of $0.90 versus $0.81 in Q2 2023; no non-GAAP reconciling items in Q2 2024.
Year-to-date adjusted EPS (non-GAAP) of $1.44 versus $1.40 a year earlier; year-to-date GAAP EPS of $1.43.
2024 GAAP and adjusted EPS guidance reaffirmed at $3.73 to $3.93 per diluted share.
Long-term adjusted EPS annual growth target of 4% to 6% through 2026 reaffirmed, off the original $3.65 midpoint of 2023 guidance.
Quarterly dividend of $0.6425 per share declared, payable September 20, 2024 to holders of record as of August 20, 2024.
Management cited warmer than normal weather, growth in weather-normalized demand, new retail rates and higher transmission margin as drivers, offset by higher O&M, depreciation and interest expense.

03—Questions

Frequently Asked Questions

How did Evergy perform in the second quarter of 2024?
Evergy reported GAAP earnings of $207.0 million, or $0.90 per diluted share, up from $179.1 million, or $0.78 per share, in Q2 2023. Adjusted (non-GAAP) earnings were $207.0 million, or $0.90 per share, compared with $186.1 million, or $0.81 per share, a year earlier.
What drove the increase in second quarter adjusted EPS?
Management attributed the increase primarily to warmer than normal weather, growth in weather-normalized demand, new retail rates and higher transmission margin. These were partially offset by higher operation and maintenance expense, higher depreciation and amortization expense and higher interest expense.
Did Evergy change its 2024 earnings guidance?
No. Evergy reaffirmed its 2024 GAAP and adjusted EPS guidance range of $3.73 to $3.93 per diluted share and its long-term adjusted EPS annual growth target of 4% to 6% through 2026.
What is the dividend announcement?
The Board declared a quarterly common dividend of $0.6425 per share, payable September 20, 2024 to shareholders of record as of August 20, 2024.
What did management say about growth prospects?
CEO David Campbell said the overall economic development pipeline remains robust in both Kansas and Missouri, and pointed to the Panasonic electric vehicle battery manufacturing plant and the Meta and Google data centers as examples of recent success in the region.

04—Continue

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