01—Abstract
Summary
Summary of the 8-K filed February 27, 2025. Cited figures are marked; the original filing is the authoritative source.
Evergy, Inc. (NASDAQ: EVRG), together with its subsidiaries Evergy Kansas Central, Inc. and Evergy Metro, Inc., furnished a combined Form 8-K on February 27, 2025 announcing fourth-quarter and full-year 2024 results, declaring a quarterly dividend, and furnishing 2025 earnings guidance via Exhibit 99.1.
The company reported 2024 GAAP net income of $873.5 milliona, or $3.79 per diluted share, compared with $731.3 million, or $3.17 per share, in 2023. Adjusted (non-GAAP) earnings for 2024 were $877.9 million, or $3.81 per share, compared with $815.6 million, or $3.54 per share, in 2023. Management attributed the full-year adjusted EPS results to new retail rates, FERC-regulated investments and growth in weather-normalized demand, partly offset by mild weather, higher depreciation and amortization, operations and maintenance expense and interest expense.
Evergy reaffirmed its 2025 GAAP and adjusted EPS guidance of $3.92 to $4.12b, with a midpoint of $4.02, and its long-term adjusted EPS growth target of 4% to 6% through 2029, expecting growth in the upper half of that range beginning in 2026. The company raised its 2025E-2029E capital investment plan to $17.5 billion and declared a quarterly dividend of $0.6675 per share, payable March 21, 2025 to shareholders of record as of March 10, 2025.
Management also said it is in advanced negotiations with two large data center customers within a more than 10-gigawatt project pipeline. The information is furnished under Items 2.02 and 7.01 and is not deemed filed for purposes of Section 18 of the Exchange Act.
02—Key points
Key Highlights
- 2024 GAAP EPS of $3.79 vs. $3.17 in 2023; adjusted (non-GAAP) EPS of $3.81 vs. $3.54, within the prior guidance range of $3.73 to $3.93.
- Fourth-quarter 2024 GAAP net income of $78.2 million ($0.34 per diluted share) vs. $58.0 million ($0.25) in Q4 2023; adjusted Q4 EPS of $0.35 vs. $0.27.
- 2025 GAAP and adjusted EPS guidance reaffirmed at $3.92 to $4.12; long-term adjusted EPS growth target of 4% to 6% through 2029.
- Capital investment plan for 2025E-2029E raised to $17.5 billion.
- Quarterly dividend declared at $0.6675 per share, payable March 21, 2025 to holders of record as of March 10, 2025.
- Kansas House Bill 2527 passed in 2024 to support infrastructure investment; unanimous settlement in Missouri West rate case.
- Advanced negotiations with two large data center customers within a more than 10-gigawatt project pipeline.
03—Questions
Frequently Asked Questions
How did Evergy perform in 2024 compared with 2023?
GAAP net income attributable to Evergy rose to $873.5 million, or $3.79 per diluted share, from $731.3 million, or $3.17 per share. Adjusted earnings (non-GAAP) were $877.9 million, or $3.81 per share, versus $815.6 million, or $3.54 per share, in 2023.
What is Evergy's 2025 earnings guidance?
Evergy reaffirmed 2025 GAAP and adjusted (non-GAAP) EPS guidance of $3.92 to $4.12, with a guidance midpoint of $4.02. The company has no non-GAAP reconciling items in its 2025 guidance table.
What long-term growth target did Evergy reaffirm?
Evergy reaffirmed a long-term adjusted EPS annual growth target of 4% to 6% through 2029, based on the 2025 adjusted EPS guidance midpoint of $4.02, and expects growth in the upper half of that range beginning in 2026.
What drove the 2024 results and what headwinds did Evergy face?
Adjusted EPS benefited from new retail rates, FERC-regulated investments and growth in weather-normalized demand. These were partially offset by mild weather, higher depreciation and amortization expense, and higher operations and maintenance and interest expense.
What dividend did Evergy declare and what are the key dates?
The board declared a quarterly common stock dividend of $0.6675 per share, payable March 21, 2025 to shareholders of record as of March 10, 2025.
04—Continue