Evergy
KANSAS CITY, Mo. — Evergy, Inc. (NASDAQ: EVRG) today announced third quarter 2024 GAAP earnings of $465.6 million, or $2.02 per share, compared to GAAP earnings of $351.6 million, or $1.53 per share, for the third quarter 2023.
Evergy’s third quarter 2024 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $465.6 million and $2.02, respectively, compared to $432.3 million and $1.88 in 2023.
Third quarter 2024 adjusted earnings (non-GAAP) per share were higher than last year due primarily to new retail rates, FERC regulated investments and growth in weather-normalized demand, partially offset by cooler summer weather and higher depreciation and amortization expense.
"We were pleased to announce a unanimous settlement agreement in our Missouri West rate case which, if approved by the Missouri Public Service Commission (MPSC), delivers a constructive outcome for our Missouri West customers," said David Campbell, Evergy chairman and chief executive officer. "We also recently announced the sites of two 705 megawatt combined-cycle natural gas plants that will help us meet the growing energy needs in our region, while creating jobs and tax dollars and ensuring we can attract and serve new businesses to our area given the historic opportunities ahead of us in Kansas and Missouri."
"We're also excited to announce our 2025E-2029E capital investment plan of $16.2 billion, which reflects the infrastructure investment needed to enable these opportunities," continued Campbell. "This update incorporates a significant portion of the new generation needed to serve our growing customer base as outlined in our 2024 Integrated Resource Plans, along with other beneficial projects to modernize our transmission and distribution systems to deliver affordable, reliable and sustainable power to the communities we serve."
"We are reaffirming our 2024 adjusted earnings per share (EPS) guidance range of $3.73 to $3.93 and establishing 2025 adjusted EPS guidance of $3.92 to $4.12. Based on our updated financial outlook, we expect long-term adjusted EPS growth in the upper half of our 4% to 6% range starting in 2026.”
Dividend Declaration
The Board of Directors declared a dividend on the Company’s common stock of $0.6675 per share payable on December 20, 2024. The dividends are payable to shareholders of record as of November 21, 2024.
Earnings Conference Call
Evergy management will host a conference call Thursday, November 7, with the investment community at 9:00 a.m. ET (8:00 a.m. CT). To view the webcast and presentation slides, please go to investors.evergy.com. To access via phone, investors and analysts will need to register using this link where they will be provided a phone number and access code.
This earnings announcement, a package of detailed third quarter financial information, the Company's quarterly report on Form 10-Q for the period ended September 30, 2024, and other filings the Company has made with the Securities and Exchange Commission are available on the Company's website at http://investors.evergy.com.
Adjusted Earnings (non-GAAP) and Adjusted Earnings Per Share (non-GAAP)
Management believes that adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are representative measures of Evergy's recurring earnings, assist in the comparability of results and are consistent with how management reviews performance.
Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended and year to date September 30, 2024 were $465.6 million or $2.02 per share and $797.3 million or $3.46 per share, respectively. For the three months ended and year to date September 30, 2023, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $432.3 million or $1.88 per share and $754.5 million or $3.27 per share, respectively.