Evergy Inc (EVRG) Reports Q3 2023 Earnings, Adjusted EPS Drops to $1.88 from $2.00 Year-Over-Year
Evergy Inc (NASDAQ:EVRG) announced Q3 2023 GAAP earnings of $351.6 million, or $1.53 per share, compared to GAAP earnings of $428.2 million, or $1.86 per share, for Q3 2022.
Adjusted earnings for Q3 2023 were $432.3 million and $1.88 per share, compared to $460.8 million and $2.00 per share in 2022.
The company revised its 2023 GAAP EPS guidance range to $3.22 to $3.32 from its original guidance of $3.55 to $3.75.
The Board of Directors declared a dividend on the Companys common stock of $0.6425 per share payable on December 20, 2023, reflecting an increase of 5%.
On November 7, 2023, Evergy Inc (NASDAQ:EVRG) released its third quarter 2023 earnings report. The company reported GAAP earnings of $351.6 million, or $1.53 per share, a decrease from GAAP earnings of $428.2 million, or $1.86 per share, for the third quarter of 2022. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) for Q3 2023 were $432.3 million and $1.88, respectively, compared to $460.8 million and $2.00 in 2022.
Financial Highlights
Evergy's adjusted earnings per share were driven by lower operations and maintenance expense, higher corporate owned life insurance proceeds, and tax items offset by unfavorable weather compared to the corresponding period in the prior year, lower weather-normalized demand, higher depreciation and amortization expense, and higher interest expense.
Evergy's president and chief executive officer, David Campbell, commented on the company's performance, stating,
We reached an important milestone in the third quarter in announcing a unanimous settlement agreement in our Kansas rate cases, which, if approved by the Kansas Corporation Commission (KCC), will deliver significant savings back to our customers and advance regional rate competitiveness."
Earnings Guidance
The company revised its 2023 GAAP EPS guidance range to $3.22 to $3.32 from its original guidance of $3.55 to $3.75 and narrowed its 2023 adjusted EPS (non-GAAP) guidance range to $3.55 to $3.65 from its original guidance of $3.55 to $3.75. Additionally, the company issued its new long-term adjusted EPS (non-GAAP) annual growth target of 4% to 6% through 2026 off the original $3.65 midpoint of 2023 guidance.
Dividend Declaration
The Board of Directors declared a dividend on the Companys common stock of $0.6425 per share payable on December 20, 2023. The dividend of $0.6425 per share, or $2.57 per share annualized, reflects an increase of 5%. The dividends are payable to shareholders of record as of November 22, 2023.
Adjusted Earnings
Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended and year to date September 30, 2023 were $432.3 million or $1.88 per share and $754.5 million or $3.27 per share, respectively. For the three months ended and year to date September 30, 2022, Evergys adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $460.8 million or $2.00 per share and $785.2 million or $3.41 per share, respectively.
Evergy's management believes that adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are representative measures of Evergys recurring earnings, assist in the comparability of results and are consistent with how management reviews performance.
Explore the complete 8-K earnings release (here) from Evergy Inc for further details.
This article first appeared on GuruFocus.
