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Why Is Evergy (EVRG) Up 10.2% Since Last Earnings Report?

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It has been about a month since the last earnings report for Evergy Inc (EVRG). Shares have added about 10.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Evergy due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Evergy Tops Q4 Earnings Estimates, Ups Capex Spending

Evergy, Inc.  reported fourth-quarter 2020 operating earnings of 28 cents per share, which surpassed the Zacks Consensus Estimate of 20 cents by 40%. The reported earnings, however, were down 12.5% year over year due to lower retail sales, thanks to unfavorable weather and reduction in demand due to the pandemic.

GAAP earnings for the reported quarter were 22 cents compared with 28 cents per share in the year-ago period.

Total Revenues

Evergy’s total revenues came in at $1,094.4 million, reflecting a decline of 3.3% from the year-ago-quarter’s $1,131.6 million.

Highlights of the Release

Total operating expenses were $941.4 million, down 2.5% from the year-ago quarter’s $965.8 million owing to lower fuel and purchased power, along with a decline in operating and maintenance costs.

Interest expenses for the reported quarter were $93.4 million, down 3.4% from the year-ago level.

Financial Update

Cash and cash equivalents as of Dec 31, 2020 were $144.9 million compared with $23.2 million at 2019-end.

Long-term debt as of Dec 31, 2020 was $9,190.9 million compared with $8,746.7 million at 2019-end.

Cash from operating activities for 2020 was $1,753.8 million compared with $1,749 million in 2019.

Guidance

Evergy issued its 2021 operating earnings per share guidance in the range of $3.20-$3.40, which does not reflect the expected positive impact of power marketing activities during the February extreme weather event.

Evergy has updated five-year (2021-2025) capital plan to $9.2 billion, up from the previous guidance of $8.9 billion for the 2020-2024 time frame. The expenditures will be directed toward utility projects, with an objective of modernizing the grid, and increasing efficiency as well as reliability of operations.

How Have Estimates Been Moving Since Then?

Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.


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