Evergy announces $21 million less in earnings due to fair weather

TOPEKA, Kan. (WIBW) - Evergy has announced that it earned about $21 million less in the third quarter of 2022 than it did in the same quarter of 2021 due to fair weather and other factors.

On Friday, Nov. 4, Evergy announced that it earned a total of $428 million in the third quarter of 2022 - that is $1.86 per share. This is about $21 million less than its GAAP earnings of $449 million - $1.95 per share - in 2021.

Evergy said its adjusted earnings were about $462 million - $2.01 per share. It said third-quarter earnings were driven by higher weather-normalized demand, favorable weather and higher transmission margins. These were partially offset by higher depreciation and amortization expenses and higher interest rate expenses.

“We finished the third quarter with solid results despite mounting challenges impacting our customers, our company, and our communities – in particular, ongoing high inflation and increasing interest rates. Given results ahead of expectations driven by operational performance and warmer-than-normal weather, we are narrowing our 2022 adjusted earnings guidance range to $3.53 to $3.63 per share from $3.43 to $3.63 per share. We are also increasing our quarterly dividend by 7%, consistent with our stated targets,” said David Campbell, Evergy President and Chief Executive Officer. “We’ll make a strong push to the finish line in 2022 and drive ongoing execution as we continue to address these macroeconomic challenges in 2023.”

The company indicated that it revised its 2022 GAAP EPS guidance range to $3.33 - $3.43 from the original guidance of $3.37 - $3.57 and narrowed its 2022 adjusted EPS guidance range to $3.53 - $3.63 from the original guidance of $3.43 - $3.63.

Additionally, Evergy said it reaffirmed its long-term adjusted EPS annual growth target of 6% to 8% through 2025 from the $3.30 midpoint of the original 2021 adjusted EPS guidance range.

The Board of Directors has also declared a dividend on Evegy’s stock o $0.6125 per share payable on Dec. 20. The dividends are payable to shareholders of record as of Nov. 18.

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