Press release
Evergy Announces 2019 Results, Declares Quarterly Dividend and Announces Updates to Capital Plan
GAAP EPS of $2.79; Adjusted EPS (Non-GAAP) of $2.89 Five-year capital plan of $7.6B through 2024 KANSAS CITY, Mo.--(BUSINESS WIRE)-- Evergy, Inc. (NYSE:
About this update from Evergy, Inc.
[{"type":"text","content":"\n\nGAAP EPS of $2.79; Adjusted EPS (Non-GAAP) of $2.89\n\n\nFive-year capital plan of $7.6B through 2024\n\n\n KANSAS CITY, Mo.--(BUSINESS WIRE)--\nEvergy, Inc. (NYSE: EVRG) today announced full year 2019 earnings of $670 million, or $2.79 per share, compared with earnings of $536 million, or $2.50 per share, for the full year 2018. For the fourth quarter 2019, earnings were $64 million, or $0.28 per share, compared with earnings of $19 million, or $0.07 per share, for the fourth quarter of 2018.\n\n\nFor the year, earnings were driven by the full year impact of Evergy Metro and Evergy Missouri West results and lower operating and maintenance expenses, partially offset by higher depreciation expense and lower retail sales driven by unfavorable weather compared to 2018.\n\n\nEvergy’s 2019 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were\n\n\n$694 million and $2.89, respectively, compared to $681 million and $2.54 in 2018. Fourth quarter adjusted earnings (non-GAAP) were $73 million, or $0.32 per share, compared with $39 million and $0.15 per share in the fourth quarter of 2018. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP), which exclude certain merger-related costs and/or benefits, are reconciled to GAAP earnings in the financial table included in this release.\n\n\nNew retail rates after consideration of the 2018 provision for rate refund for the lower corporate tax rate, significant cost reduction efforts and fewer shares outstanding contributed to the year over year increase in adjusted earnings per share. These gains were partially offset by unfavorable weather compared to 2018 and higher depreciation expense.\n\n\n“The continued execution of our merger plan resulted in another year of solid financial results, including a more than 13% year-over-year increase in adjusted earnings per share,” said Terry Bassham, Evergy president and chief executive officer. “We remain focused on realizing the on-going benefits and value our merger is creating for all Evergy stakeholders.”\n\n\nCapital Plan Update\n\n\nAs previously discussed on the Company’s third quarter conference call, Evergy has evaluated additional capital investment opportunities and believes there are significant additional infrastructure investment opportunities in Missouri. In addition, since engaging with Elliot...