Press release
Evergy Announces 2020 Results at Top End of Guidance Range, Declares Quarterly Dividend, and Issues 2021 Outlook
2020 GAAP EPS of $2.72, compared with $2.79 in 2019; Adjusted EPS (Non-GAAP) of $3.10, an increase of 7% vs 2019 Declares quarterly dividend of $0.535 Issues
About this update from Evergy, Inc.
[{"type":"text","content":"\n\n2020 GAAP EPS of $2.72, compared with $2.79 in 2019; Adjusted EPS (Non-GAAP) of $3.10, an increase of 7% vs 2019\n\n\nDeclares quarterly dividend of $0.535 \n\n\nIssues 2021 GAAP EPS guidance of $3.14 to $3.34; Adjusted EPS guidance of $3.20 to $3.40\n\n\nIncreases five-year capital plan to $9.2 billion through 2025\n\n\n KANSAS CITY, Mo.--(BUSINESS WIRE)--\nEvergy, Inc. (NYSE: EVRG) today announced full year GAAP 2020 earnings of $618 million, or $2.72 per share, compared with earnings of $670 million, or $2.79 per share, for the full year 2019. Fourth quarter 2020 GAAP earnings were $51 million, or $0.22 per share, compared with earnings of $64 million, or $0.28 per share, for the fourth quarter of 2019.\n\nFor the year, GAAP earnings decreased primarily due to lower retail sales driven by unfavorable weather and a decrease in weather-normalized demand primarily due to pandemic impacts. Also contributing to lower earnings was higher depreciation expense from infrastructure investments, severance and advisor expenses, and higher interest expense; partially offset by lower operating and maintenance expenses.\n\nEvergy’s 2020 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $706 million and $3.10, respectively, compared to $694 million and $2.89 in 2019, representing a year-over-year increase of 7%, in line with the company’s target of 6% to 8% annual growth in adjusted EPS from 2019-2024. Fourth quarter adjusted earnings (non-GAAP) were $64 million, or $0.28 per share, compared with $73 million and $0.32 per share in the fourth quarter of 2019. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are reconciled to GAAP earnings in the financial table included in this release.\n\nFor the year, adjusted (non-GAAP) earnings per share were driven higher primarily by lower operations and maintenance expense due to continued cost management and fewer shares outstanding. These benefits were partially offset by unfavorable weather, lower demand due to the impacts of the pandemic, higher depreciation expense, and higher interest expense.\n\n“I’m very excited to be part of the Evergy team and to welcome Kirk Andrews, our new Chief Financial Officer,” said David Campbell, Evergy president and chief executive officer. “Our executive team and employees remained laser-focused to deliver stron...