Press release
Evergy Announces 2020 Third Quarter Results
GAAP EPS of $1.60; Adjusted EPS (Non-GAAP) of $1.73 Increase quarterly dividend 6%, to $0.535 per share, annualized to $2.14 Narrows 2020 GAAP EPS Guidance
About this update from Evergy, Inc.
[{"type":"text","content":"\n\nGAAP EPS of $1.60; Adjusted EPS (Non-GAAP) of $1.73\n\n\nIncrease quarterly dividend 6%, to $0.535 per share, annualized to $2.14\n\n\nNarrows 2020 GAAP EPS Guidance to $2.58 to $2.73; Adjusted EPS Guidance to $2.95 to $3.10\n\n\n KANSAS CITY, Mo.--(BUSINESS WIRE)--\nEvergy, Inc. (NYSE: EVRG) today announced third quarter 2020 earnings of $365 million, or $1.60 per share, compared with earnings of $367 million, or $1.56 per share, for the third quarter of 2019.\n\nEvergy’s adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $393 million and $1.73, respectively, in the third quarter of 2020 compared with $370 million and $1.57, respectively, in the third 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\nThird quarter earnings per share were driven higher by lower operations and maintenance expense due to continued cost management, an increase in weather-normalized demand due to higher residential demand and fewer shares outstanding. These benefits were partially offset by lower gross margin from unfavorable weather.\n\n“Our team’s focus on execution is reflected in great results this quarter,” said Terry Bassham, Evergy president and chief executive officer. “We remain focused on responsible cost reductions and ramping up infrastructure investment consistent with our Sustainability Transformation Plan to drive long-term value for both customers and shareholders.”\n\n2020 Outlook\n\nEvergy is narrowing 2020 GAAP EPS guidance to $2.58 to $2.73 and adjusted EPS guidance to $2.95 to $3.10, reflecting the upper half of the prior ranges.\n\nDividend Declaration\n\nThe Board of Directors declared a dividend on the company’s common stock of $0.535 per share payable on December 21, 2020. The dividends are payable to shareholders of record as of November 20, 2020.\n\nEarnings Conference Call\n\nEvergy management will host a conference call Thursday, November 5, with the investment community at 9:00 a.m. ET (8:00 a.m. CT). Investors, media and the public may listen to the conference call by dialing (888) 353-7071, conference ID 9476224. A webcast of the live conference call will be available at investors.evergy.com.\n\nMembers of the media are invited to listen to the conference call and the...