Press release
Evergy Announces First Quarter 2023 Results, Declares Quarterly Dividend and Reaffirms 2023 Guidance
First Quarter 2023 GAAP EPS of $0.62, compared to $0.53 in 2022 First Quarter 2023 Adjusted EPS (Non-GAAP) of $0.59, compared to $0.56 in 2022 Declares
About this update from Evergy, Inc.
[{"type":"text","content":"\n\nFirst Quarter 2023 GAAP EPS of $0.62, compared to $0.53 in 2022\n\n\n\nFirst Quarter 2023 Adjusted EPS (Non-GAAP) of $0.59, compared to $0.56 in 2022\n\n\n\nDeclares quarterly dividend of $0.6125 per share\n\n\n\n2023 GAAP EPS guidance of $3.55 to $3.75; Reaffirms 2023 Adjusted EPS (Non-GAAP) guidance of $3.55 to $3.75\n\n\n\n KANSAS CITY, Mo.--(BUSINESS WIRE)--\nEvergy, Inc. (NASDAQ: EVRG) today announced first quarter 2023 GAAP earnings of $143 million, or $0.62 per share, compared to GAAP earnings of $123 million, or $0.53 per share, for first quarter 2022.\n\n\nEvergy’s first quarter 2023 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $136 million and $0.59, respectively, compared to $130 million and $0.56 in 2022. 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\n\nFirst quarter adjusted earnings (non-GAAP) per share were driven by higher weather-normalized demand, lower operations and maintenance expense, and higher transmission margin, partially offset by unfavorable weather, higher depreciation and amortization expense, and higher interest expense.\n\n\n“A solid start to the year keeps us on pace to achieve our 2023 targets,\" said David Campbell, Evergy president and chief executive officer. \"We formed Evergy with a focus on reducing costs, investing in beneficial infrastructure, and making rates more affordable and competitive. Over the past five years, we have made significant progress in advancing each of those goals. As part of our rate filing last month, we seek to share those cost savings and recover investments made to improve the electric grid and build a smarter, more reliable energy future for our Kansas customers.”\n\n\nEarnings Guidance\n\n\nThe Company reaffirmed its 2023 GAAP EPS guidance range of $3.55 to $3.75, along with its 2023 adjusted EPS (Non-GAAP) guidance range of $3.55 to $3.75. Additionally, the Company reaffirmed its long-term adjusted EPS (Non-GAAP) annual growth target of 6% to 8% through 2025 from the $3.30 midpoint of the original 2021 adjusted EPS (Non-GAAP) guidance range. Adjusted EPS (non-GAAP) guidance is reconciled to GAAP EPS guidance in the financial table included in this release.\n\n\nDividend Declaration\n\n\nThe Board of Directors declared...