Press release
Evergy Announces Third Quarter 2021 Results
Third quarter 2021 GAAP EPS of $1.95; Adjusted EPS (Non-GAAP) of $1.98 Increasing quarterly dividend 7%, to $0.5725 per share, annualized to $2.29 Raising
About this update from Evergy, Inc.
[{"type":"text","content":"\n\nThird quarter 2021 GAAP EPS of $1.95; Adjusted EPS (Non-GAAP) of $1.98\n\n\nIncreasing quarterly dividend 7%, to $0.5725 per share, annualized to $2.29\n\n\nRaising and narrowing 2021 GAAP EPS Guidance to $3.71 to $3.81; Adjusted EPS Guidance to $3.50 to $3.60\n\n\n KANSAS CITY, Mo.--(BUSINESS WIRE)--\nEvergy, Inc. (NYSE: EVRG) today announced third quarter 2021 earnings of $449 million, or $1.95 per share, compared with earnings of $365 million, or $1.60 per share, for the third quarter of 2020.\n\nEvergy’s adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $455 million and $1.98 per share, respectively, in the third quarter of 2021 compared with $393 million and $1.73 per share, respectively, in the third quarter of 2020. 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 primarily by higher retail sales from warmer weather, increased transmission margin, higher other income, and lower income tax expense, partially offset by a decrease in weather-normalized demand.\n\n“We continue to execute on all elements of our strategy, including investment in energy infrastructure and disciplined cost management. This execution and favorable sales in the third quarter, driven primarily by warm weather, have allowed us to raise and narrow our 2021 adjusted earnings guidance range to $3.50 to $3.60 per share from $3.20 to $3.40. We are also increasing our fourth quarter dividend by seven percent, reflecting confidence in the outlook of our business,” said David Campbell, Evergy president and chief executive officer. “As we look ahead, we will remain focused on executing our strategy and delivering benefits to all of our stakeholders.”\n\nEarnings Guidance\n\nThe Company raised and narrowed its 2021 adjusted EPS guidance range to $3.50 to $3.60 from its original guidance range of $3.20 to $3.40. The Company affirmed its 2022 adjusted EPS guidance range of $3.43 to $3.63, as well as 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.\n\nDividend Declaration\n\nThe Board of Directors declared a dividend on the Company’s common stock of $0.5725 per share payable on De...