- First quarter 2022 GAAP EPS of $0.53, compared to $0.84 in
2021
- First quarter 2022 Adjusted EPS (Non-GAAP) of $0.58, compared
to $0.55 in 2021
- Declares quarterly dividend of $0.5725 per share
- 2022 GAAP EPS guidance of $3.38 to $3.58; Reaffirms 2022
Adjusted EPS guidance of $3.43 to $3.63
Evergy, Inc. (NYSE: EVRG) today announced first quarter 2022
GAAP earnings of $123 million, or $0.53 per share, compared to
earnings of $192 million, or $0.84 per share, for first quarter
2021.
Evergy’s first quarter 2022 adjusted earnings (non-GAAP) and
adjusted earnings per share (non-GAAP) were $134 million and $0.58,
respectively, compared to $125 million and $0.55 in first quarter
2021. Adjusted earnings (non-GAAP) and adjusted earnings per share
(non-GAAP) are reconciled to GAAP earnings in the financial table
included in this release.
First quarter adjusted earnings per share were higher driven by
higher transmission margin, reduced credit loss expense and lower
transmission and distribution expense, partially offset by higher
depreciation, amortization, and income tax expense.
“It was a good start to the year, and we delivered solid first
quarter results,” said David Campbell, Evergy president and chief
executive officer. “We remain well-positioned to meet our 2022 and
long-term targets and are laser-focused on executing our strategy
of delivering affordable, reliable and sustainable electric power
to our customers.”
Earnings Guidance
The Company reaffirmed 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.
Dividend Declaration
The Board of Directors declared a dividend on the Company’s
common stock of $0.5725 per share payable on June 20, 2022. The
dividends are payable to shareholders of record as of May 20,
2022.
Earnings Conference Call
Evergy management will host a conference call Thursday, May 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 4766027. A webcast of the
live conference call will be available at
http://investors.evergy.com.
Members of the media are invited to listen to the conference
call and then contact Gina Penzig with any follow-up questions.
This earnings announcement, a package of detailed first-quarter
financial information, the Company's quarterly report on Form 10-Q
for the period ended March 31, 2022, and other filings the Company
has made with the Securities and Exchange Commission are available
on the Company's website at http://investors.evergy.com.
Adjusted Earnings (non-GAAP) and
Adjusted Earnings Per Share (non-GAAP)
Adjusted earnings (non-GAAP) and adjusted earnings per share
(non-GAAP) exclude the income and costs resulting from
non-regulated energy marketing margins related to a February 2021
winter weather event, and gains or losses related to equity
investments subject to a restriction on sale that can create period
to period volatility, as well as costs resulting from executive
transition, severance, and advisor expenses. This information is
intended to enhance an investor's overall understanding of results.
Management believes that adjusted earnings (non-GAAP) provide a
meaningful basis for evaluating Evergy's operations across periods
because it excludes certain items that management does not believe
are indicative of Evergy's ongoing performance. Adjusted earnings
(non-GAAP) and adjusted earnings per share (non-GAAP) are used
internally to measure performance against budget and in reports for
management and the Evergy Board of Directors. Adjusted earnings
(non-GAAP) and adjusted earnings per share (non-GAAP) are financial
measures that are not calculated in accordance with GAAP and may
not be comparable to other companies' presentations or more useful
than the GAAP information provided elsewhere in this report.
The following tables provide a reconciliation between net income
attributable to Evergy, Inc. and diluted earnings per common share
as determined in accordance with GAAP and adjusted earnings
(non-GAAP) and adjusted earnings per share (non-GAAP).
Evergy, Inc.
Consolidated Earnings and
Diluted Earnings Per Share
(Unaudited)
Earnings
(Loss)
Earnings
(Loss)
per
Diluted
Share
Earnings
(Loss)
Earnings
(Loss)
per
Diluted
Share
Three Months Ended March 31
2022
2021
(millions, except per share
amounts)
Net income attributable to Evergy,
Inc.
$
122.5
$
0.53
$
191.6
$
0.84
Non-GAAP reconciling items:
Non-regulated energy marketing margin
related to February 2021 winter weather event, pre-tax(a)
—
—
(96.5
)
(0.42
)
Non-regulated energy marketing costs
related to February 2021 winter weather event, pre-tax(b)
0.3
—
2.0
0.01
Executive transition costs, pre-tax(c)
—
—
5.5
0.02
Severance costs, pre-tax(d)
—
—
1.6
0.01
Advisor expenses, pre-tax(e)
—
—
1.5
0.01
Restricted equity investment losses,
pre-tax(f)
14.2
0.06
—
—
Income tax expense (benefit)(g)
(3.2
)
(0.01
)
19.7
0.08
Adjusted earnings (non-GAAP)
$
133.8
$
0.58
$
125.4
$
0.55
(a)
Reflects non-regulated energy
marketing margins related to the February 2021 winter weather event
and are included in operating revenues on the consolidated
statements of comprehensive income.
(b)
Reflects non-regulated energy
marketing incentive compensation costs related to the February 2021
winter weather event and are included in operating and maintenance
expense on the consolidated statements of comprehensive income.
(c)
Reflects costs associated with
executive transition including inducement bonuses, severance
agreements and other transition expenses and are included in
operating and maintenance expense on the consolidated statements of
comprehensive income.
(d)
Reflects severance costs incurred
associated with certain voluntary severance programs at the Evergy
Companies and are included in operating and maintenance expense on
the consolidated statements of comprehensive income.
(e)
Reflects advisor expenses
incurred associated with strategic planning and are included in
operating and maintenance expense on the consolidated statements of
comprehensive income.
(f)
Reflects losses related to equity
investments which were subject to a restriction on sale, including
gains or losses related to the fair value of associated share
forward agreements, and are included in investment earnings (loss)
on the consolidated statements of comprehensive income.
(g)
Reflects an income tax effect
calculated at a statutory rate of approximately 22%, with the
exception of certain non-deductible items.
GAAP to Non-GAAP Earnings
Guidance
Original 2021
Earnings per
Diluted Share
Guidance
2022
Earnings per
Diluted Share
Guidance
Net income attributable to Evergy,
Inc.
$3.14 - $3.34
$3.38 - $3.58
Non-GAAP reconciling items:
Advisor expense, pre-tax(a)
0.05
-
Executive transition cost, pre-tax(b)
0.03
-
Restricted equity investment losses,
pre-tax(c)
-
0.06
Income tax benefit(d)
(0.02)
(0.01)
Adjusted earnings (non-GAAP)
$3.20 - $3.40
$3.43 - $3.63
(a)
Reflects our advisor expense incurred
associated with strategic planning.
(b)
Reflects costs associated with certain
executive transition costs at the Evergy Companies.
(c)
Reflects losses related to equity
investments which were subject to a restriction on sale, including
gains or losses related to the fair value of associated share
forward agreements, and are included in investment earnings (loss)
on the consolidated statements of comprehensive income.
(d)
Reflects an income tax effect calculated
at a statutory rate of approximately 26% with the exception of
certain non-deductible items.
About Evergy
Evergy, Inc. (NYSE: EVRG) serves 1.6 million customers in Kansas
and Missouri. Evergy’s mission is to empower a better future. Our
focus remains on producing, transmitting and delivering reliable,
affordable, and sustainable energy for the benefit of our
stakeholders. Today, about half of Evergy’s power comes from
carbon-free sources, creating more reliable energy with less impact
to the environment. We value innovation and adaptability to give
our customers better ways to manage their energy use, to create a
safe, diverse and inclusive workplace for our employees, and to add
value for our investors. Headquartered in Kansas City, our
employees are active members of the communities we serve.
For more information about Evergy, visit us at
http://investors.evergy.com.
Forward-Looking
Statements
Statements made in this document that are not based on
historical facts are forward-looking, may involve risks and
uncertainties, and are intended to be as of the date when made.
Forward-looking statements include, but are not limited to,
statements relating to Evergy's strategic plan, including, without
limitation, those related to earnings per share, dividend,
operating and maintenance expense and capital investment goals; the
outcome of legislative efforts and regulatory and legal
proceedings; future energy demand; future power prices; plans with
respect to existing and potential future generation resources; the
availability and cost of generation resources and energy storage;
target emissions reductions; and other matters relating to expected
financial performance or affecting future operations.
Forward-looking statements are often accompanied by forward-looking
words such as “anticipates,” “believes,” “expects,” “estimates,”
“forecasts,” “should,” “could,” “may,” “seeks,” “intends,”
“proposed,” “projects,” “planned,” “target,” “outlook,” “remain
confident,” “goal,” “will” or other words of similar meaning.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
the forward-looking information.
In connection with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, Evergy, Inc., Evergy
Kansas Central, Inc. and Evergy Metro, Inc. (collectively, the
Evergy Companies) are providing a number of risks, uncertainties
and other factors that could cause actual results to differ from
the forward-looking information. These risks, uncertainties and
other factors include, but are not limited to: economic and weather
conditions and any impact on sales, prices and costs; changes in
business strategy or operations; the impact of federal, state and
local political, legislative, judicial and regulatory actions or
developments, including deregulation, re-regulation, securitization
and restructuring of the electric utility industry; decisions of
regulators regarding, among other things, customer rates and the
prudency of operational decisions such as capital expenditures and
asset retirements; changes in applicable laws, regulations, rules,
principles or practices, or the interpretations thereof, governing
tax, accounting and environmental matters, including air and water
quality and waste management and disposal; the impact of climate
change, including increased frequency and severity of significant
weather events and the extent to which counterparties are willing
to do business with, finance the operations of or purchase energy
from the Evergy Companies due to the fact that the Evergy Companies
operate coal-fired generation; prices and availability of
electricity in wholesale markets; market perception of the energy
industry and the Evergy Companies; the impact of the Coronavirus
(COVID-19) pandemic on, among other things, sales, results of
operations, financial condition, liquidity and cash flows, and also
on operational issues, such as supply chain issues and the
availability and ability of the Evergy Companies’ employees and
suppliers to perform the functions that are necessary to operate
the Evergy Companies; changes in the energy trading markets in
which the Evergy Companies participate, including retroactive
repricing of transactions by regional transmission organizations
(RTO) and independent system operators; financial market conditions
and performance, including changes in interest rates and credit
spreads and in availability and cost of capital and the effects on
derivatives and hedges, nuclear decommissioning trust and pension
plan assets and costs; impairments of long-lived assets or
goodwill; credit ratings; inflation rates; the transition to a
replacement for the London Interbank Offered Rate (LIBOR) benchmark
interest rate; effectiveness of risk management policies and
procedures and the ability of counterparties to satisfy their
contractual commitments; impact of physical and cybersecurity
breaches, criminal activity, terrorist attacks, acts of war and
other disruptions to the Evergy Companies’ facilities or
information technology infrastructure or the facilities and
infrastructure of third-party service providers on which the Evergy
Companies rely; ability to carry out marketing and sales plans;
cost, availability, quality and timely provision of equipment,
supplies, labor and fuel; ability to achieve generation goals and
the occurrence and duration of planned and unplanned generation
outages; delays and cost increases of generation, transmission,
distribution or other projects; the Evergy Companies’ ability to
manage their transmission and distribution development plans and
transmission joint ventures; the inherent risks associated with the
ownership and operation of a nuclear facility, including
environmental, health, safety, regulatory and financial risks;
workforce risks, including those related to the Evergy Companies’
ability to attract and retain qualified personnel, maintain
satisfactory relationships with their labor unions and manage costs
of, or changes in, retirement, health care and other benefits;
disruption, costs and uncertainties caused by or related to the
actions of individuals or entities, such as activist shareholders
or special interest groups, that seek to influence Evergy’s
strategic plan, financial results or operations; the possibility
that strategic initiatives, including mergers, acquisitions and
divestitures, and long-term financial plans, may not create the
value that they are expected to achieve in a timely manner or at
all; difficulties in maintaining relationships with customers,
employees, regulators or suppliers; and other risks and
uncertainties.
This list of factors is not all-inclusive because it is not
possible to predict all factors. You should also carefully consider
the information contained in our other filings with the Securities
and Exchange Commission (SEC). Additional risks and uncertainties
are discussed in the Annual Report on Form 10-K for the year ended
December 31, 2021 filed by the Evergy Companies with the SEC, and
from time to time in current reports on Form 8-K and quarterly
reports on Form 10-Q filed by the Evergy Companies with the SEC.
Each forward-looking statement speaks only as of the date of the
particular statement. The Evergy Companies undertake no obligation
to publicly update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise, except
as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220505005196/en/
Investor Contact: Cody VandeVelde Director, Investor
Relations Phone: 785-575-8227 Cody.VandeVelde@evergy.com
Media Contact: Gina Penzig Manager, External
Communications Phone: 785-508-2410 Gina.Penzig@evergy.com Media
line: 888-613-0003
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