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Evergy (EVRG) Q1 Earnings Top Estimates, Revenues Fall Y/Y
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Evergy, Inc. (EVRG - Free Report) reported first-quarter 2022 operating earnings of 58 cents per share, which surpassed the Zacks Consensus Estimate of 55 cents by 5.5%.
The reported earnings were also up 5.5% year over year. Earnings per share improved due to higher transmission margin, reduced credit loss expense, and lower transmission and distribution expense.
GAAP earnings for the reported quarter were 53 cents compared with 81 cents per share in the year-ago period.
Total Revenues
Evergy’s total revenues came in at $1,223.9 million, reflecting a decline of 24.1% from the year-ago quarter’s $1,611.9 million.
Total operating expenses were $970.8 million, down 25% from the year-ago quarter’s $1,294.2 million, owing to a decrease in fuel and purchased power expenses and operating and maintenance costs.
Interest expenses for the reported quarter were $91.8 million, down 2.3% from the year-ago level.
Financial Update
Cash and cash equivalents as of Mar 31, 2022 were $22.2 million compared with $26.2 million as of Dec 31, 2021.
Long-term debt as of Mar 31, 2022 was $9,247.1 million compared with $9,297.9 million as of Dec 31, 2021.
Cash provided (used) from operating activities for first-quarter 2022 was $265.1 million compared with $28.6 million in first-quarter 2021.
Guidance
Evergy reaffirmed its 2022 operating earnings per share guidance in the range of $3.43-$3.63 and adjusted EPS annual growth target within 6-8% from 2021 through 2025.
Evergy reiterated its five-year (2022-2026) capital investment target of $10.7 billion. The expenditures will be directed toward utility projects, with the objective of modernizing the grid, focusing on clean energy sources, and increasing efficiency as well as reliability of operations.
TotalEnergies (TTE - Free Report) reported first-quarter 2022 operating earnings of $3.40 (€3.03) per share, beating the Zacks Consensus Estimate of $2.79 by 21.9%.
TotalEnergies’ long-term (three to five years) earnings growth is currently pegged at 6.5%. The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 65.9%.
NextEra Energy Partners, LP’s (NEP - Free Report) first-quarter 2022 operating earnings per unit of $1.72 surpassed the Zacks Consensus Estimate of 42 cents by 304%.
NextEra Energy Partners’ long-term earnings growth is currently pegged at 10%. The Zacks Consensus Estimate for NEP’s 2022 earnings implies year-over-year growth of 40.1%.
TC Energy Corporation (TRP - Free Report) reported first-quarter 2022 operating earnings of 88 cents per share, missing the Zacks Consensus Estimate by a penny.
TC Energy’s long-term earnings growth is currently pegged at 4%. The Zacks Consensus Estimate for TRP’s 2023 earnings implies year-over-year growth of 5.5%.
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Evergy (EVRG) Q1 Earnings Top Estimates, Revenues Fall Y/Y
Evergy, Inc. (EVRG - Free Report) reported first-quarter 2022 operating earnings of 58 cents per share, which surpassed the Zacks Consensus Estimate of 55 cents by 5.5%.
The reported earnings were also up 5.5% year over year. Earnings per share improved due to higher transmission margin, reduced credit loss expense, and lower transmission and distribution expense.
GAAP earnings for the reported quarter were 53 cents compared with 81 cents per share in the year-ago period.
Total Revenues
Evergy’s total revenues came in at $1,223.9 million, reflecting a decline of 24.1% from the year-ago quarter’s $1,611.9 million.
Evergy Inc. Price, Consensus and EPS Surprise
Evergy Inc. price-consensus-eps-surprise-chart | Evergy Inc. Quote
Highlights of the Release
Total operating expenses were $970.8 million, down 25% from the year-ago quarter’s $1,294.2 million, owing to a decrease in fuel and purchased power expenses and operating and maintenance costs.
Interest expenses for the reported quarter were $91.8 million, down 2.3% from the year-ago level.
Financial Update
Cash and cash equivalents as of Mar 31, 2022 were $22.2 million compared with $26.2 million as of Dec 31, 2021.
Long-term debt as of Mar 31, 2022 was $9,247.1 million compared with $9,297.9 million as of Dec 31, 2021.
Cash provided (used) from operating activities for first-quarter 2022 was $265.1 million compared with $28.6 million in first-quarter 2021.
Guidance
Evergy reaffirmed its 2022 operating earnings per share guidance in the range of $3.43-$3.63 and adjusted EPS annual growth target within 6-8% from 2021 through 2025.
Evergy reiterated its five-year (2022-2026) capital investment target of $10.7 billion. The expenditures will be directed toward utility projects, with the objective of modernizing the grid, focusing on clean energy sources, and increasing efficiency as well as reliability of operations.
Zacks Rank
Currently, Evergy has a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
TotalEnergies (TTE - Free Report) reported first-quarter 2022 operating earnings of $3.40 (€3.03) per share, beating the Zacks Consensus Estimate of $2.79 by 21.9%.
TotalEnergies’ long-term (three to five years) earnings growth is currently pegged at 6.5%. The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 65.9%.
NextEra Energy Partners, LP’s (NEP - Free Report) first-quarter 2022 operating earnings per unit of $1.72 surpassed the Zacks Consensus Estimate of 42 cents by 304%.
NextEra Energy Partners’ long-term earnings growth is currently pegged at 10%. The Zacks Consensus Estimate for NEP’s 2022 earnings implies year-over-year growth of 40.1%.
TC Energy Corporation (TRP - Free Report) reported first-quarter 2022 operating earnings of 88 cents per share, missing the Zacks Consensus Estimate by a penny.
TC Energy’s long-term earnings growth is currently pegged at 4%. The Zacks Consensus Estimate for TRP’s 2023 earnings implies year-over-year growth of 5.5%.