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Evergy (EVRG) Q4 Earnings Beat Estimates, Revenues Up Y/Y
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Evergy, Inc. (EVRG - Free Report) reported fourth-quarter 2021 operating earnings of 16 cents per share, which surpassed the Zacks Consensus Estimate of 4 cents by 300%.
The reported earnings were down 42.9% year over year. Earnings per share declined year over year due to unfavorable weather, higher operational costs primarily due to timing and phasing, and income tax-related items.
GAAP earnings for the reported quarter were 23 cents compared with 22 cents per share in the year-ago period.
Adjusted earnings of Evergy for 2021 were $3.54 per share, beating the Zacks Consensus Estimate of $3.52 by 0.6%. Earnings also improved 14.2% year over year.
Total Revenues
Evergy’s total revenues came in at $1,121.1 million, reflecting an increase of 26.5% from the year-ago quarter’s $1,094.4 million.
Total operating expenses were $980.9 million, up 4.2% from the year-ago quarter’s $941.4 million owing to an increase in fuel and purchased power expenses and operating and maintenance costs.
Interest expenses for the reported quarter were $91.2 million, down 2.4% from the year-ago level.
The company continues to work on grid modernization and fleet transformation, with the objective of achieving net-zero carbon emissions by 2045.
Financial Update
Cash and cash equivalents as of Dec 31, 2021 were $26.2 million compared with $144.9 million in the corresponding period of 2020.
Long-term debt as of Dec 31, 2021 was $9,297.9 million compared with $9,190.9 million in the comparable period of 2020.
Cash from operating activities for 2021 was $1,351.7 million compared with $1,753.8 million in 2020.
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 updated its five-year (2022-2026) capital investment target to $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 fourth-quarter 2021 operating earnings of $2.55 (€2.19) per share, beating the Zacks Consensus Estimate of $2.06 by 23.8%.
TotalEnergies’ long-term (three to five years) earnings growth is currently pegged at 40.7%. The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 20.4%.
NextEra Energy Partners, LP (NEP - Free Report) incurred a loss of 12 cents per unit for fourth-quarter 2021 versus the Zacks Consensus Estimate of earnings of 45 cents
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 50.9%.
TC Energy Corporation (TRP - Free Report) reported fourth-quarter 2021 operating earnings of 84 cents, on par with the Zacks Consensus Estimate.
TC Energy’s long-term earnings growth is currently pegged at 4%. The Zacks Consensus Estimate for TRP’s 2022 earnings implies year-over-year growth of 1.8%.
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Evergy (EVRG) Q4 Earnings Beat Estimates, Revenues Up Y/Y
Evergy, Inc. (EVRG - Free Report) reported fourth-quarter 2021 operating earnings of 16 cents per share, which surpassed the Zacks Consensus Estimate of 4 cents by 300%.
The reported earnings were down 42.9% year over year. Earnings per share declined year over year due to unfavorable weather, higher operational costs primarily due to timing and phasing, and income tax-related items.
GAAP earnings for the reported quarter were 23 cents compared with 22 cents per share in the year-ago period.
Adjusted earnings of Evergy for 2021 were $3.54 per share, beating the Zacks Consensus Estimate of $3.52 by 0.6%. Earnings also improved 14.2% year over year.
Total Revenues
Evergy’s total revenues came in at $1,121.1 million, reflecting an increase of 26.5% from the year-ago quarter’s $1,094.4 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 $980.9 million, up 4.2% from the year-ago quarter’s $941.4 million owing to an increase in fuel and purchased power expenses and operating and maintenance costs.
Interest expenses for the reported quarter were $91.2 million, down 2.4% from the year-ago level.
The company continues to work on grid modernization and fleet transformation, with the objective of achieving net-zero carbon emissions by 2045.
Financial Update
Cash and cash equivalents as of Dec 31, 2021 were $26.2 million compared with $144.9 million in the corresponding period of 2020.
Long-term debt as of Dec 31, 2021 was $9,297.9 million compared with $9,190.9 million in the comparable period of 2020.
Cash from operating activities for 2021 was $1,351.7 million compared with $1,753.8 million in 2020.
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 updated its five-year (2022-2026) capital investment target to $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 #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
TotalEnergies (TTE - Free Report) reported fourth-quarter 2021 operating earnings of $2.55 (€2.19) per share, beating the Zacks Consensus Estimate of $2.06 by 23.8%.
TotalEnergies’ long-term (three to five years) earnings growth is currently pegged at 40.7%. The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 20.4%.
NextEra Energy Partners, LP (NEP - Free Report) incurred a loss of 12 cents per unit for fourth-quarter 2021 versus the Zacks Consensus Estimate of earnings of 45 cents
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 50.9%.
TC Energy Corporation (TRP - Free Report) reported fourth-quarter 2021 operating earnings of 84 cents, on par with the Zacks Consensus Estimate.
TC Energy’s long-term earnings growth is currently pegged at 4%. The Zacks Consensus Estimate for TRP’s 2022 earnings implies year-over-year growth of 1.8%.