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Evergy (EVRG) Q2 Earnings and Revenues Surpass Estimates
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Evergy, Inc. (EVRG - Free Report) delivered second-quarter 2023 operating earnings of 81 cents per share, which surpassed the Zacks Consensus Estimate of 79 cents by 2.5%. Earnings decreased by 3.6% year over year.
Evergy’s year-over-year earnings growth was driven by higher weather-normalized demand, lower operation and maintenance expenses and a higher transmission margin, offset fully by unfavorable weather, higher depreciation and amortization expenses and higher interest expenses.
GAAP earnings for the reported quarter were 78 cents per share compared with 84 cents in the year-ago period.
Total Revenues
Evergy’s total revenues were $1,354 million, which surpassed the Zacks Consensus Estimate of $1,241 million by 9.1%. Total revenues were $1,447 million in the year-ago quarter.
Total operating expenses were $1,017.6 million, down 8.4% from the year-ago quarter’s $1,111 million, owing to a decrease in fuel and purchased power expenses and SPP network transmission costs.
Interest expenses for the reported quarter were $133.7 million, up 34.6% from the year-ago level.
Financial Update
Cash and cash equivalents as of Jun 30, 2023 were $31.4 million compared with $25.2 million as of Dec 31, 2022.
Long-term debt as of Jun 30, 2023 was $10,097.1 million compared with $9,905.7 million as of Dec 31, 2022.
Cash provided by operating activities in the first half of 2023 was $715.2 million compared with $588.9 million in the corresponding period of 2022.
Guidance
Evergy reaffirmed its 2023 operating earnings per share guidance of $3.55-$3.75 and adjusted its EPS annual growth target at 6-8% from 2021 through 2025. The mid-point of the guidance is higher than the Zacks Consensus Estimate, which is pegged at $3.61 per share.
NextEra Energy, Inc. (NEE - Free Report) released second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%. The Zacks Consensus Estimate for NEE’s 2023 earnings is pegged at $3.11 per share, implying a year-over-year improvement of 7.2%.
FirstEnergy Corporation (FE - Free Report) reported second-quarter 2023 operating earnings per share of 47 cents, which surpassed the Zacks Consensus Estimate of 46 cents by 2.17%. The Zacks Consensus Estimate for FE’s 2023 earnings per share is pinned at $6.69, implying year-over-year growth of 4.9%.
Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2023 operating earnings of 52 cents per share, which missed the Zacks Consensus Estimate of 55 cents by 5.5%. The Zacks Consensus Estimate for XEL’s 2023 earnings is pegged at $3.34 per share, implying a year-over-year improvement of 5.4%.
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Evergy (EVRG) Q2 Earnings and Revenues Surpass Estimates
Evergy, Inc. (EVRG - Free Report) delivered second-quarter 2023 operating earnings of 81 cents per share, which surpassed the Zacks Consensus Estimate of 79 cents by 2.5%. Earnings decreased by 3.6% year over year.
Evergy’s year-over-year earnings growth was driven by higher weather-normalized demand, lower operation and maintenance expenses and a higher transmission margin, offset fully by unfavorable weather, higher depreciation and amortization expenses and higher interest expenses.
GAAP earnings for the reported quarter were 78 cents per share compared with 84 cents in the year-ago period.
Total Revenues
Evergy’s total revenues were $1,354 million, which surpassed the Zacks Consensus Estimate of $1,241 million by 9.1%. Total revenues were $1,447 million in the year-ago quarter.
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 $1,017.6 million, down 8.4% from the year-ago quarter’s $1,111 million, owing to a decrease in fuel and purchased power expenses and SPP network transmission costs.
Interest expenses for the reported quarter were $133.7 million, up 34.6% from the year-ago level.
Financial Update
Cash and cash equivalents as of Jun 30, 2023 were $31.4 million compared with $25.2 million as of Dec 31, 2022.
Long-term debt as of Jun 30, 2023 was $10,097.1 million compared with $9,905.7 million as of Dec 31, 2022.
Cash provided by operating activities in the first half of 2023 was $715.2 million compared with $588.9 million in the corresponding period of 2022.
Guidance
Evergy reaffirmed its 2023 operating earnings per share guidance of $3.55-$3.75 and adjusted its EPS annual growth target at 6-8% from 2021 through 2025. The mid-point of the guidance is higher than the Zacks Consensus Estimate, which is pegged at $3.61 per share.
Zacks Rank
Currently, Evergy has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) released second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%. The Zacks Consensus Estimate for NEE’s 2023 earnings is pegged at $3.11 per share, implying a year-over-year improvement of 7.2%.
FirstEnergy Corporation (FE - Free Report) reported second-quarter 2023 operating earnings per share of 47 cents, which surpassed the Zacks Consensus Estimate of 46 cents by 2.17%. The Zacks Consensus Estimate for FE’s 2023 earnings per share is pinned at $6.69, implying year-over-year growth of 4.9%.
Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2023 operating earnings of 52 cents per share, which missed the Zacks Consensus Estimate of 55 cents by 5.5%. The Zacks Consensus Estimate for XEL’s 2023 earnings is pegged at $3.34 per share, implying a year-over-year improvement of 5.4%.