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Evergy, Inc. (EVRG - Free Report) reported third-quarter 2023 operating earnings of $1.88 per share, which surpassed the Zacks Consensus Estimate of $1.77 by 6.2%. Earnings decreased 6% year over year.
Evergy’s year-over-year earnings growth was driven by lower operations and maintenance (O&M) expense, higher corporate-owned life insurance (COLI) proceeds, offset by unfavorable weather, lower weather-normalized demand, higher depreciation and amortization expense, and higher interest expense.
GAAP earnings in the reported quarter were $1.53 per share compared with $1.86 in the year-ago period.
Total Revenues
Evergy’s total revenues were $1,669.3 million, which surpassed the Zacks Consensus Estimate of $1,631 million by 2.3%. Total revenues were $1,909.1 million in the year-ago quarter.
Total operating expenses were $1,183.4 million, down 11.1% from the year-ago quarter’s $1,330.7 million, owing to a decrease in fuel and purchased power expenses and SPP network transmission costs.
Interest expenses in the reported quarter were $136.8 million, up 33.7% from the year-ago level.
Financial Update
Cash and cash equivalents as of Sep 30, 2023, were $41 million compared with $25.2 million as of Dec 31, 2022.
Long-term debt as of Sep 30, 2023, was $9,297.6 million compared with $9,905.7 million as of Dec 31, 2022.
Cash provided by operating activities in the first nine months of 2023 was $1,551.7 million compared with $1,477.7 million in the corresponding period of 2022.
Dividend
Evergy increased its fourth-quarter dividend to 64.25 cents per share, resulting in an annualized payout of $2.57. This reflects 4.9% annual growth.
Guidance
Evergy revised its 2023 operating earnings per share guidance to $3.55-$3.65 from $3.55-$3.75. The company adjusted its EPS annual growth target at 4-6% from 2023 through 2026. The mid-point of the guidance is higher than the Zacks Consensus Estimate, which is pegged at $3.58 per share.
Plains All American Pipeline, L.P. (PAA - Free Report) reported third-quarter 2023 adjusted earnings of 35 cents per unit, which surpassed the Zacks Consensus Estimate of 24 cents by 45.8%. The bottom line improved 6.1% from the year-ago quarter’s 33 cents.
The Zacks Consensus Estimate for PAA’s 2023 earnings stands at $1.29 per share, implying a year-over-year improvement of 2.4%. The stock delivered an average earnings surprise of 18.27% in the last four quarters.
TotalEnergies SE (TTE - Free Report) reported third-quarter 2023 operating earnings of $2.63 per share, beating the Zacks Consensus Estimate of $2.5 by 5.2%. The bottom line declined 31.3% from the year-ago figure of $3.83
The Zacks Consensus Estimate for TTE’s 2023 earnings stands at $9.72 per share, implying a year-over-year decrease of 30.3%. The stock delivered an average earnings surprise of 1.01% in the last four quarters.
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2023 operating earnings of 35 cents per share, which beat the Zacks Consensus Estimate of 26 cents by 34.6%. In the year-ago quarter, the company reported a loss of 54 cents per share.
The Zacks Consensus Estimate for CNX’s 2023 earnings stands at $1.53 per share, implying a year-over-year decrease of 45.6%. The stock delivered an average earnings surprise of 67.61% in the last four quarters.
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Evergy's (EVRG) Q3 Earnings & Revenues Surpass Estimates
Evergy, Inc. (EVRG - Free Report) reported third-quarter 2023 operating earnings of $1.88 per share, which surpassed the Zacks Consensus Estimate of $1.77 by 6.2%. Earnings decreased 6% year over year.
Evergy’s year-over-year earnings growth was driven by lower operations and maintenance (O&M) expense, higher corporate-owned life insurance (COLI) proceeds, offset by unfavorable weather, lower weather-normalized demand, higher depreciation and amortization expense, and higher interest expense.
GAAP earnings in the reported quarter were $1.53 per share compared with $1.86 in the year-ago period.
Total Revenues
Evergy’s total revenues were $1,669.3 million, which surpassed the Zacks Consensus Estimate of $1,631 million by 2.3%. Total revenues were $1,909.1 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 $1,183.4 million, down 11.1% from the year-ago quarter’s $1,330.7 million, owing to a decrease in fuel and purchased power expenses and SPP network transmission costs.
Interest expenses in the reported quarter were $136.8 million, up 33.7% from the year-ago level.
Financial Update
Cash and cash equivalents as of Sep 30, 2023, were $41 million compared with $25.2 million as of Dec 31, 2022.
Long-term debt as of Sep 30, 2023, was $9,297.6 million compared with $9,905.7 million as of Dec 31, 2022.
Cash provided by operating activities in the first nine months of 2023 was $1,551.7 million compared with $1,477.7 million in the corresponding period of 2022.
Dividend
Evergy increased its fourth-quarter dividend to 64.25 cents per share, resulting in an annualized payout of $2.57. This reflects 4.9% annual growth.
Guidance
Evergy revised its 2023 operating earnings per share guidance to $3.55-$3.65 from $3.55-$3.75. The company adjusted its EPS annual growth target at 4-6% from 2023 through 2026. The mid-point of the guidance is higher than the Zacks Consensus Estimate, which is pegged at $3.58 per share.
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
Plains All American Pipeline, L.P. (PAA - Free Report) reported third-quarter 2023 adjusted earnings of 35 cents per unit, which surpassed the Zacks Consensus Estimate of 24 cents by 45.8%. The bottom line improved 6.1% from the year-ago quarter’s 33 cents.
The Zacks Consensus Estimate for PAA’s 2023 earnings stands at $1.29 per share, implying a year-over-year improvement of 2.4%. The stock delivered an average earnings surprise of 18.27% in the last four quarters.
TotalEnergies SE (TTE - Free Report) reported third-quarter 2023 operating earnings of $2.63 per share, beating the Zacks Consensus Estimate of $2.5 by 5.2%. The bottom line declined 31.3% from the year-ago figure of $3.83
The Zacks Consensus Estimate for TTE’s 2023 earnings stands at $9.72 per share, implying a year-over-year decrease of 30.3%. The stock delivered an average earnings surprise of 1.01% in the last four quarters.
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2023 operating earnings of 35 cents per share, which beat the Zacks Consensus Estimate of 26 cents by 34.6%. In the year-ago quarter, the company reported a loss of 54 cents per share.
The Zacks Consensus Estimate for CNX’s 2023 earnings stands at $1.53 per share, implying a year-over-year decrease of 45.6%. The stock delivered an average earnings surprise of 67.61% in the last four quarters.