Evergy, Inc. (EVRG - Free Report) reported second-quarter 2018 operating earnings of 56 cents per share, in line with the Zacks Consensus Estimate. The bottom line was up 12% year over year.
The company’s second-quarter earnings include Westar’s earnings for the full period, and KCP&L and GMO’s earnings beginning in June 2018. Comparison to 2017 earnings is based on Westar’s earnings for that period.
The year-over-year improvement is attributable to higher contribution from Westar retail sales, lower income tax expense, and the inclusion of KCP&L and GMO earnings. These gains were offset by revenue reductions for customer bill credits incurred in June 2018 following the closure of the merger.
Excluding merger-related costs, earnings in the second quarter of 2018 were 90 cents compared with 59 cents in the year-ago quarter.
Evergy’s total revenues came in at $893.4 million, improving 46.6% year over year.
Highlights of the Release
Total operating expenses increased 70.7% year over year to $766.5 million, due to higher fuel and purchased power, along with operation and maintenance expenses.
Interest and related charges in the reported quarter were $58.4 million, up 33.6% from the year-ago quarter.
During the quarter, the company sold 11,906 megawatt hour (MWh) of electric compared with 6,647 MWh in the year-ago quarter, driven by higher sales volume to all customer classes.
Post the quarter-end, Evergy’s Board of Directors authorized the repurchase of up to 60 million shares and this authorization does not have an expiry date. However, the company expects to repurchase shares within 2020.
Net income in the reported quarter was $101.8 million, up 41.2% year over year.
Cash and cash equivalents as of Jun 30, 2018 was $1,280.1 million compared with $3.4 million on Dec 31, 2017.
Long-term debt as of Jun 30, 2018 was $6.64 billion compared with $3.69 billion at the end of 2017.
Cash from operating activities in the first half of 2018 was $397.2 million, up 9.2% from $363.7 million in first-half 2017.
Currently, Evergy has a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ormat Technologies, Inc. (ORA - Free Report) reported second-quarter 2018 adjusted earnings of 32 cents per share, lagging the Zacks Consensus Estimate of 48 cents by 33.3%.
WEC Energy Group Inc. (WEC - Free Report) reported operating earnings of 77 cents per share in the second quarter of 2018, beating the Zacks Consensus Estimate of 66 cents by 10.6%.
DTE Energy (DTE - Free Report) reported second-quarter 2018 operating earnings per share of $1.36, which beat the Zacks Consensus Estimate of $1.11 by 22.5%
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>