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Evergy's (EVRG) Q2 Earnings and Revenues Miss Estimates
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Evergy, Inc. (EVRG - Free Report) reported second-quarter 2019 operating earnings of 58 cents per share, lagging the Zacks Consensus Estimate of 60 cents by 3.3%. The second-quarter earnings were impacted by unfavorable weather conditions in its service territories.
GAAP earnings in the reported quarter were 57 cents compared with 90 cents in the year-ago period.
Total Revenues
Evergy’s total revenues came in at $1,221.7 million, improving 36.8% year over year. However, the top line lagged the Zacks Consensus Estimate of $1,330 million by 8.4%.
Total operating expenses increased 23.9% year over year to $950 million due to higher fuel and purchased power, along with operation and maintenance costs.
Interest and related charges in the reported quarter were $95.4 million, up 63.4% from the year-ago level.
As of Jun 30, 2019, Evergy repurchased 20 million shares worth $1,128.7 million. Since the inception of the repurchase program, the company repurchased 36.3 million shares worth nearly $2.2 billion.
Financial Update
Cash and cash equivalents as of Jun 30, 2019 were $107 million compared with $160.3 million on Dec 31, 2018.
Long-term debt as of Jun 30, 2019 was $7.12 billion compared with $6.64 billion on Dec 31, 2018.
Cash from operating activities in the first half of 2019 was $633.7 million compared with $397.2 million in the comparable year-ago period.
Guidance
Evergy reaffirmed its guidance for 2019 adjusted earnings in the range of $2.80-$3.00 per share.
Dominion Energy Inc. (D - Free Report) reported second-quarter 2019 operating earnings of 77 cents per share, beating the Zacks Consensus Estimate of 75 cents by 2.6%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%.
FirstEnergy Corporation (FE - Free Report) came up with second-quarter 2019 operating earnings of 61 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 1.7%.
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Evergy's (EVRG) Q2 Earnings and Revenues Miss Estimates
Evergy, Inc. (EVRG - Free Report) reported second-quarter 2019 operating earnings of 58 cents per share, lagging the Zacks Consensus Estimate of 60 cents by 3.3%. The second-quarter earnings were impacted by unfavorable weather conditions in its service territories.
GAAP earnings in the reported quarter were 57 cents compared with 90 cents in the year-ago period.
Total Revenues
Evergy’s total revenues came in at $1,221.7 million, improving 36.8% year over year. However, the top line lagged the Zacks Consensus Estimate of $1,330 million by 8.4%.
Evergy Inc. Price, Consensus and EPS Surprise
Evergy Inc. price-consensus-eps-surprise-chart | Evergy Inc. Quote
Highlights of the Release
Total operating expenses increased 23.9% year over year to $950 million due to higher fuel and purchased power, along with operation and maintenance costs.
Interest and related charges in the reported quarter were $95.4 million, up 63.4% from the year-ago level.
As of Jun 30, 2019, Evergy repurchased 20 million shares worth $1,128.7 million. Since the inception of the repurchase program, the company repurchased 36.3 million shares worth nearly $2.2 billion.
Financial Update
Cash and cash equivalents as of Jun 30, 2019 were $107 million compared with $160.3 million on Dec 31, 2018.
Long-term debt as of Jun 30, 2019 was $7.12 billion compared with $6.64 billion on Dec 31, 2018.
Cash from operating activities in the first half of 2019 was $633.7 million compared with $397.2 million in the comparable year-ago period.
Guidance
Evergy reaffirmed its guidance for 2019 adjusted earnings in the range of $2.80-$3.00 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.
Other Releases
Dominion Energy Inc. (D - Free Report) reported second-quarter 2019 operating earnings of 77 cents per share, beating the Zacks Consensus Estimate of 75 cents by 2.6%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%.
FirstEnergy Corporation (FE - Free Report) came up with second-quarter 2019 operating earnings of 61 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 1.7%.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
See 7 breakthrough stocks now>>