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- GAAP EPS of $0.81; Adjusted EPS (Non-GAAP) of $0.85
- Declares quarterly dividend of $0.535
- Reaffirms 2021 adjusted earnings guidance
Kansas City, Mo., August 5, 2021 – Evergy, Inc. (NYSE: EVRG) today announced second quarter 2021 earnings of $185 million, or $0.81 per share, compared with earnings of $133 million, or $0.59 per share, for the second quarter of 2020.
Evergy’s adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were
$195 million and $0.85, respectively, in the second quarter of 2021 compared with $154 million and
$0.68, respectively, in the second quarter of 2020. Adjusted earnings (non-GAAP) and adjusted
earnings per share (non-GAAP) are reconciled to GAAP earnings in the financial table included in
this release.
Second quarter earnings per share were driven higher primarily by higher weather-normalized demand, higher transmission margin, lower operating and maintenance expense and higher other income, partially offset by unfavorable weather.
“Strong financial and operational execution allowed our team to deliver solid results in the first half of the year. We also completed a number of significant milestones, including the announcement of our Integrated Resource Plan (IRP), which outlines and accelerates the company’s carbon reduction timeline, the completion of Sustainability Transformation Plan workshops in both Kansas and Missouri, and the passage of securitization legislation in both states,” said David Campbell, Evergy president and chief executive officer. “We will remain focused on execution in order to capitalize on this strong momentum.”
Earnings Guidance
The Company has reaffirmed its 2021 adjusted EPS guidance range of $3.20 to $3.40 and long-term adjusted EPS annual growth target of 6% to 8% from 2019 through 2024.
Dividend Declaration
The Board of Directors declared a dividend on the Company’s common stock of $0.535 per share
payable on September 20, 2021. The dividends are payable to shareholders of record as of August 20, 2021.
Earnings Conference Call
Evergy management will host a conference call Thursday, August 5, with the investment community at 8:00 a.m. ET (7:00 a.m. CT). Investors, media and the public may listen to the conference call by
dialing (888) 353-7071, conference ID 3065454. A webcast of the live conference call will be
available at http://investors.evergy.com.
Members of the media are invited to listen to the conference call and then contact Gina Penzig with
any follow-up questions.
This earnings announcement, a package of detailed second-quarter financial information, the
Company’s quarterly report on Form 10-Q for the period ended June 30, 2021 and other filings the
Company has made with the Securities and Exchange Commission are available on the Company’s
website at http://investors.evergy.com.
Adjusted Earnings (non-GAAP) and Adjusted Earnings Per Share (non-GAAP)
Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) exclude the income or costs resulting from non-regulated energy marketing margins from the February 2021 winter weather event, and costs resulting from executive transition, severance, advisor expenses and the revaluation of deferred tax assets and liabilities from the Kansas corporate income tax rate change. This information is intended to enhance an investor’s overall understanding of results. Management believes that adjusted earnings (non-GAAP) provide a meaningful basis for evaluating Evergy’s operations across periods because it excludes certain items that management does not believe are indicative of Evergy’s ongoing performance. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board of Directors. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies’ presentations or more useful than the GAAP information provided elsewhere in this report.
The following tables provide a reconciliation between net income attributable to Evergy, Inc. and diluted earnings per common share as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP).
Evergy, Inc
Consolidated Earnings and Diluted Earnings Per Share
(Unaudited)
| |
Earnings (Loss)
|
|
Earnings (Loss) per Diluted Share
|
|
Earnings (Loss)
|
|
Earnings (Loss) per Diluted Share
|
| Three Months Ended June 30 |
2021
|
|
2020
|
| |
(millions, except per share amounts)
|
| Net income attributable to Evergy, Inc. |
$ |
185.3
|
|
|
$ |
0.81
|
|
|
$ |
133.4
|
|
|
$ |
0.59
|
|
| Non-GAAP reconciling items: |
|
|
|
|
|
|
|
| Non-regulated energy marketing margin related to February 2021
winter weather event, pre-tax(a) |
1.5
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
| Non-regulated energy marketing costs related to February 2021
winter weather event, pre-tax(b) |
2.0
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
| Executive transition costs, pre-tax(c) |
1.8
|
|
|
0.01
|
|
|
—
|
|
|
— |
| Severance costs, pre-tax(d) |
1.2
|
|
|
—
|
|
|
(0.4)
|
|
|
—
|
|
| Advisor expenses, pre-tax(e) |
5.7
|
|
|
0.02
|
|
|
9.8
|
|
|
0.04
|
|
| Income tax benefit(f) |
(2.4)
|
|
|
(0.01)
|
|
|
(2.4)
|
|
|
(0.01)
|
|
| Kansas corporate income tax change(g) |
—
|
|
|
—
|
|
|
13.8
|
|
|
0.06
|
|
| Adjusted earnings (non-GAAP) |
$ |
195.1
|
|
|
$ |
0.85
|
|
|
$ |
154.2
|
|
|
$ |
0.68
|
|
| |
Earnings (Loss)
|
|
Earnings (Loss) per Diluted Share
|
|
Earnings (Loss)
|
|
Earnings (Loss) per Diluted Share
|
| Year to Date June 30 |
2021
|
|
2020
|
| |
(millions, except per share amounts)
|
| Net income attributable to Evergy, Inc. |
$ |
376.9
|
|
|
$ |
1.65
|
|
|
$ |
202.8
|
|
|
$ |
0.89
|
|
| Non-GAAP reconciling items: |
|
|
|
|
|
|
|
| Non-regulated energy marketing margin related to February 2021
winter weather event, pre-tax(a) |
(95.0)
|
|
|
(0.42)
|
|
|
—
|
|
|
—
|
|
| Non-regulated energy marketing costs related to February 2021
winter weather event, pre-tax(b) |
4.0
|
|
|
0.02
|
|
|
|