Evergy Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Evergy Reports Second Quarter 2024 Financial Results
Evergy, Inc. (NASDAQ: EVRG) announced its financial results for the second quarter of 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| GAAP Earnings | $207.0 million | $179.1 million | $27.9 million |
| GAAP Earnings Per Share (EPS) | $0.90 | $0.78 | $0.12 |
| Non-GAAP Adjusted EPS | $0.90 | $0.81 | $0.09 |
Evergy's GAAP earnings per share for Q2 2024 increased by $0.12 compared to the same quarter in 2023, driven by warmer than normal weather, growth in weather-normalized demand, new retail rates, and higher transmission margins. However, these positive impacts were partially offset by higher operational and maintenance expenses, as well as higher depreciation, amortization, and interest expenses.
Revenue Performance by Segment
Due to a lack of segment-specific revenue data provided in the earnings release, a detailed breakdown of revenue performance across major segments cannot be presented.
Key Operational Data
No specific operational data provided in the earnings release.
Management Comments
David Campbell, Evergy chairman and chief executive officer, remarked, "The overall economic development pipeline remains robust in both Kansas and Missouri. Our focus on affordability and regional rate competitiveness is an important contributor to this large pipeline and provides a foundation of support for the tremendous potential in our states. We are very excited to work with these potential customers as they consider our region, building on our successes with the Panasonic electric vehicle battery manufacturing plant and the Meta and Google data centers."
Dividends and Share Repurchase Program
Evergy's Board of Directors declared a quarterly dividend of $0.6425 per share, payable on September 20, 2024, to shareholders of record as of August 20, 2024.
Forward Guidance
The company reaffirmed its 2024 GAAP EPS guidance range of $3.73 to $3.93. Additionally, Evergy continues to target long-term adjusted EPS (non-GAAP) annual growth of 4% to 6% through 2026, based on the original $3.65 midpoint of 2023 adjusted EPS guidance.
Stock Price Movement
Following the earnings release, Evergy's stock experienced a -0.77% change.
This summary has been carefully compiled to reflect the most accurate data provided in the earnings release. Any sections missing required information have been intentionally omitted due to insufficient data.
