Yahoo Finance Evergy (EVRG) Q3 Earnings Beat Estimates, 2022 View Tweaked
Evergy, Inc. EVRG has reported third-quarter 2022 operating earnings of $2.01 per share, which surpassed the Zacks Consensus Estimate of $1.89 by 6.3%. The earnings improved 1.5% year over year.
Evergy’s year-over-year earnings growth was driven by higher weather-normalized demand, favorable weather and higher transmission margin, partially offset by higher depreciation and amortization expense, and higher interest expense.
GAAP earnings for the reported quarter were $1.86 compared with $1.95 per share in the year-ago period.
Total Revenues
Evergy’s total revenues were $1,909.1 million, reflecting an increase of 18.1% from the year-ago quarter’s $1,616.5 million. Strong contributions from all customer classes boosted revenues in the reported 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 $3,412.5 million, up 5% from the year-ago quarter’s $3,250.9 million, owing to an increase in fuel and purchased power expenses and operating and maintenance costs.
Interest expenses for the reported quarter were $293.4 million, up 4.3% from the year-ago level.
In the third quarter, total electric sales volumes increased 0.7% year over year due to an increase in demand from all customer groups except wholesale revenues.
Financial Update
Cash and cash equivalents as of Sep 30, 2022, were $24.7 million compared with $26.2 million as of Dec 31, 2021.
Long-term debt as of Sep 30, 2022, was $9,197.2 million compared with $9,297.9 million as of Dec 31, 2021.
Cash provided (used) by operating activities for the first nine months of 2022 was $1,477.7 million compared with $1,036 million in the year-ago period.
Guidance
Evergy has revised its 2022 operating earnings per share guidance to $3.53-$3.63 from $3.43-$3.63 and adjusted its EPS annual growth target to 6-8% from 2021 through 2025.
The company has reiterated its five-year (2022-2026) capital investment target of $10.7 billion. The expenditure will be directed toward utility projects with the objective of modernizing the grid, focusing on clean energy sources and increasing efficiency as well as reliability of operations.
Evergy’s management approved a 7% increase in quarterly dividend to 61.25 cents per share.
Zacks Rank
Currently, Evergy has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. NEE reported third-quarter 2022 adjusted earnings of 85 cents per share, beating the Zacks Consensus Estimate of 79 cents by 7.6%.
The Zacks Consensus Estimate for NEE’s fourth-quarter earnings per share is 56 cents, implying growth of 36.6% from the year-ago quarter’s reported figure.
FirstEnergy Corporation FE delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s fourth-quarter earnings per share is 53 cents, indicating growth of 3.92% from the year-ago quarter’s reported figure.
Xcel Energy Inc. XEL posted third-quarter 2022 operating earnings of $1.18 per share, lagging the Zacks Consensus Estimate by 1.7%.
The Zacks Consensus Estimate for XEL’s fourth-quarter earnings per share is 67 cents, suggesting growth of 15.5% from the year-ago quarter’s actuals.
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