Evergy Q3 2023 Earnings Report
Key Takeaways
Evergy announced third quarter 2023 GAAP earnings of $351.6 million, or $1.53 per share, compared to GAAP earnings of $428.2 million, or $1.86 per share, for third quarter 2022. Evergy's third quarter 2023 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $432.3 million and $1.88, respectively, compared to $460.8 million and $2.00 in 2022. The company revised its 2023 adjusted EPS (non-GAAP) guidance range to $3.55 to $3.65.
GAAP EPS decreased to $1.53 in Q3 2023, compared to $1.86 in 2022.
Adjusted EPS (Non-GAAP) decreased to $1.88 in Q3 2023, compared to $2.00 in 2022.
The company increased quarterly dividend 5% to $0.6425 per share.
2023 adjusted EPS (Non-GAAP) guidance range was narrowed to $3.55 to $3.65 from $3.55 to $3.75.
Evergy
Evergy
Forward Guidance
The Company revised its 2023 GAAP EPS guidance range to $3.22 to $3.32 from its original guidance of $3.55 to $3.75 and narrowed its 2023 adjusted EPS (non-GAAP) guidance range to $3.55 to $3.65 from its original guidance of $3.55 to $3.75. Additionally, the Company issued its new long-term adjusted EPS (non-GAAP) annual growth target of 4% to 6% through 2026 off the original $3.65 midpoint of 2023 guidance.
Positive Outlook
- Narrowing 2023 adjusted EPS guidance range to $3.55 to $3.65.
- Establishing a long-term growth target of 4% to 6% off the original 2023 midpoint of $3.65.
- Focus on operational and financial execution.
- Advancing constructive regulatory policies.
- Constructive and competitive regulatory frameworks are crucial to compete for capital.
Challenges Ahead
- Unfavorable weather compared to the corresponding period in the prior year.
- Lower weather-normalized demand.
- Higher depreciation and amortization expense.
- Higher interest expense.
- GAAP EPS guidance range revised to $3.22 to $3.32 from its original guidance of $3.55 to $3.75