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Evergy (EVRG) Q1 Earnings Lag Estimates, Revenues Up Y/Y
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Evergy, Inc. (EVRG - Free Report) reported first-quarter 2024 operating earnings per share (EPS) of 54 cents, which lagged the Zacks Consensus Estimate of 61 cents by 11.5%. Earnings decreased 8.5% year over year.
EPS in the reported quarter benefited from new retail rates and better transmission margin, while higher operating and interest expenses, along with unfavorable impact of weather on demand completely offset the positives.
Total Revenues
First-quarter revenues of $1.33 billion surpassed the Zacks Consensus Estimate of $1.31 billion by 1.5%. Revenues were up 2.7% year over year.
Total operating expenses in the quarter were $1.07 billion, up 5.2% year over year. The year-over-year increase in expenses were due to higher fuel and purchased power costs and an increase in operating and maintenance expenses.
Interest expenses were $133.2 million, up 8.2% year over year.
Financial Update
Cash and cash equivalents as of Mar 31, were $63.7 million compared with $27.7 million as of Dec 31, 2023.
Long-term debt as of Mar 31, was $11.66 billion compared with $11.05 billion as of Dec 31, 2023.
Cash provided by operating activities in first-quarter 2024 was $317.3 million compared with $362.9 million in first-quarter of 2023.
Guidance
Evergy reaffirmed its 2024 operating EPS in the range of $3.73-$3.93. The mid-point of the guidance is a tad lower than the Zacks Consensus Estimate, which is pegged at $3.84.
The company reaffirmed its EPS annual growth target of 4-6% from 2023 through 2026.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2024 adjusted earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. The bottom line was also up 8.3% year over year. The uptick was driven by solid performance of Florida Power & Light Company and NextEra Energy Resources.
The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.40 per share, indicating a rise of 7.3% from a year ago. Long-term (three-to-five year) earnings growth rate of NEE is pegged at 7.99%.
Xcel Energy Inc. (XEL - Free Report) reported first-quarter 2024 operating earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 80 cents by 10%. The bottom line improved 15.8% from the prior-year quarter’s 76 cents.
The Zacks Consensus Estimate for XEL’s 2024 earnings is pinned at $3.56 per share, implying an improvement of 6.3% from the prior-year levels. The long-term earnings growth rate of XEL is pegged at 6.41%.
Dominion Energy (D - Free Report) reported first-quarter 2024 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 51 cents by 7.8%.
The Zacks Consensus Estimate for D’s 2024 earnings is pinned at $2.75 per share, suggesting an increase of 38.2% from the year-earlier levels. The long-term earnings growth rate of D is pegged at 5.44%.
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Evergy (EVRG) Q1 Earnings Lag Estimates, Revenues Up Y/Y
Evergy, Inc. (EVRG - Free Report) reported first-quarter 2024 operating earnings per share (EPS) of 54 cents, which lagged the Zacks Consensus Estimate of 61 cents by 11.5%. Earnings decreased 8.5% year over year.
EPS in the reported quarter benefited from new retail rates and better transmission margin, while higher operating and interest expenses, along with unfavorable impact of weather on demand completely offset the positives.
Total Revenues
First-quarter revenues of $1.33 billion surpassed the Zacks Consensus Estimate of $1.31 billion by 1.5%. Revenues were up 2.7% year over year.
Evergy Inc. Price, Consensus and EPS Surprise
Evergy Inc. price-consensus-eps-surprise-chart | Evergy Inc. Quote
Highlights of the Release
Total operating expenses in the quarter were $1.07 billion, up 5.2% year over year. The year-over-year increase in expenses were due to higher fuel and purchased power costs and an increase in operating and maintenance expenses.
Interest expenses were $133.2 million, up 8.2% year over year.
Financial Update
Cash and cash equivalents as of Mar 31, were $63.7 million compared with $27.7 million as of Dec 31, 2023.
Long-term debt as of Mar 31, was $11.66 billion compared with $11.05 billion as of Dec 31, 2023.
Cash provided by operating activities in first-quarter 2024 was $317.3 million compared with $362.9 million in first-quarter of 2023.
Guidance
Evergy reaffirmed its 2024 operating EPS in the range of $3.73-$3.93. The mid-point of the guidance is a tad lower than the Zacks Consensus Estimate, which is pegged at $3.84.
The company reaffirmed its EPS annual growth target of 4-6% from 2023 through 2026.
Zacks Rank
Currently, Evergy has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2024 adjusted earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. The bottom line was also up 8.3% year over year. The uptick was driven by solid performance of Florida Power & Light Company and NextEra Energy Resources.
The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.40 per share, indicating a rise of 7.3% from a year ago. Long-term (three-to-five year) earnings growth rate of NEE is pegged at 7.99%.
Xcel Energy Inc. (XEL - Free Report) reported first-quarter 2024 operating earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 80 cents by 10%. The bottom line improved 15.8% from the prior-year quarter’s 76 cents.
The Zacks Consensus Estimate for XEL’s 2024 earnings is pinned at $3.56 per share, implying an improvement of 6.3% from the prior-year levels. The long-term earnings growth rate of XEL is pegged at 6.41%.
Dominion Energy (D - Free Report) reported first-quarter 2024 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 51 cents by 7.8%.
The Zacks Consensus Estimate for D’s 2024 earnings is pinned at $2.75 per share, suggesting an increase of 38.2% from the year-earlier levels. The long-term earnings growth rate of D is pegged at 5.44%.