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Evergy, Inc. (EVRG - Free Report) reported third-quarter 2021 operating earnings of $1.98 per share, which surpassed the Zacks Consensus Estimate of $1.68 by 17.9%.
The reported earnings were up 14.5% year over year. The improvement was due to increased weather-normalized demand, transmission margin and other income.
GAAP earnings for the reported quarter were $1.95 compared with $1.60 per share in the year-ago period.
Total Revenues
Evergy’s total revenues came in at $1,616.5 million, reflecting an increase of 6.5% from the year-ago-quarter’s $1,517.6 million.
Total operating expenses were $1,015.8 million, up 2% from the year-ago quarter’s $995.9 million owing to an increase in fuel and purchased power expenses, marginally offset by a decline in operating and maintenance costs.
Interest expenses for the reported quarter were $93.6 million, down 1.3% from the year-ago level.
The company continues to work on grid modernization and fleet transformation, with the objective of achieving net-zero carbon emissions by 2045.
Financial Update
Cash and cash equivalents as of Sep 30, 2021 were $25.3 million compared with $144.9 million on Dec 31, 2020.
Long-term debt as of Sep 30, 2021 was $9,297.3 million compared with $9,190.9 million on Dec 31, 2020.
Cash from operating activities for the first nine months of 2021 was $1,036 million compared with $1,421.7 million in the comparable period of 2020.
Guidance
Evergy raised its 2021 operating earnings per share guidance to the range of $3.50-$3.60 from $3.20-$3.40 and adjusted EPS annual growth target to 6-8% from 2021 through 2025. Evergy reaffirmed its 2022 operating earnings per share guidance in the range of $3.43-$3.63.
Evergy’s five-year (2021-2025) capital investment target is $10.4 billion. The expenditures 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.
FirstEnergy Corporation (FE - Free Report) came up with third-quarter 2021 operating earnings of 82 cents per share, surpassing the Zacks Consensus Estimate of 81 cents by 1.2%.
Avangrid, Inc. (AGR - Free Report) reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.
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Evergy (EVRG) Surpasses Q3 Earnings Estimates, Ups '21 View
Evergy, Inc. (EVRG - Free Report) reported third-quarter 2021 operating earnings of $1.98 per share, which surpassed the Zacks Consensus Estimate of $1.68 by 17.9%.
The reported earnings were up 14.5% year over year. The improvement was due to increased weather-normalized demand, transmission margin and other income.
GAAP earnings for the reported quarter were $1.95 compared with $1.60 per share in the year-ago period.
Total Revenues
Evergy’s total revenues came in at $1,616.5 million, reflecting an increase of 6.5% from the year-ago-quarter’s $1,517.6 million.
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 $1,015.8 million, up 2% from the year-ago quarter’s $995.9 million owing to an increase in fuel and purchased power expenses, marginally offset by a decline in operating and maintenance costs.
Interest expenses for the reported quarter were $93.6 million, down 1.3% from the year-ago level.
The company continues to work on grid modernization and fleet transformation, with the objective of achieving net-zero carbon emissions by 2045.
Financial Update
Cash and cash equivalents as of Sep 30, 2021 were $25.3 million compared with $144.9 million on Dec 31, 2020.
Long-term debt as of Sep 30, 2021 was $9,297.3 million compared with $9,190.9 million on Dec 31, 2020.
Cash from operating activities for the first nine months of 2021 was $1,036 million compared with $1,421.7 million in the comparable period of 2020.
Guidance
Evergy raised its 2021 operating earnings per share guidance to the range of $3.50-$3.60 from $3.20-$3.40 and adjusted EPS annual growth target to 6-8% from 2021 through 2025. Evergy reaffirmed its 2022 operating earnings per share guidance in the range of $3.43-$3.63.
Evergy’s five-year (2021-2025) capital investment target is $10.4 billion. The expenditures 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.
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
FirstEnergy Corporation (FE - Free Report) came up with third-quarter 2021 operating earnings of 82 cents per share, surpassing the Zacks Consensus Estimate of 81 cents by 1.2%.
Avangrid, Inc. (AGR - Free Report) reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.