Yahoo Finance Evergy (EVRG) Q1 Earnings and Revenues Beat Estimates
Evergy, Inc. EVRG has reported first-quarter 2023 operating earnings of 59 cents per share, which surpassed the Zacks Consensus Estimate of 56 cents by 5.4%. Earnings improved year over year by a penny.
GAAP earnings for the reported quarter were 62 cents per share compared with 53 cents in the year-ago period.
Evergy’s year-over-year earnings growth was driven by higher weather-normalized demand, lower operation and maintenance expenses, and a higher transmission margin, partially offset by unfavorable weather, higher depreciation and amortization expenses.
Total Revenues
Evergy’s total revenues were $1,297 million, reflecting an increase of 6% from the year-ago quarter’s $1,224 million. Solid contributions from all customer classes boosted revenues in the reported quarter. Revenues surpassed the Zacks Consensus Estimate of $1,142 million by 13.6%.
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 $1,017.5 million, up 4.8% from the year-ago quarter’s $970.8 million, owing to an increase in fuel and purchased power expenses and SPP network transmission costs.
Interest expenses for the reported quarter were $123.1 million, up 34.1% from the year-ago level.
Financial Update
Cash and cash equivalents as of Mar 31, 2023, were $28.4 million compared with $25.2 million as of Dec 31, 2022.
Long-term debt as of Mar 31, 2023, was $10,097.2 million compared with $9,905.7 million as of Dec 31, 2022.
Cash provided by operating activities in first-quarter 2023 was $362.9 million compared with $265 million in the corresponding quarter of 2022.
Guidance
Evergy has reaffirmed its 2023 operating earnings per share guidance of $3.55-$3.75 and the adjusted its EPS annual growth target at 6-8% from 2021 through 2025. The mid-point of the guidance is higher than the Zacks Consensus Estimate, which is pegged at $3.61 per share.
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.
Other Releases
NextEra Energy, Inc. NEE released first-quarter 2023 adjusted earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 12%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.11, implying year-over-year growth of 7.3%.
Entergy Corporation ETR reported first-quarter 2023 earnings of $1.14 per share, missing the Zacks Consensus Estimate of $1.34 by 14.9%.
The Zacks Consensus Estimate for ETR’s 2023 earnings per share is $6.69, implying a year-over-year increase of 4.2%.
PPL Corporation PPL reported first-quarter 2023 operating earnings per share of 48 cents, which beat the Zacks Consensus Estimate of 44 cents by 9.1%.
The Zacks Consensus Estimate for PPL’s 2023 earnings per share is $1.58, implying a year-over-year increase of 12.1%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
PPL Corporation (PPL) : Free Stock Analysis Report
NextEra Energy, Inc. (NEE) : Free Stock Analysis Report
Entergy Corporation (ETR) : Free Stock Analysis Report
Evergy Inc. (EVRG) : Free Stock Analysis Report
