Yahoo Finance Evergy's (EVRG) Q3 Earnings Miss Estimates, Sales Down Y/Y
Evergy, Inc. EVRG reported third-quarter 2019 operating earnings of $1.57 per share, lagging the Zacks Consensus Estimate of $1.59 by 1.26%. The bottom line improved 13.77% from the year-ago-quarter’s $1.38.
The upside in earnings was buoyed by higher gross margins, favorable weather driving demand for services, new retail rates and lower outstanding shares.
GAAP earnings in the reported quarter were $1.56 compared with $1.32 a year ago.
Total Revenues
Evergy’s total revenues came in at $1,577.6 million, missing the Zacks Consensus Estimate of $1,619 million by 2.5%. The top line dropped 0.3% from the year-ago-quarter’s $1,582.5 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 in the third quarter was $1,038.9 million, down 1% from the year-ago-quarter’s $1,049.4 million owing to lower fuel and purchased power along with operating and maintenance costs.
Interest and related charges in the reported quarter was $90.8 million, up 1.9% from the year-ago level.
This year as of Sep 30, Evergy repurchased 27.5 million shares worth $1,628.7 million. Since the inception of the repurchase program, the company has bought back 43.9 million shares worth $2.7 billion.
Financial Update
Cash and cash equivalents as of Sep 30, 2019, were $50.1 million compared with $160.3 million as on Dec 31, 2018.
Long-term debt as of Sep 30, 2019, was $8,749.2 million compared with $6,636.3 million as on Dec 31, 2018.
Cash from operating activities in the first nine months of 2019 was $1,447.3 million compared with $1,191.6 million a year ago.
Guidance
Evergy reaffirmed its 2019 earnings per share guidance at the range of $2.80-$3.00
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
Covanta Holding CVA reported third-quarter 2019 earnings of 10 cents per share, beating the Zacks Consensus Estimate of 4 cents by 150%.
Ameresco AMRC posted third-quarter 2019 earnings of 18 cents per share, missing the Zacks Consensus Estimate of 26 cents by 30.77%.
TransCanada TRP reported third-quarter 2019 earnings of 79 cents per share, surpassing the Zacks Consensus Estimate of 76 cents by 8.95%.
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