Q2 2024 Evergy Inc Earnings Call Transcript
Key Points
- Evergy Inc (EVRG) reported second quarter adjusted earnings of $0.90 per share, up from $0.81 per share a year ago.
- The increase in earnings was driven by demand growth, favorable weather, new retail rates, and higher transmission margins.
- The company reaffirmed its 2024 adjusted EPS guidance range of $3.73 to $3.93 per share and its long-term annual adjusted EPS growth target of 4% to 6% from 2023 to 2026.
- Evergy Inc (EVRG) highlighted significant economic development wins with Google, Panasonic, and Meta, representing approximately 750 megawatts of load.
- The company expects a solid 2% to 3% weather-normalized demand growth through 2028, driven by new large customer loads and a strong local labor market.
- Higher operations and maintenance costs, depreciation and amortization expenses, and interest expenses partially offset the earnings growth.
- The resignation of Chief Financial Officer Kirk Andrews and the ongoing search for a permanent replacement could create some uncertainty.
- Severe weather events caused extensive damage to equipment and structures, leading to increased restoration costs.
- Industrial demand remains lower despite a recovery among larger customers, which could impact overall demand growth.
- The company faces regulatory and legislative challenges, including the need for constructive dialogue around capital structure and authorized returns in Kansas.
Good day, and thank you for standing by. welcome to the Q2 2024 Evergy, Inc. earnings conference call. (Operator Instructions).
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Peter Flynn, Director of Investor Relations. Please go ahead.
Thank you, Didi, and good morning, everyone. Welcome to Evergy's Second Quarter 2024 Earnings Conference Call. Our webcast slides and supplemental financial information are available on our Investor Relations website at investors.evergy.com. Today's discussion will include forward-looking information. slide 2 and the disclosure in our SEC filings contain a list of some of the factors that could cause future results to differ materially from our expectations. They also include additional information on our non-GAAP financial measures.
Joining us on today's call are David Campbell, Chairman and Chief Executive Officer; and Geff Way, acting Chief Financial Officer and
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
