Westar Energy, Inc.
) reported first-quarter 2013 earnings per share of 40 cents,
beating the Zacks Consensus Estimate by 10 cents. Quarterly
earnings were 19 cents higher than the year-ago level primarily
due to improvement in top line backed by higher pricing as well
as increase in energy sales during colder climate. These
positives were partially offset by higher operating and interest
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First Quarter Operational Update
Westar Energy posted total revenues of $546.2 million, surpassing
the Zacks Consensus Estimate by 7%. Reported revenues increased
14.8% year over year primarily due to strong contribution from
segments; partially offset by decline in revenues from the
The company's total operating expenses increased 5.4% year over
year to $426.3 million primarily owing to higher fuel and
purchased power, operating and maintenance, and selling expenses.
Westar Energy reported operating income of $120 million, up 68.1%
year over year.
Interest expenses increased 5.3% year over year to $44.3 million
primarily due to a rise in long-term debt level.
Cash and cash equivalents of Westar Energy as of Mar 31, 2013,
were $5.6 million, down from $5.8 million as of Dec 31, 2012.
The company's net long-term debt increased to $3.1 billion as of
Mar 31, 2013 from $2.8 billion as of Dec 31, 2012 due to issuance
of principal amount of first mortgage bonds.
Westar Energy's cash flow from operating activities during the
first three months of 2013 was $193.6 million, higher than $64
million in the year-ago comparable period.
During the quarter, the company invested $182 million under the
capital expenditure program.
Westar Energy's full-year 2013 earnings guidance is in the range
of $2.00-$2.15 per share.
Other Company Releases
American Electric Power Co. Inc.
) reported first quarter earnings of 80 cents per share, in line
with the Zacks Consensus Estimate.
) announced first quarter operating earnings of 70 cents per
share, beating the Zacks Consensus Estimate by 2 cents.
) reported first quarter operational earnings of 94 cents per
share that came at par with the Zacks Consensus Estimate.
Westar Energy currently has a Zacks Rank #2 (Buy).
Topeka, Kan.-based Westar Energy provides electricity to retail
as well as wholesale customers. The company utilizes coal,
natural gas, uranium, wind and landfill gas for electricity