Evergy, Inc. EVRG reported second-quarter 2024 operating earnings per share (EPS) of 90 cents, which lagged the Zacks Consensus Estimate of 99 cents by 9.1%. However, the bottom line increased 11.1% from the year-ago quarter’s figure of 81 cents.
EPS in the reported quarter benefited from warmer-than-normal weather, growth in weather-normalized demand, new retail rates and higher transmission margin, partially offset by higher operation and maintenance expenses, increased depreciation and amortization expenses, and higher interest expenses.
Total Revenues
Revenues totaled $1.45 billion, which surpassed the Zacks Consensus Estimate of $1.32 billion by 9.4%. The top line also increased 7.4% from the year-ago quarter’s figure of $1.35 billion.
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 quarter were $1.09 billion, up 7% year over year. The year-over-year increase was due to higher fuel and purchased power costs and a rise in operating and maintenance expenses.
Interest expenses amounted to $143.6 million, up 7.4% year over year.
Financial Update
Cash and cash equivalents as of Jun 30, totaled $26.1 million compared with $27.7 million as of Dec 31, 2023.
Long-term debt as of Jun 30, was $11.95 billion compared with $11.05 billion as of Dec 31, 2023.
Cash provided by operating activities in the first six months of 2024 was $634.8 million compared with $715.2 million in the year-ago period.
Guidance
Evergy reaffirmed its 2024 operating EPS in the range of $3.73-$3.93, and the Zacks Consensus Estimate for the same is pegged at $3.84, which is a tad higher than the midpoint of the company’s guided range.
The company reaffirmed its EPS annual growth target of 4-6% from 2023 through 2026.
Zacks Rank
EVRG carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
NextEra Energy, Inc. NEE reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%.
The company’s long-term (three to five years) earnings growth rate is 8.12%. The Zacks Consensus Estimate for 2024 earnings is pegged at $3.39 per share, which implies a year-over-year improvement of 6.9%.
AVANGRID, Inc. AGR reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%.
AGR’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $2.23 per share, which calls for a year-over-year improvement of 6.7%.
Xcel Energy Inc. XEL reported second-quarter 2024 operating earnings of 54 cents per share, which lagged the Zacks Consensus Estimate of 55 cents by 1%.
XEL’s long-term earnings growth rate is 6.39%. The Zacks Consensus Estimate for 2024 earnings is pegged at $3.55 per share, which calls for a year-over-year improvement of 6%.
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