Yahoo Finance Evergy (EVRG) Q2 Earnings Rise Y/Y on Higher Electric Sales
Evergy, Inc. EVRG has reported second-quarter 2022 operating earnings of 86 cents per share, which increased a penny from the year-ago quarter earnings. Reported earnings gained from higher weather-normalized demand, favorable weather and higher transmission margin, partially offset by higher operations and maintenance expenses.
GAAP earnings for the reported quarter were 84 cents compared with 81 cents per share in the year-ago period.
Total Revenues
Evergy’s total revenues were $1,446.5 million, reflecting an increase of 17.1% from the year-ago quarter’s $1,236.2 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 were $1,111 million, up 18.1% from the year-ago quarter’s $940.9 million, owing to a decrease in fuel and purchased power expenses, and operating and maintenance costs.
Interest expenses for the reported quarter were $99.3 million, up 5.9% from the year-ago level.
In the second quarter, total electric sales volumes increased 11.6% year over year due to strong demand from all customer groups.
Financial Update
Cash and cash equivalents as of Jun 30, 2022, were $22.4 million compared with $26.2 million as of Dec 31, 2021.
Long-term debt as of Jun 30, 2022, was $9,196.7 million compared with $9,297.9 million as of Dec 31, 2021.
Cash provided (used) by operating activities for the first six months of 2022 was $588.9 million compared with $224.6 million in the first half of 2021.
Guidance
Evergy has reaffirmed its 2022 operating earnings per share guidance at $3.43-$3.63 and adjusted EPS annual growth target at 6-8% from 2021 through 2025.
The company has reiterated its five-year (2022-2026) capital investment target of $10.7 billion. The expenditure will be directed toward utility projects, with the objective of modernizing the grid, focusing on clean energy sources, and increasing efficiency as well as reliability of operations.
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.
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