Evergy Announces First Quarter 2022 Results

Source: www.gulfoilandgas.com 5/5/2022, Location: North America

- First quarter 2022 GAAP EPS of $0.53, compared to $0.84 in 2021
- First quarter 2022 Adjusted EPS (Non-GAAP) of $0.58, compared to $0.55 in 2021
- Declares quarterly dividend of $0.5725 per share
- 2022 GAAP EPS guidance of $3.38 to $3.58; Reaffirms 2022 Adjusted EPS guidance of $3.43 to $3.63

Evergy, Inc. announced first quarter 2022 GAAP earnings of $123 million, or $0.53 per share, compared to earnings of $192 million, or $0.84 per share, for first quarter 2021.

Evergy’s first quarter 2022 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $134 million and $0.58, respectively, compared to $125 million and $0.55 in first quarter 2021. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are reconciled to GAAP earnings in the financial table included in this release.

First quarter adjusted earnings per share were higher driven by higher transmission margin, reduced credit loss expense and lower transmission and distribution expense, partially offset by higher depreciation, amortization, and income tax expense.

“It was a good start to the year, and we delivered solid first quarter results,” said David Campbell, Evergy president and chief executive officer. “We remain well-positioned to meet our 2022 and long-term targets and are laser-focused on executing our strategy of delivering affordable, reliable and sustainable electric power to our customers.”

Earnings Guidance
The Company reaffirmed its 2022 adjusted EPS guidance range of $3.43 to $3.63, as well as its long-term adjusted EPS annual growth target of 6% to 8% through 2025 from the $3.30 midpoint of the original 2021 adjusted EPS guidance range.

Dividend Declaration
The Board of Directors declared a dividend on the Company’s common stock of $0.5725 per share payable on June 20, 2022. The dividends are payable to shareholders of record as of May 20, 2022.

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