Evergy, Inc. (NYSE:EVRG) reported second-quarter 2019 operating earnings of 58 cents per share, lagging the Zacks Consensus Estimate of 60 cents by 3.3%. The second-quarter earnings were impacted by unfavorable weather conditions in its service territories.
GAAP earnings in the reported quarter were 57 cents compared with 90 cents in the year-ago period.
Total Revenues
Evergy’s total revenues came in at $1,221.7 million, improving 36.8% year over year. However, the top line lagged the Zacks Consensus Estimate of $1,330 million by 8.4%.
Evergy Inc. Price, Consensus and EPS Surprise
Evergy Inc. price-consensus-eps-surprise-chart | Evergy Inc. Quote
Highlights of the Release
Total operating expenses increased 23.9% year over year to $950 million due to higher fuel and purchased power, along with operation and maintenance costs.
Interest and related charges in the reported quarter were $95.4 million, up 63.4% from the year-ago level.
As of Jun 30, 2019, Evergy repurchased 20 million shares worth $1,128.7 million. Since the inception of the repurchase program, the company repurchased 36.3 million shares worth nearly $2.2 billion.
Financial Update
Cash and cash equivalents as of Jun 30, 2019 were $107 million compared with $160.3 million on Dec 31, 2018.
Long-term debt as of Jun 30, 2019 was $7.12 billion compared with $6.64 billion on Dec 31, 2018.
Cash from operating activities in the first half of 2019 was $633.7 million compared with $397.2 million in the comparable year-ago period.
Guidance
Evergy reaffirmed its guidance for 2019 adjusted earnings in the range of $2.80-$3.00 per share.
Zacks Rank
Currently, Evergy has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Dominion Energy Inc. (NYSE:D) reported second-quarter 2019 operating earnings of 77 cents per share, beating the Zacks Consensus Estimate of 75 cents by 2.6%.
NextEra Energy, Inc. (NYSE:NEE) reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%.
FirstEnergy Corporation (NYSE:FE) came up with second-quarter 2019 operating earnings of 61 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 1.7%.
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FirstEnergy Corporation (FE): Free Stock Analysis Report
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