Q3 2024 Evergy Inc Earnings Call Transcript
Key Points
- Evergy Inc (EVRG) reported a significant increase in third-quarter adjusted earnings, reaching $2.02 per share compared to $1.88 per share a year ago, driven by demand growth and new retail sales.
- The company reaffirmed its 2024 adjusted EPS guidance range of $3.73 to $3.93 per share, indicating confidence in its financial performance.
- Evergy Inc (EVRG) announced plans to invest in two new combined cycle natural gas plants and three solar farms, reflecting a balanced approach to energy generation and supporting economic development.
- The company has established a long-term growth target of 4% to 6% through 2029, with expectations to be in the top half of this range relative to the 2025 baseline.
- Evergy Inc (EVRG) reached a unanimous settlement in its Missouri West rate case, which, if approved, would provide a balanced outcome for customers and reflects a supportive regulatory environment.
- The increase in earnings was partially offset by cooler summer weather, which led to a 12% decrease in cooling degree days and impacted EPS negatively.
- Higher depreciation and amortization expenses due to increased infrastructure investment resulted in a $0.03 decrease in EPS.
- The company anticipates a regular cadence of rate case filings, which could lead to regulatory challenges and potential customer rate increases.
- Evergy Inc (EVRG) plans to issue common stock starting in 2026, which may dilute existing shareholders.
- The company's growth outlook does not yet reflect the potential load from the 6-gigawatt customer pipeline, indicating uncertainty in future demand projections.
Good day, and thank you for standing by. Welcome to the third quarter 2024 Evergy, Inc. earnings conference call. (Operator Instructions)
Please be advised that conference is being recorded. I would now like to hand the conference over to your first speaker today, Peter Flynn, Director of Investor Relations. Please go ahead.
Thank you, Jill, and good morning, everyone. Welcome to Evergy's third quarter 2024 earnings conference call. Our webcast slides and supplemental financial information are available on our Investor Relations website at investors.evergy.com.
Today's discussion will include forward-looking information. Slide 2 and the disclosure in our SEC filings contain a list of some of the factors that could cause future results to differ materially from our expectations. They also include additional information on our non-GAAP financial measures.
Joining us on today's call are David Campbell, Chairman and Chief Executive Officer; and Bryan Buckler, Executive Vice President
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