Evergy's (EVRG) Q4 Earnings And Revenues Miss Estimates
Zacks Investment Research | Feb 24, 2019 09:28PM ET
Evergy, Inc. (NYSE:EVRG) reported fourth-quarter 2018 operating earnings of 8 cents per share, lagging the Zacks Consensus Estimate of 24 cents by 66.7% but improving from the year-ago loss of 25 cents.
The year-over-year improvement of the bottom line is attributable to favorable weather and lower income tax expense, owing to year-over-year increase in pro-forma earnings.
Total Revenues
Evergy’s total revenues came in at $1,199.8 million, improving 101.7% year over year. However, the figure lagged the Zacks Consensus Estimate of $1,256 million by 4.5%.
Highlights of the Release
Total operating expenses increased 122.1% year over year to $1,049.7 million, due to higher fuel and purchased power, along with operation and maintenance costs.
Interest and related charges in the reported quarter were $88.3 million, up 106.3% from the year-ago level.
During the year, the company retired 1,500 MW of coal-fired generation from its portfolio and added 244 MW of wind energy in its generation assets.
The company repurchased shares worth $1,042.3 million and paid dividend of $475 million during 2018.
Financial Update
Cash and cash equivalents as of Dec 31, 2018 were $160.3 million compared with $3.4 million in the corresponding period of 2017.
Long-term debt as of Dec 31, 2018 was $6.64 billion compared with $3.69 billion at the end of 2017.
Cash from operating activities in 2018 was $1,497.8 million, up 64.1% from $912.7 million a year ago.
Zacks Rank
Currently, Evergy has a Zacks Rank #3 (Hold).
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