Evergy Q2 Tops Earnings Estimates, Reaffirms FY23 Guidance

Evergy Inc EVRG reported a Q2 revenue decline of 6.4% Y/Y to $1.35 billion, beating the consensus of $1.24 billion. 

Revenue fell 3.4% Y/Y to $1.12 billion in Total electric retail and 0.5% Y/Y to $100.5 million in the Transmission segment.

Meanwhile, Wholesale revenues rose 4.5% Y/Y to $83.1 million in the quarter.

Electricity Sales declined to 13,701 MWh in thousands from 14,754 a year ago.

Adjusted EPS of $0.81, down from $0.84, exceeded the consensus of $0.79.

As of June 30, 2023, cash and cash equivalents stood at $31.4 million, and operating cash flow came in at $715.2 million.

Dividend: The company's Board of Directors declared a dividend per share of $0.6125, payable on September 20, 2023, to shareholders of record as of August 21, 2023.

"We remain on track to meet our expectations for the year after delivering solid second quarter performance. We'd like to thank the nearly 3,500 Evergy employees, contractors and personnel from neighboring utilities that assisted in making repairs, working with customers, and restoring power following the July 14 storms that produced 80-100 mph winds across our service territory - our most impactful storm event in recent history. Going forward, we remain laser-focused on executing our strategy of investing in beneficial infrastructure to drive continued improvement in affordability, reliability and sustainability for our customers and communities," said David Campbell, president and chief executive officer.

Outlook: EVRG reiterated 2023 adjusted EPS of $3.55-$3.75 vs. consensus of $3.63. 

Also, the company reaffirmed its long-term adjusted EPS annual growth target of 6% to 8% through 2025. 

Price Action: EVRG shares traded higher by 0.41% at $58.62 on the last check Friday.