Evergy (EVRG) Q3 2024 earnings summary

Executive summary

• Reported Q3 2024 adjusted EPS of $2.02, up from $1.88 year-over-year, driven by demand growth, new retail sales, FERC investments, and regulatory adjustments, partially offset by cooler weather and higher depreciation/amortization.

• Net income for Q3 2024 was $465.6 million, up from $351.6 million in Q3 2023.

• Announced a 4% increase in the quarterly dividend to $0.6675 per share, annualized at $2.67.

• Introduced a $16.2 billion capital investment plan for 2025–2029.

• Major regulatory and legislative developments in 2024 include Kansas PISA adoption, new cost recovery mechanisms for gas plants, and a partial settlement in Evergy Missouri West's rate case.

Financial highlights

• Q3 2024 adjusted earnings: $465.6 million ($2.02/share), up from $432.3 million ($1.88/share) in Q3 2023.

• Year-to-date adjusted EPS reached $3.46, up from $3.27 year-over-year.

• Operating revenues for Q3 2024 were $1,811.4 million, up $142.1 million year-over-year.

• Weather-normalized retail sales grew 0.8% year-over-year, with growth in all customer classes.

• GAAP net income for Q3 2024 was $465.6 million, up from $351.6 million in Q3 2023.

Outlook and guidance

• Reaffirmed 2024 adjusted EPS guidance of $3.73–$3.93 and introduced 2025 guidance of $3.92–$4.12, with a 4%–6% long-term growth target through 2029.

• Five-year capital plan (2025–2029) totals $16.2 billion, up $3.7 billion from prior plan.

• Load growth forecast of 2%–3% through 2029, driven by large new customers.

• Annualized rate base growth of ~8% expected from 2024E–2029E.

• New solar and gas generation expected online between 2027 and 2030, subject to regulatory approvals.