Evergy (EVRG) Q4 2024 earnings summary

Executive summary

• 2024 adjusted EPS was $3.81, up from $3.54 in 2023, with GAAP EPS at $3.79, driven by cost management, infrastructure investment, and new retail rates despite mild weather.

• $2.3 billion was invested in grid modernization and reliability improvements, including three new natural gas plants and three solar farms totaling 2,100 MW.

• Major economic development wins include Google, Panasonic, Meta, and two new data centers, representing 800 MW of load and a pipeline exceeding 10 GW.

• Kansas Electric Infrastructure Investment Bill (HB 2527) passed and a settlement was reached in the Missouri West rate case.

• 2025 adjusted EPS guidance reaffirmed at $3.92–$4.12, with long-term EPS growth targeted at 4–6% through 2029.

Financial highlights

• 2024 adjusted earnings were $877.9 million ($3.81/share), up from $815.6 million ($3.54/share) in 2023; GAAP EPS was $3.79.

• Weather negatively impacted EPS by $0.13 year-over-year and $0.11 versus normal.

• Load growth contributed $0.14 per share, and recovery on regulated investments added $0.48 per share.

• O&M expenses increased 1.8% year-over-year, causing a $0.05 negative variance; higher depreciation and interest expense reduced EPS by $0.17.

• Fourth quarter 2024 adjusted EPS was $0.35, up from $0.27 in Q4 2023.

Outlook and guidance

• 2025 adjusted EPS guidance reaffirmed at $3.92–$4.12, with a midpoint of $4.02.

• Long-term adjusted EPS growth target of 4–6% through 2029, with expectations to be in the top half of the range from 2026–2029.

• Five-year capital investment plan increased to $17.5 billion for 2025–2029.

• Weather-normalized demand growth forecast of 2–3% through 2029, with upside from large customers.

• 2025 load demand growth forecast is 2.4% over 2024, with Meta and Panasonic contributing nearly half.