Yahoo Finance Evergy (EVRG) Q1 Earnings Beat Estimates, Revenues Miss
Evergy, Inc. EVRG reported first-quarter 2020 operating earnings of 41 cents per share, beating the Zacks Consensus Estimate by a penny. The reported earnings were down 6.8% year over year due to unfavorable weather, which in turn reduced demand and lowered corporate-owned life insurance benefits.
GAAP earnings in the reported quarter were 31 cents compared with 39 cents in the year-ago period.
Total Revenues
Evergy’s total revenues came in at $1,117 million, missing the Zacks Consensus Estimate of $1,191 million by 6.2%. The top line also declined 8.2% from the year-ago-quarter’s $1,217 million.
Evergy Inc Price, Consensus and EPS Surprise
Evergy Inc price-consensus-eps-surprise-chart | Evergy Inc Quote
Highlights of the Release
Total operating expenses were $919.2 million, down 8.8% from the year-ago quarter’s $1,007.3 million owing to lower fuel and purchased power, along with operating and maintenance costs.
Interest expenses in the reported quarter were $96.2 million, up 5.6% from the year-ago level.
In 2019, Evergy repurchased 29 million shares. Since the inception of the repurchase program, the company has bought back 45 million shares under the 60-million share repurchase authorization. However, it did not repurchase any shares during the first quarter.
Financial Update
Cash and cash equivalents as of Mar 31, 2020 were $304.4 million compared with $23.2 million at 2019-end.
Long-term debt as of Mar 31, 2020 was $8,993.5 million compared with $8,746.7 million at 2019-end.
Cash from operating activities in first-quarter 2020 was $320.6 million compared with $362.1 million in the prior-year comparable period.
Zacks Rank
Currently, Evergy has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Xcel Energy Inc. XEL posted first-quarter 2020 operating earnings of 56 cents per share, lagging the Zacks Consensus Estimate of 59 cents by 5.1%.
FirstEnergy Corporation FE came up with first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.1%.
Dominion Energy Inc. D reported first-quarter 2020 operating earnings of $1.09 per share, missing the Zacks Consensus Estimate by a penny.
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