Evergy(EVRG) - 2024 Q4 - Annual Results

Financial Performance - 2024 GAAP earnings were $873.5 million, or$3.79 per share, compared to $731.3 million, or$3.17 per share in 2023, representing a 19.4% increase in earnings[2] - Adjusted earnings (non-GAAP) for 2024 were $877.9 million, or$3.81 per share, up from $815.6 million, or$3.54 per share in 2023, reflecting a 7.9% increase[3] - Fourth quarter 2024 adjusted earnings (non-GAAP) were $80.6 million, or$0.35 per share, compared to $61.1 million, or$0.27 per share in Q4 2023, indicating a 32.9% increase[4] Dividends and Capital Investment - The company declared a quarterly dividend of $0.6675 per share, payable on March 21, 2025[10] - Evergy raised its 2025E-2029E capital investment plan to$17.5 billion, indicating a commitment to infrastructure investment[8] Earnings Guidance and Growth Expectations - The company reaffirmed its 2025 GAAP and adjusted (non-GAAP) EPS guidance range of $3.92 to$4.12[9] - Evergy expects long-term adjusted EPS (non-GAAP) annual growth of 4% to 6% through 2029, with growth anticipated in the upper half of this range starting in 2026[9] Business Development and Demand - The company is in advanced negotiations with two large data center customers as part of its 10-gigawatt project pipeline, reflecting strong demand in Kansas and Missouri[7] - Adjusted earnings (non-GAAP) for 2024 benefited from new retail rates and growth in weather-normalized demand, despite challenges from mild weather and higher expenses[5] Strategic Focus and Mission - Evergy's mission focuses on delivering reliable, affordable, and sustainable energy, with about half of its power coming from carbon-free sources[22] Risk Factors - Evergy Companies face risks from economic and weather conditions impacting sales, prices, and costs[25] - Significant changes in electricity demand and the ability to meet future demand are critical factors for Evergy's strategy[25] - The company is subject to regulatory actions that could affect customer rates and operational decisions[25] - Evergy Companies are managing risks related to the ownership and operation of nuclear facilities, including environmental and financial risks[26] - The ability to attract and retain qualified personnel is essential for maintaining operational efficiency[26] - Strategic initiatives such as mergers and acquisitions may not achieve expected value in a timely manner[26] - The impact of climate change and significant weather events poses additional operational challenges[25] - Evergy Companies are affected by geopolitical conflicts that influence the global energy market[26] - The company must navigate uncertainties related to supply chain issues and the availability of resources[26] - Future pandemic health events could impact sales, operations, and financial position[25]