Evergy(US:EVRG)2024-05-09 11:00Financial Performance - First quarter 2024 GAAP earnings were $122.7 million, or $0.53 per share, compared to $142.6 million, or $0.62 per share in Q1 2023, representing a decrease of approximately 14% in earnings [2][8]. - Adjusted earnings (non-GAAP) for Q1 2024 were $124.7 million, or $0.54 per share, down from $136.1 million, or $0.59 per share in Q1 2023, reflecting a decline of about 8% [3][12]. - The impact of mild winter weather reduced earnings by an estimated $(0.07) per share compared to normal weather conditions [4]. - The increase in operation and maintenance expenses, depreciation, and interest expenses contributed to the decline in adjusted earnings [4]. Guidance and Targets - The company reaffirmed its 2024 GAAP EPS guidance range of $3.73 to $3.93, consistent with its adjusted EPS (non-GAAP) guidance for the same period [6][8]. - Evergy's long-term adjusted EPS (non-GAAP) annual growth target is set at 4% to 6% through 2026, based on the original $3.65 midpoint of 2023 adjusted EPS guidance [6]. Dividends - A quarterly dividend of $0.6425 per share was declared, payable on June 20, 2024, to shareholders of record as of May 20, 2024 [7][8]. Customer Base and Sustainability - Evergy serves approximately 1.7 million customers in Kansas and Missouri, with about half of its power generated from carbon-free sources [19]. - The company is focused on delivering affordable, reliable, and sustainable electric power, supported by recent legislative changes in Kansas [5]. Management Perspective - Management emphasizes that adjusted earnings (non-GAAP) provide a meaningful basis for evaluating operations across periods, excluding items not indicative of ongoing performance [11][12].