Evergy beats Q2 profit estimates on high energy demand

Evergy

04/08/2023 12:58

Aug 3 (Reuters) - Evergy Inc  EVRG.O  beat profit
estimates for the second quarter on Friday, as the U.S. electric
utility company saw higher demand and increase in energy prices.
    The company highlighted that it had lower expenses,
including a reduced headcount, and higher transmission margins.
It reported adjusted net income of 81 cents per share for the
quarter ended June 30, beating analysts' average estimate of 78
cents per share, according to Refinitiv data.
    Its total revenue for the quarter, however, fell 6.4% from a
year earlier to $1.35 billion, missing estimates of $1.45
billion.  
         Higher interest rates also weighed on the company,
following the hawkish stance of the U.S. Federal Reserve, have
making borrowing more expensive for businesses. The company paid
34.6% more interest this quarter compared with a year earlier.
    Evergy, which serves 1.7 million customers in Kansas and
Missouri, reaffirmed its adjusted profit forecast of $3.55 to
$3.75 per share for the full year, and also declared a dividend
of $0.6125 per share.
     CEO David Campbell highlighted the storms in July being the
most impactful in recent company history. 
    Strong thunderstorms ripped through western Missouri, with
high risk of flash flooding near the Colorado/Kansas border on
July 20, the National Weather Service had reported.
    

 (Reporting by Seher Dareen in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128, if within U.S. call +1 646 223 8780;))