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Evergy Kansas Central, Inc. (54507) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Westar Energy Inc Ks

CIK: 54507
Exhibit 99.1


NEWS RELEASE
FOR IMMEDIATE RELEASE

Evergy Announces 2019 Third Quarter Results
Increases quarterly dividend

GAAP EPS of $1.56; Adjusted EPS (Non-GAAP) of $1.57
Increases quarterly dividend to $0.505 per share, annualized to $2.02

KANSAS CITY, MO., November 6, 2019 - Evergy, Inc. (NYSE: EVRG) today announced third quarter 2019 earnings of $367 million, or $1.56 per share, compared with earnings of $355 million, or $1.32 per share, for the third quarter of 2018.

Evergy’s adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $370 million and $1.57, respectively, in the third quarter of 2019 compared with $371 million and $1.38, respectively, in the third quarter of 2018. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP), which exclude certain merger-related costs and/or benefits, are reconciled to GAAP earnings in the financial table included in this release.

Third quarter earnings were driven by higher gross margins, due primarily to favorable weather and new retail rates net of the 2018 provision for rate refund for the lower corporate tax rate, and fewer shares outstanding. These gains were partially offset by higher depreciation expense and unfavorable regulatory outcomes.

Evergy reaffirmed its guidance for 2019 adjusted earnings of $2.80 to $3.00 per share. A reconciliation of this guidance to GAAP guidance is included in the presentation that accompanies the earnings call. Additionally, Evergy increased its dividend to $2.02 per share on an annualized basis.

“Evergy delivered another solid quarter and continues to be on track for the year, despite regulatory headwinds” said Terry Bassham, Evergy president and chief executive officer. “Additionally, we have increased our dividend by 6.3%, consistent with our long-term dividend growth guidance. We remain focused on executing our operating priorities and realizing the benefits of our merger completed last year, which we are confident will drive sustainable value creation.”

Dividend Declaration

The Board of Directors declared a dividend on the Company’s common stock of $0.505 per share payable on December 20, 2019. The dividends are payable to shareholders of record as of November 27, 2019.

Earnings Conference Call
    
Evergy management will host a conference call Thursday, November 7, with the investment community at 10:00 a.m. ET (9:00 a.m. CT). Investors, media and the public may listen to the conference call by dialing (888) 353-7071, conference ID 6939917. A webcast of the live conference call will be available at www.evergyinc.com.

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evergyinc.com


The following information was filed by Westar Energy Inc Ks on Wednesday, November 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets - Evergy Kansas Central, Inc
Consolidated Balance Sheets - Evergy Kansas Central, Inc (Parenthetical)
Consolidated Balance Sheets - Evergy Metro, Inc
Consolidated Balance Sheets - Evergy Metro, Inc (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Cash Flows - Evergy Kansas Central, Inc
Consolidated Statements Of Cash Flows - Evergy Metro, Inc
Consolidated Statements Of Cash Flows - Evergy Metro, Inc (Parenthetical)
Consolidated Statements Of Cash Flows -Evergy Kansas Central, Inc (Parenthetical)
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Changes In Equity - Evergy Kansas Central, Inc
Consolidated Statements Of Changes In Equity - Evergy Metro, Inc
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income - Evergy Metro, Inc
Consolidated Statements Of Income - Evergy Kansas Central, Inc
Commitments And Contingencies
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Debt (Details)
Fair Value Measurements - Gain (Loss) (Details)
Fair Value Measurements - Nav (Details)
Fair Value Measurements - Recurring (Details)
Goodwill
Goodwill (Details)
Leases
Leases (Tables)
Leases - Estimated Future Commitments Under Finance Leases (Details)
Leases - Estimated Future Commitments Under Operating Leases (Details)
Leases - Lease Payments For Operating Leases (Details)
Leases - Schedule Of Future Payments For Finance Leases (Details)
Leases - Schedule Of Lease Expense (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases Narrative (Details)
Long-Term Debt
Long-Term Debt (Details)
Merger Of Great Plains Energy And Evergy Kansas Central
Merger Of Great Plains Energy And Evergy Kansas Central (Tables)
Merger Of Great Plains Energy And Evergy Kansas Central - Narrative (Details)
Merger Of Great Plains Energy And Evergy Kansas Central - Schedule Assets Acquired And Liabilities Assumed (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Policies)
Organization And Basis Of Presentation (Tables)
Organization And Basis Of Presentation - Antidilutive Securities (Details)
Organization And Basis Of Presentation - Dividends Declared (Details)
Organization And Basis Of Presentation - Earnings Per Share (Details)
Organization And Basis Of Presentation - Fuel Inventory And Supplies (Details)
Organization And Basis Of Presentation - New Accounting Pronouncements (Details)
Organization And Basis Of Presentation - Organization (Details)
Organization And Basis Of Presentation - Other Income And Expense (Details)
Organization And Basis Of Presentation - Summary Of Property, Plant And Equipment (Details)
Organization And Basis Of Presentation - Supplemental Cash Flow Information (Details)
Pension Plans And Post-Retirement Benefits
Pension Plans And Post-Retirement Benefits (Details)
Pension Plans And Post-Retirement Benefits (Tables)
Rate Matters And Regulation
Rate Matters And Regulation - Proceedings (Details)
Receivables
Receivables (Details)
Receivables (Tables)
Receivables - Narrative (Details)
Receivables - Summary Of Bad Debt Expense (Details)
Related Party Transactions And Relationships
Related Party Transactions And Relationships (Details)
Related Party Transactions And Relationships (Tables)
Revenue
Revenue (Details)
Revenue (Tables)
Shareholders' Equity
Shareholders' Equity (Details)
Short-Term Borrowings And Short-Term Bank Lines Of Credit
Short-Term Borrowings And Short-Term Bank Lines Of Credit (Details)
Short-Term Borrowings And Short-Term Bank Lines Of Credit (Tables)
Short-Term Borrowings And Short-Term Bank Lines Of Credit - Schedule Of Short Term Debt (Details)
Taxes
Taxes (Tables)
Taxes - Income Tax Expense (Details)
CIK: 54507
Form Type: 10-Q Quarterly Report
Accession Number: 0001711269-19-000063
Submitted to the SEC: Wed Nov 06 2019 4:37:07 PM EST
Accepted by the SEC: Wed Nov 06 2019
Period: Monday, September 30, 2019
Industry: Electric Services

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