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Evergy Kansas Central, Inc. (54507) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Westar Energy Inc Ks

CIK: 54507
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
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Evergy Announces 2020 Results at Top End of Guidance Range, Declares Quarterly Dividend, and Issues 2021 Outlook

2020 GAAP EPS of $2.72, compared with $2.79 in 2019; Adjusted EPS (Non-GAAP) of $3.10, an increase of 7% vs 2019
Declares quarterly dividend of $0.535
Issues 2021 GAAP EPS guidance of $3.14 to $3.34; Adjusted EPS guidance of $3.20 to $3.40
Increases five-year capital plan to $9.2 billion through 2025

KANSAS CITY, MO., February 26, 2021 – Evergy, Inc. (NYSE: EVRG) today announced full year GAAP 2020 earnings of $618 million, or $2.72 per share, compared with earnings of $670 million, or $2.79 per share, for the full year 2019. Fourth quarter 2020 GAAP earnings were $51 million, or $0.22 per share, compared with earnings of $64 million, or $0.28 per share, for the fourth quarter of 2019.

For the year, GAAP earnings decreased primarily due to lower retail sales driven by unfavorable weather and a decrease in weather-normalized demand primarily due to pandemic impacts. Also contributing to lower earnings was higher depreciation expense from infrastructure investments, severance and advisor expenses, and higher interest expense; partially offset by lower operating and maintenance expenses.

Evergy's 2020 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $706 million and $3.10, respectively, compared to $694 million and $2.89 in 2019, representing a year-over-year increase of 7%, in line with the company’s target of 6% to 8% annual growth in adjusted EPS from 2019-2024. Fourth quarter adjusted earnings (non-GAAP) were $64 million, or $0.28 per share, compared with $73 million and $0.32 per share in the fourth quarter of 2019. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are reconciled to GAAP earnings in the financial table included in this release.

For the year, adjusted (non-GAAP) earnings per share were driven higher primarily by lower operations and maintenance expense due to continued cost management and fewer shares outstanding. These benefits were partially offset by unfavorable weather, lower demand due to the impacts of the pandemic, higher depreciation expense, and higher interest expense.

"I'm very excited to be part of the Evergy team and to welcome Kirk Andrews, our new Chief Financial Officer," said David Campbell, Evergy president and chief executive officer. "Our executive team and employees remained laser-focused to deliver strong financial results in 2020, despite the unprecedented challenges. We also had solid operating performance in safety and reliability, and we continued to find efficiencies throughout our business. We have a tremendous opportunity in front of us with the Sustainability Transformation Plan, which we expect to continue driving long-term value for both customers and shareholders."
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investors.evergy.com

The following information was filed by Westar Energy Inc Ks on Friday, February 26, 2021 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 - Evergy Kansas Central, Inc
Consolidated Statements Of Cash Flows - Evergy Metro, Inc
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 - Gains (Losses) (Details)
Fair Value Measurements - Long-Term Debt (Details)
Fair Value Measurements - Nav (Details)
Fair Value Measurements - Recurring (Details)
Long-Term Debt
Long-Term Debt - Narrative (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 - 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 (Tables)
Pension Plans And Post-Retirement Benefits - Narrative (Details)
Pension Plans And Post-Retirement Benefits Pension Plans And Post-Retirement Benefits - Schedule Of Components Of Net Periodic Benefit Costs (Details)
Rate Matters And Regulation
Rate Matters And Regulation - Narrative (Details)
Receivables
Receivables (Details)
Receivables (Tables)
Receivables - Allowance For Credit Loses (Details)
Receivables - Narrative (Details)
Receivables - Other Receivables (Details)
Receivables - Pledged As Collateral (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 - Narrative (Details)
Short-Term Borrowings And Short-Term Bank Lines Of Credit
Short-Term Borrowings And Short-Term Bank Lines Of Credit (Tables)
Short-Term Borrowings And Short-Term Bank Lines Of Credit - Narrative (Details)
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: 0001711269-21-000039
Submitted to the SEC: Wed May 05 2021 5:33:55 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Wednesday, March 31, 2021
Industry: Electric Services

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