Great Plains Reports Earnings After Westar Acquisition

 

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Kansas City, Missouri-based Great Plains Energy reported third quarter earnings of nearly $133 million or $0.86 per share of average common stock outstanding.

The $132.7 million in earnings compared to the $126.4 million in the third quarter of 2015 when they were also $0.82 per share. For the first nine months of 2016, the company’s earnings were $190.3 million or $1.23 a share compared to $188.9 million or $1.22 a share for the same period in 2015.

Great Plains Energy’s adjusted earnings (non-GAAP), which excludes certain costs, expenses, and losses resulting from the anticipated acquisition of Westar, were $154.2 million or $1.00 per share in the third quarter of 2016, compared with third quarter 2015 earnings of $126.4 million or $0.82 per share. For the first nine months of 2016, Great Plains Energy’s adjusted earnings (non-GAAP) were $265.8 million or $1.72 per share, compared with earnings of $188.9 million or $1.22 per share for the same period in 2015. Adjusted earnings are reconciled to GAAP earnings on page 2 and 3. The Company also announced it is increasing its 2016 adjusted earnings (non-GAAP) guidance range of $1.65 to $1.80 per share to $1.75 to $1.85 per share.

“We achieved several important milestones during the quarter with respect to our acquisition with Westar, including receiving shareholder approval from both companies and reaching an agreement in Missouri that we believe allows us to move forward with greater certainty. We remain on-track to complete the acquisition in the spring of 2017 and are proud of our ongoing operational performance during this busy time,” said Terry Bassham, chairman and chief executive officer of Great Plains Energy.