Newly formed KC electric utility reports big earnings

Electricity supplier Evergy, Inc., the newly-created firm based in Kansas City, Missouri says its third quarter earnings shot up from $158 million a year ago to $355 million this year.

The $355 million translated to a $1.32 a share earnings, a 21 cent increase over what shares earned at the end of the third quarter of 2017.

Evergy Inc. is the result of this year’s merger of Westar Energy Inc. and Great Plains Energy which is the parent company of Kansas City Power and Light and KCPL greater Missouri Operations.

The inclusion of KCP&L and GMO earnings and higher Westar retail sales, driven by favorable weather, positively affected third quarter results.

Third quarter 2018 pro forma earnings, which reflect the consolidated operations of Evergy as if the merger had taken place on January 1, 2017, and exclude non-recurring merger-related costs, were $360 million, or $1.34 per share, compared with earnings of $322 million, or $1.19 per share for the third quarter of 2017.

Increased sales, due primarily to favorable weather, and lower income tax expense contributed to the increase in pro forma earnings.

“We are pleased with the financial and operational performance our team delivered this quarter,” said Terry Bassham, Evergy president and chief executive officer. “We recognize dividends are an important component of total shareholder return, and I’m pleased to announce, the board approved increasing the dividend to $1.90 per share on an annualized basis.”

The Board of Directors declared a dividend of $0.475 per share payable on December 20, 2018, on the Company’s common stock. The dividends are payable to shareholders of record as of November 29, 2018.