Evergy, Inc., the Kansas City and Topeka-based utility serving customers in Kansas and Missouri announced increased full-year 2019 earnings of $670 million or $2.79 a share….up from the $536 million and $2.50 a share reported for 2018.
Fourth quarter 2019 earnings were $64 million or $0.28 a share,up considerably from the $19 million or $0.07 a share reported for the fourth quarter of 2018.
For the year, earnings were driven by the full year impact of Evergy Metro and Evergy Missouri West results and lower operating and maintenance expenses, partially offset by higher depreciation expense and lower retail sales driven by unfavorable weather compared to 2018.
Evergy’s 2019 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $694 million and $2.89, respectively, compared to $681 million and $2.54 in 2018.
Fourth quarter adjusted earnings (non-GAAP) were $73 million, or $0.32 per share, compared with $39 million and $0.15 per share in the fourth 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.
Evergy also announced that it entered into an agreement with Elliott Management Corporation to add two new independent directors to the board of directors. Elliott Management owns an economic interest equivalent to nearly 10 million shares of Evergy’s common stock.
As part of the agreement, Paul Keglevic, former chief financial officer and chief executive officer of Energy Future Holdings, and Kirk Andrews, current executive vice president and chief financial officer of NRG Energy, are being appointed to the Evergy board as new independent directors, resulting initially in a board comprised of 17 directors.
Four current directors will retire from the Evergy board at the end of their current term such that, at the time of the 2020 Annual Meeting of Shareholders in May, the size of the board will be reduced to 13 directors.
Evergy has its headquarters in Topeka, Kansas, and in Kansas City, Missouri. The company was formed from a merger of Westar Energy of Topeka and Great Plains Energy of Kansas City, Missouri, parent company of Kansas City Power & Light.