2024-05-09 15:05:24 ET
Evergy, Inc. (EVRG)
Q1 2024 Earnings Conference Call
May 09, 2024, 09:00 ET
Company Participants
Peter Flynn - Director, IR
David Campbell - President, CEO & Director
Kirkland Andrews - EVP & CFO
Conference Call Participants
Nicholas Campanella - Barclays Bank
Shahriar Pourreza - Guggenheim Securities
Durgesh Chopra - Evercore ISI
Paul Patterson - Glenrock Associates
Michael Sullivan - Wolfe Research
Ryan Levine - Citigroup
Travis Miller - Morningstar
Presentation
Operator
Welcome to the Q1 2024 Evergy, Inc. Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Pete Flynn, Director of Investor Relations. Please go ahead.
Peter Flynn
Thank you, Brianna. Good morning, everyone. Welcome to Evergy's First Quarter 2024 Earnings Conference Call. Our webcast slides and supplemental financial information are available on our Investor Relations website at investors.evergy.com.
Today's discussion will include forward-looking information. Slide 2 and the disclosures in our SEC filings contain a list of some of the factors that could cause future results to differ materially from our expectations. They also include additional information on our non-GAAP financial measures.
Joining us on today's call are David Campbell, Chairman and Chief Executive Officer; and Kirk Andrews, Executive Vice President and Chief Financial Officer. David will cover first quarter highlights, our updated integrated resource plan and provide an update on our regulatory and legislative priorities. Kirk will cover in more detail our first quarter results, retail sales trends and our financial outlook for 2024. Other members of management are with us and will be available during the Q&A portion of the call.
I'll now turn the call over to David.
David Campbell
Thank you, Pete, and good morning, everyone. I'll begin on Slide 5. This morning, we reported first quarter adjusted earnings of $0.54 per share compared to $0.59 per share a year ago. Relative to last year, this quarter's results were driven by higher operations and maintenance expense, depreciation and amortization expense and interest expense, partially offset by new retail rates and transmission margin.
Unseasonably warm weather was also a factor. Heating degree days were 11% below normal for the quarter, negatively impacting our results by an approximate $0.07 per share. Kirk will discuss these earnings drivers in more detail in his remarks. In terms of reliability, we've experienced a good start to the year through March, our average outage duration and frequency measured by SAIDI and SAIFI are trending favorably relative to our targets, demonstrating the benefits of our continued grid modernization investment and the hard work of our transmission and distribution teams. I'm also pleased to report that we're nearing completion of their 26 Wolf Creek nuclear refueling outage, consistent with our plans. ...
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Evergy, Inc. (EVRG) Q1 2024 Earnings Call Transcript