Evergy, Inc.: Initiation of Coverage – Is Its Focus on Economic Development and Large Load Customers Paying Off?

Evergy, Inc. reported its financial results for the first quarter of 2024, indicating a mix of strengths and challenges impacting its performance. The company delivered adjusted earnings of $0.54 per share, down from $0.59 per share in the same period the previous year. This reduction in earnings per share can be attributed largely to increased costs, including higher operations and maintenance expenses, depreciation and amortization expenses, and interest expenses. These factors were somewhat offset by the benefits of new retail rates and higher transmission margins.