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New retail rates drive Great Plains Energy Q1 EPS higher

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New retail rates drive Great Plains Energy Q1 EPS higher

Great PlainsEnergy Inc. on May 5 posted first-quarter 2016 net income availablefor common shareholders of $26.0 million, or 17 cents per share, beating theS&P Global Market Intelligence normalized EPS consensus estimate by 3 cents.

The result also reflects an increase from $18.5 million, or12 cents per share, in net income for the first quarter of 2015.

The company attributed the year-over-year increase in EPS tonew Missouri and Kansas retail rates and an increase in "other"margin due to new cost recovery mechanisms.

The company's electric utility segment, which includesKansas City Power & Light Co.and regulated utility operations of KCP&LGreater Missouri Operations Co., contributed $29.0 million, or 19cents per share, toward first-quarter 2016 net income, an increase from $20.9million, or 14 cents per share, a year ago.

Looking ahead, the company continues to target 2016 EPS tobe in the range of$1.65 to $1.80.

In a separate May 5 release, Great Plains Energy said itappointed Sandra Price to its board, effective May 4. Price is senior vicepresident of human resources at SprintCorp.