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Evergy posts Q2 EPS of 56 cents, in line with Street estimates

Evergy Inc. on Aug. 8 posted second-quarter earnings of $102 million, or 56 cents per share, compared with earnings of $72 million, or 50 cents per share, a year ago.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 56 cents.

In June, Westar Energy Inc. and Great Plains Energy Inc. completed their merger to create Evergy.

Evergy's latest financial results include Westar's earnings for the full period and Kansas City Power & Light Co. and KCP&L Greater Missouri Operations Co.'s earnings starting June 2018. Results are compared with Westar's earnings in the second quarter of 2017.

"Evergy's second quarter results reflect strong execution across both companies," said Evergy President and CEO Terry Bassham. "Following the completion of our merger, Evergy is well positioned to provide attractive total shareholder returns while maintaining competitive energy prices, excellent customer service and innovative solutions for our customers."

For the second quarter of 2018, Evergy's earnings were positively affected by higher Westar retail sales, lower income tax expense, the inclusion of the utilities' earnings, partially offset by merger related costs, and lower revenue for customer bill credits.

Pro forma earnings for the quarter were $244 million, or 90 cents per share, compared with earnings of $161 million, or 59 cents per share, a year ago. Pro forma earnings reflect consolidated operations of Evergy as if the merger had taken place on Jan. 1, 2017, and include nonrecurring merger related costs.

The company will pay a quarterly dividend of 46 cents per common share on Sept. 20 to shareholders of record Aug. 29.