Great Plains Energy Inc. on Feb. 21 posted adjusted earnings of $19.6 million, or 13 cents per share, compared to $20.2 million, or 13 cents per share, in the fourth quarter of 2016. The S&P Capital IQ consensus normalized EPS estimate for the quarter was 12 cents.
Adjusted earnings do not include certain costs, expenses, gains, losses and the per-share dilutive effect of equity issuances resulting from the pending merger with Westar Energy Inc. as well as the previous, failed plan to acquire Westar.
On a GAAP basis, the company booked a net loss available for common shareholders of $100.1 million, or a loss of 46 cents per share, compared with fourth-quarter 2016 earnings of $83.2 million, or 39 cents per share. The decrease was primarily driven by a number of nonrecurring impacts due to the company's pending merger with Westar and the impacts of U.S. federal income tax reform.
"Our proposed merger with Westar Energy remains on track to close in the second quarter of this year," said Great Plains Chairman and CEO Terry Bassham.
For full year 2017, Great Plains Energy's adjusted earnings totaled $269.4 million, or $1.74 per share, compared with $286.0 million, or $1.85 per share, in 2016. The S&P Capital IQ consensus normalized EPS estimate for 2017 was $1.58.
Net loss for Great Plains in 2017 totaled $143.5 million, or 67 cents per share, compared to earnings of $273.5 million, or $1.61 per share, in 2016.