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Great Plains Energy misses consensus as Q2 earnings decline

Great Plains Energy Inc. on Aug. 9 reported second-quarter 2017 adjusted earnings of $67.0 million, or 43 cents per share, down from $85.6 million, or 55 cents per share, a year ago. The S&P Capital IQ normalized consensus EPS estimate for the quarter was 47 cents.

"Our financial performance for the second quarter was in line with our expectations, as solid operational performance helped overcome the impacts of milder weather," said Great Plains Energy Chairman and CEO Terry Bassham.

The company's non-GAAP earnings exclude certain costs, expenses, gains, losses and the per share dilutive effect of equity issuances resulting from the anticipated merger with Westar Energy Inc. as well as the previous, failed plan to acquire Westar. Bassham also expressed confidence in completing the pending merger with Westar in the first half of 2018.

On a GAAP basis, the company booked second-quarter loss of $22.1 million available for common shareholders, or a loss of 10 cents per share, compared to earnings of $31.6 million, or 20 cents per share, in the comparable quarter in 2016.

The company's electric utility segment, which includes Kansas City Power & Light Co. and regulated utility operations of KCP&L Greater Missouri Operations Co. contributed $68.4 million, or 32 cents per share, a decrease from $88.3 million, or 57 cents per share, a year ago.