Great Plains Energy Reports Third Quarter 2015 Results
The Company also announced the narrowing of its 2015 earnings guidance
range of
“While we are pleased with our strong balance sheet and improved cash
flows, we remain focused on reducing regulatory lag,” said
Great Plains Energy Third Quarter:
Consolidated Earnings and Earnings Per Share Three Months Ended September 30 (Unaudited) |
|||||||||||||||
Earnings per Great | |||||||||||||||
Earnings | Plains Energy Share | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(millions) | |||||||||||||||
Electric Utility | $ | 129.1 | $ | 140.3 | $ | 0.83 | $ | 0.91 | |||||||
Other | (2.3 | ) | 7.1 | (0.01 | ) | 0.04 | |||||||||
Net income | 126.8 | 147.4 | 0.82 | 0.95 | |||||||||||
Preferred dividends | (0.4 | ) | (0.4 | ) | - | - | |||||||||
Earnings available for common shareholders | $ | 126.4 | $ | 147.0 | $ | 0.82 | $ | 0.95 | |||||||
On a per-share basis, drivers for the third quarter 2015 compared to the same period in 2014 included the following:
-
$0.05 benefit from the release of uncertain tax positions in the 2014 results; -
$0.04 increase in other operating and maintenance expense driven primarily by higher Wolf Creek nuclear unit expenses and an increase in distribution expenses; -
$0.04 decrease in Allowance forFunds Used During Construction (AFUDC) resulting from lower average construction work in progress due to environmental upgrades at La Cygne and other capital investments placed into service; -
$0.02 decline in wholesale margin due to lower natural gas prices; -
$0.02 increase in transmission and other expenses not recovered through a fuel recovery mechanism; -
$0.02 increase in depreciation and amortization due to environmental upgrades at La Cygne and other capital investments being placed into service; and -
$0.03 of other items including higher general taxes and interest expense.
These drivers were partially offset by an approximate
Great Plains Energy Year-to-Date:
Consolidated Earnings and Earnings Per Share |
|||||||||||||||
Earnings per Great | |||||||||||||||
Earnings | Plains Energy Share | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(millions) | |||||||||||||||
Electric Utility | $ | 196.4 | $ | 221.1 | $ | 1.27 | $ | 1.43 | |||||||
Other | (6.3 | ) | 2.2 | (0.05 | ) | 0.01 | |||||||||
Net income | 190.1 | 223.3 | 1.22 | 1.44 | |||||||||||
Preferred dividends | (1.2 | ) | (1.2 | ) | - | - | |||||||||
Earnings available for common shareholders | $ | 188.9 | $ | 222.1 | $ | 1.22 | $ | 1.44 | |||||||
On a per-share basis, drivers for the first nine months of 2015 versus 2014 were the following:
-
$0.07 decline in wholesale margin due to lower natural gas prices; -
$0.02 decline from mild weather in 2015 when compared to the prior year; -
$0.03 increase in transmission expense not recovered through a fuel recovery mechanism; -
$0.08 decline in AFUDC resulting from lower average construction work in progress due to environmental upgrades at La Cygne and other capital investments being placed into service; -
$0.08 increase in depreciation and amortization due to environmental upgrades at La Cygne and other capital investments being placed into service; -
$0.05 benefit from the release of uncertain tax positions included in the 2014 results; and -
$0.03 of other items including higher general taxes.
The factors above were partially offset by the following:
-
$0.06 from lower fuel and purchased power expense; -
$0.03 from newKansas retail rates that became effective inJuly 2014 ; and -
$0.05 decrease in other operating and maintenance expense driven by lower operating and maintenance expense at Wolf Creek.
Electric Utility Segment Third Quarter:
The Electric Utility segment, which includes
Overall retail MWh sales were up 3.8 percent compared to the 2014 period
with the increase driven by weather. The unfavorable weather impact in
the third quarter 2015, when compared to normal, was approximately
Electric Utility Segment Year-to-Date:
Year-to-date net income for the Electric Utility segment was
Overall retail MWh sales were down 1.1 percent compared to the 2014
period with the decrease driven by weather. The unfavorable weather
impact in the first nine months of 2015, when compared to normal, was
approximately
Other Category Third Quarter and Year-to-Date:
Results for the Other category primarily include unallocated corporate
charges, GMO non-regulated operations and preferred dividends. For the
third quarter 2015, the Other category recorded a loss of
For the first nine months of 2015, the Other category recorded a loss of
Earnings Webcast Information:
An earnings conference call and webcast is scheduled for
A live audio webcast of the conference call, presentation slides, supplemental financial information, and the earnings press release will be available on the investor relations page of Great Plains Energy’s website at www.greatplainsenergy.com. The webcast will be accessible only in a “listen-only” mode.
The conference call may be accessible by dialing (888) 353-7071
(U.S./
A replay and transcript of the call will be available later in the day
by accessing the investor relations section of the Company’s website. A
telephonic replay of the conference call will also be available through
About
Headquartered in
Forward-Looking Statements:
Statements made in this release that are not based on historical facts
are forward-looking, may involve risks and uncertainties, and are
intended to be as of the date when made. Forward-looking statements
include, but are not limited to, the outcome of regulatory proceedings,
cost estimates of capital projects and other matters affecting future
operations. In connection with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995,
This list of factors is not all-inclusive because it is not possible to
predict all factors. Other risk factors are detailed from time to time
in Great Plains Energy’s and KCP&L’s quarterly reports on Form 10-Q and
annual report on Form 10-K filed with the
View source version on businesswire.com: http://www.businesswire.com/news/home/20151105006953/en/
Source:
Great Plains Energy
Investors:
Calvin
Girard, 816-654-1777
Senior Manager, Investor Relations
calvin.girard@kcpl.com
or
Media:
Katie
McDonald, 816-556-2365
Director, Corporate Communications
katie.mcdonald@kcpl.com