Sector: Utilities|Industry: Utilities - Regulated Electric|Market Cap: $13.95B|Employees: 4.7K
Evergy is a public utility holding company that operates primarily through its subsidiaries, providing electricity to customers in Kansas and Missouri. The company's core business model involves regulated electric utilities, focusing on generation, transmission, and distribution. Evergy's key markets are in the Midwest, and it operates as an integrated utility with a diverse generation portfolio.
Net income attributable to Evergy, Inc. decreased $19.9 million YoY to $122.7 million, primarily due to higher depreciation and taxes other than income tax expense. This was partially offset by new Evergy Kansas Central retail rates effective in December 2023, lower pension non-service costs and lower income tax expense.
Evergy's gross margin (GAAP) decreased $21.6 million YoY, driven by a $11.0 million decrease due to 2023 mark-to-market gains related to forward contracts for natural gas and electricity entered into as economic hedges against fuel price volatility related to Evergy Kansas Central's 8% ownership share of JEC.
Evergy's utility gross margin (non-GAAP) increased $20.5 million YoY, driven by a $31.5 million net increase primarily from new retail rates in Kansas effective in December 2023, partially offset by a $6.7 million decrease primarily from lower Evergy Metro retail rates.