Westar Energy announces 3rd quarter 2014 results.
Topeka, Kan., Nov. 5, 2014 - Westar Energy, Inc. (NYSE:WR) today announced earnings of $147 million, or $1.13 per share, for the third quarter 2014 compared with earnings of $133 million, or $1.04 per share, for the third quarter 2013. Earnings for the nine months ended September 30, 2014 were $270 million, or $2.08 per share, compared with $251 million, or $1.97 per share, for the same period in 2013.
Higher net income for the three months ended September 30, 2014 was driven largely by higher prices and lower operating and maintenance costs at the company’s power plants.
Higher net income for the nine months ended September 30, 2014 was largely driven by higher revenues. The higher revenues are due primarily to higher prices resulting from investments in transmission infrastructure and air quality controls and to a lesser extent to higher energy sales from cooler winter weather earlier this year and increased sales from industrial customers. The higher revenues were partially offset by an increase in general and administrative costs.
The company tightened its 2014 earnings guidance to $2.35 to $2.45 per share with a bias towards the upper end of the range. The earnings guidance drivers are located under Supplemental Materials within the investor section of the company website at www.WestarEnergy.com.
Conference Call and Additional Company Information
Westar Energy management will host a conference call Thursday, Nov. 6 with the investment community at 9:30 a.m. ET (8:30 a.m. CT). Investors, media and the public may listen to the conference call by dialing 877-703-6106, participant code 64808703. A webcast of the live conference call will be available at www.WestarEnergy.com.
Members of the media are invited to listen to the conference call and then contact Gina Penzig with any follow-up questions.
This earnings announcement, a package of detailed third quarter financial information, the company's quarterly report on Form 10-Q for the period ended September 30, 2014 and other filings the company has made with the Securities and Exchange Commission are available on the company's website at www.WestarEnergy.com.
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Westar Energy, Inc. (NYSE: WR) is Kansas' largest electric utility. For more than a century, we have provided Kansans the safe, reliable electricity needed to power their businesses and homes. Every day our team of professionals takes on projects to generate and deliver electricity, protect the environment and provide excellent service to our nearly 700,000 customers. Westar has 7,200 MW of electric generation capacity fueled by coal, uranium, natural gas, wind and landfill gas. We are also a leader in electric transmission in Kansas. Our innovative customer service programs include mobile-enabled customer care, digital meters and paving the way for electric vehicle adoption. Our employees live, volunteer and work in the communities we serve.
For more information about Westar Energy, visit us on the Internet at http://www.WestarEnergy.com.
Forward-looking statements: Certain matters discussed in this news release are “forward-looking statements.” The Private Securities Litigation Reform Act of 1995 has established that these statements qualify for safe harbors from liability. Forward-looking statements may include words like “believe,” “anticipate,” “target,” “expect,” “pro forma,” “estimate,” “intend,” “guidance” or words of similar meaning. Forward-looking statements describe future plans, objectives, expectations or goals. Although Westar Energy believes that its expectations are based on reasonable assumptions, all forward-looking statements involve risk and uncertainty. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as (1) those discussed in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2013 (a) under the heading, “Forward-Looking Statements,” (b) in ITEM 1. Business, (c) in ITEM 1A. Risk Factors, (d) in ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (e) in ITEM 8. Financial Statements and Supplementary Data: Notes 13 and 15; (2) those discussed in the company's Quarterly Report on Form 10-Q filed Nov. 5, 2014, (a) under the heading "Forward-Looking Statements." (b) in ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and (c) in Part I, Financial Information, ITEM 1. Financial Statements: Notes 10 and 12; and (3) other factors discussed in the company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date such statement was made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement was made.
Director, corporate communications
Media line: 888-613-0003
Director, investor relations