Westar Energy announces 2013 results
TOPEKA, Kan., Feb. 26, 2014 - Westar Energy, Inc. (NYSE:WR) today announced earnings of $293 million, or $2.29 per share, for 2013 compared with earnings of $274 million, or $2.15 per share, for 2012. Fourth quarter 2013 earnings were $41 million, or $0.32 per share, compared with earnings of $46 million, or $0.36 per share, for the fourth quarter 2012.
Higher net income for 2013 was driven primarily by higher prices, partially offset by a 2 percent decline in retail electric sales due to mild summer weather, reduced demand by industrial customers, and higher O&M costs for the company’s distribution system and generating plants.
Lower net income for the fourth quarter 2013 was driven primarily by higher O&M expenses due in large part to the timing of expenses at the company’s generating plants, distribution system and for general and administrative costs. These higher expenses were partially offset by higher prices and electric sales as a result of cooler weather and increased demand from industrial customers.
The company affirmed 2014 earnings guidance of $2.25 to $2.40 per share and posted to its website a summary of factors it considers to be principal drivers and adjustments used in arriving at earnings guidance. The summary is located under Supplemental Materials within the Investors section of the company website at www.WestarEnergy.com.
The Board of Directors today declared a quarterly dividend of 35 cents per share payable Apr. 1, 2014 on the company's common stock payable to shareholders of record as of Mar. 10, 2014. The new dividend reflects a 3 percent increase over the company's previous quarterly dividend of 34 cents per share, and results in an indicated annual dividend of $1.40 per share.
Conference Call and Additional Company Information
Westar Energy management will host a conference call Thursday, Feb. 27, 2014 with the investment community at 10 a.m. ET (9 a.m. CT). Investors, media and the public may listen to the conference call by dialing 800.706.7749, participant code 37719407. A webcast of the live conference call will be available at 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 fourth quarter and year-end 2013 financial information, the company's annual report on Form 10-K for the period ended Dec. 31, 2013, and other filings the company has made with the Securities and Exchange Commission are available on the company's website at 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, a smart meter pilot project 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 WestarEnergy.com. Westar Energy is on Facebook: Facebook.com/YourWestar and Twitter:Twitter.com/WestarEnergy.
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; and (2) 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
See PDF for Consolidated Statements of Income