Wednesday, August 8, 2012 8:00 a.m. CT
RSS delivers new content to you on the topics in which you are interested. You can subscribe to RSS feeds through a RSS compatible browser or stand-alone RSS feed reader / aggregator.
You may automatically receive information by e-mail.
To choose your options for e-mail notification, please enter your e-mail address and click Submit.
TOPEKA, Kan., Aug. 7, 2012 - Westar Energy, Inc. (NYSE:WR) today announced earnings of $61 million, or $0.48 per share, for the second quarter 2012 compared with earnings of $44 million, or $0.38 per share, for the second quarter 2011. Earnings for the six months ended June 30, 2012 were $89 million, or $0.70 per share, compared with $75 million, or $0.66 per share, for the same period in 2011. Per share results for both periods in 2012 reflect additional shares outstanding as a result of the company having issued shares to fund capital investments.
Following are reconciliations of GAAP to ongoing (non-GAAP) net income and earnings per share:
|Three Months Ended June 30,||Six Months Ended June 30,|
|(In millions, except per share amounts)|
|Net income attributable to common stock||$||61.4||$||43.9||$||17.5||$||88.6||$||75.2||$||13.4|
|Less adjustment for:|
|Legal costs related to legal settlements (a)||-||(3.4||)||3.4||-||(4.4||)||4.4|
|Ongoing (non-GAAP) net income||$||61.4||$||47.3||$||14.1||$||88.6||$||79.6||$||9.0|
|Basic earnings per share||$||0.48||$||0.38||$||0.10||$||0.70||$||0.66||$||0.04|
|Less adjustment for:|
|Legal costs related to legal settlements (a)||-||(0.03||)||0.03||-||(0.04||)||0.04|
|Ongoing (non-GAAP) earnings per share||$||0.48||$||0.41||$||0.07||$||0.70||$||0.70||$||-|
|(a) Adjusted for income tax expense|
Higher net income in the second quarter 2012 was driven primarily by higher revenues, largely as a result of price increases, higher energy sales resulting from warmer weather and income from corporate-owned life insurance. Increased revenues were partially offset by higher operating costs. For the six month period ended June 30, 2012 the increase in retail revenues was due largely to the higher prices and to income from corporate-owned life insurance. Those increases were partially offset by higher transmission network costs, increased maintenance expenses at Wolf Creek generating station, higher property taxes and increased tree trimming expense.
The company affirmed its earnings guidance for 2012 of $1.85 to $2.00 per share, with a bias towards the upper end of the range. The company has 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.
Conference Call and Additional Company Information
Westar Energy management will host a conference call Wednesday, Aug. 8 with the investment community at 9:00 a.m. ET (8:00 a.m. CT). Investors, media and the public may listen to the conference call by dialing 800-659-2037, participant code 60225164. 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 second quarter financial information, the company's quarterly report on Form 10-Q for the period ended June 30, 2012 and other filings the company has made with the Securities and Exchange Commission are available on the company's website at www.WestarEnergy.com.
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 7,100 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 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, 2011 (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 August 7, 2012, (a) in ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and (b) in Part I, Financial Information, ITEM 1. Financial Statements: Notes 8 and 9;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.
Westar Energy, Inc.
Consolidated Statements of Income
|Three Months Ended June 30,||Six Months Ended June 30,|
|2012||2011||Change||% Change||2012||2011||Change||% Change|
|(In Thousands, Except Per Share Amounts)|
|Total Retail Revenues||440,622||399,479||41,143||10.3||791,192||757,396||33,796||4.5|
|Fuel and purchased power||147,680||152,973||(5,293||)||(3.5||)||275,334||287,157||(11,823||)||(4.1||)|
|Operating and maintenance||156,470||137,254||19,216||14.0||312,514||274,606||37,908||13.8|
|Depreciation and amortization||66,299||71,089||(4,790||)||(6.7||)||139,579||141,348||(1,769||)||(1.3||)|
|Selling, general and administrative||62,711||55,970||6,741||12.0||110,046||104,734||5,312||5.1|
|Total Operating Expenses||433,160||417,286||15,874||3.8||837,473||807,845||29,628||3.7|
|INCOME FROM OPERATIONS||133,102||107,606||25,496||23.7||204,467||198,766||5,701||2.9|
|OTHER INCOME (EXPENSE):|
|Investment (losses) earnings||(598||)||1,374||(1,972||)||(143.5||)||3,727||3,342||385||11.5|
|Total Other Income||4,523||818||3,705||452.9||16,885||(334||)||17,219||nm|
|INCOME BEFORE INCOME TAXES||92,802||65,124||27,678||42.5||134,483||111,594||22,889||20.5|
|Income tax expense||28,340||19,599||8,741||44.6||40,783||33,112||7,671||23.2|
|Less: Net income attributable to noncontrolling interests||1,728||1,396||332||23.8||3,442||2,770||672||24.3|
|NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC.||62,734||44,129||18,605||42.2||90,258||75,712||14,546||19.2|
|NET INCOME ATTRIBUTABLE TO COMMON STOCK||$||61,361||$||43,887||$||17,474||39.8||$||88,642||$||75,227||$||13,415||17.8|
|Earnings per common share, basic||$||0.48||$||0.38||$||0.10||26.3||$||0.70||$||0.66||$||0.04||6.1|
|Average equivalent common shares outstanding||126,637||114,908||11,729||10.2||126,566||114,397||12,169||10.6|
|DIVIDENDS DECLARED PER COMMON SHARE||$||0.33||$||0.32||$||0.01||3.1||$||0.66||$||0.64||$||0.02||3.1|
|Effective income tax rate||30.54||%||30.09||%||30.33||%||29.67||%|
|nm - not meaningful|
|director, corporate communications|
|director, investor relations|
TOPEKA, Kan., July 19, 2012 - On Aug 7, 2012, Westar Energy, Inc. (NYSE:WR) plans to release second-quarter 2012 earnings after market close. On Wednesday, Aug. 8, 2012, the company plans to host its quarterly conference call and audio webcast to discuss the operating results.
|Event:||Westar Energy 2nd Quarter 2012 Conference Call and Webcast|
|Date:||Aug. 8, 2012|
|Time:||9:00 a.m. Eastern (8:00 a.m. Central)|
|Location:||1) Phone conference call at 800-659-2037, participant code 60225164 or|
|2) Log on to the webcast at http://www.westarenergy.com/|
In conjunction with the earnings release and conference call, the company plans to post on its website supplemental financial information related to second quarter performance. The materials will be available under Supplemental Materials in the Investors section of the company website at http://www.westarenergy.com/.
A replay of the conference call will be available from about 11:00 a.m. Eastern Aug. 8 through Aug. 17 at 888-286-8010, conference ID #53571433. The replay also will be available on the Westar Energy website at http://www.westarenergy.com/.
Westar Energy, Inc. (NYSE: WR) is the largest consolidated electric utility in Kansas, providing electric service to more than 689,000 customers in the state. Westar Energy has about 7,100 megawatts of electric generation resources and operates and coordinates more than 34,000 miles of electric distribution and transmission lines. For more information about Westar Energy, visit us on the Internet at http://www.WestarEnergy.com.
Erin La Row
Sr. Communications representative
director, investor relations
Welcome to the all new Westar Energy website.
Click this icon to find everything you need.