TOPEKA, Kan., Aug. 4, 2015 - Westar Energy,
Inc. (NYSE:WR) today announced earnings of $64 million, or
$0.47 per share, for the second quarter 2015 compared with earnings
of $53 million, or $0.41 per share, for the second quarter
2014. Earnings for the six months ended June 30, 2015 were
$115 million, or $0.85 per share, compared with $122 million, or
$0.95 per share, for the same period in 2014.
Higher net income for the three months ended June
30, 2015 was driven by lower operating and maintenance costs at the
company's power plants and higher COLI income. The lower expenses
and higher COLI income were offset by a decrease in retail sales
due largely to mild weather compared with last year and a $3
million estimated refund obligation for transmission revenue.
Lower net income for the six months ended June 30,
2015 reflects mild weather, which reduced both energy marketing
margins and retail energy sales, and a $9 million estimated refund
obligation for transmission revenue. Lower operating expenses and
receipt of COLI income partially offset the lower revenues.
Earnings
Guidance
The company affirmed its 2015 earnings guidance of
$2.18 to $2.33 per share. 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 Wednesday, Aug. 5 with the investment community at 10:00 a.m.
ET (9:00 a.m. CT). Investors, media and the public may listen to
the conference call by dialing 800-884-5695, participant code
71187505. 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, 2015 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, 2014 (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 Aug. 4, 2015, (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.
Media Contact:
Gina Penzig
Media Relations Manager
Phone: 785-575-8089
Gina.Penzig@westarenergy.com
Media line: 888-613-0003
Investor Contact:
Bruce Burns
Director, Investor Relations
Phone: 785-575-8227
Bruce.Burns@westarenergy.com
Westar Energy, Inc.