TOPEKA, Kan., Nov. 3, 2015 - Westar Energy,
Inc. (NYSE:WR) today announced earnings of $138 million, or
$0.97 per share, for the third quarter 2015 compared with earnings
of $147 million, or $1.13 per share, for the third quarter
2014. Earnings for the nine months ended Sept. 30, 2015 were $253
million, or $1.84 per share, compared with $270 million, or $2.08
per share, for the same period in 2014.
Net income for the third quarter 2015 decreased
primarily from lower corporate-owned life insurance benefits,
recording a $3 million refund obligation for transmission revenues
and recording a $2 million write-off for canceled capital projects
related to retirements of generating units.
Net income for the nine months ended Sept. 30,
2015 decreased primarily from lower energy marketing margins of $13
million due to greater power price volatility in 2014 in the
wholesale markets and recording an $11 million refund obligation
for transmission revenues.
In addition to the decrease in net income, basic
EPS decreased for the quarter and year-to-date periods due to
issuance of common stock.
Earnings
Guidance
The company tightened its 2015 earnings guidance
range to $2.18 to $2.25 per share from $2.18 to $2.33.
Additionally the company issued preliminary 2016 earnings guidance
of $2.38 to $2.53 per share. Factors the company believes to be
drivers of earnings guidance for both years 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, Nov. 4 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 877-703-6106, participant code
48652722. 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 Sept. 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 Nov. 3, 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 3, 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.