TOPEKA, Kan., Nov. 1, 2016 - Westar Energy,
Inc. (NYSE:WR) today announced earnings of $155 million, or
$1.09 per share, for the third quarter 2016 compared with earnings
of $138 million, or $0.97 per share, for the third quarter
2015. Earnings for the nine months ended Sept. 30, 2016 were $293
million, or $2.06 per share, compared with $253 million, or $1.84
per share, for the same period in 2015.
Higher net income for the third quarter, compared
with last year, was driven by better cost recovery through recent
rate adjustments and an increase in corporate-owned life insurance
income. The higher revenue was partially offset by a
Southwest Power Pool assessment and higher expenses due to
improving long-term grid reliability.
Net income for the nine months ended September 30,
2016 also increased primarily from better cost recovery and lower
interest expense. The higher revenue was partially offset by merger
related-expenses and the Southwest Power Pool assessment.
Earnings
Guidance
The company affirmed its 2016 earnings guidance of
$2.38 to $2.53 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.
Additional
Information
Due to the pending transaction with Great Plains
Energy, Westar Energy will no longer host a quarterly webcast and
conference call. Investors may continue to contact our
Investor Relations Department at (785) 575-8227.
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, 2016 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. Westar Energy
is on Facebook: www.Facebook.com/westarenergy and Twitter:
www.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, 2015 (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 Reports on
Form 10-Q filed on Aug. 2, 2016 and Nov. 1, 2016, (a) under the
heading "Forward-Looking Statements." (b) in ITEM 2. Management's
Discussion and Analysis of Financial Condition and Results of
Operations, (c) in Part I, Financial Information, ITEM 1. Financial
Statements: Notes 3, 11 and 12, and (d) ITEM 1A. Risk Factors; 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:
Cody VandeVelde
Director, Investor Relations
Phone: 785-575-8227
Cody.VandeVelde@westarenergy.com
Westar Energy, Inc.