Higher net income for the quarter, compared with last year, was
driven by the impact of last fall's rate order which recovered the
costs of mandated air quality controls, higher corporate owned life
insurance proceeds, lower distribution system expenses, and lower
operating and maintenance costs as a result of the company retiring
some of its older, smaller generating plants late last year.
The higher revenues were partially offset by the effects of
unusually mild weather.
Earnings
Guidance
The company affirmed its 2016 earnings guidance of $2.38 to $2.53
per share. The earnings guidance drivers are located under
Supplemental Materials within the investor sectionof the company
website at www.WestarEnergy.com.
Conference Call and
Additional Company Information
Westar Energy management will host a conference call Wednesday, May
4 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 866-411-8234, participant code 86800330. 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 Jana Dawson with any follow-up questions.
This earnings announcement, a package of detailed first quarter
financial information, the company's quarterly report on Form 10-Q
for the period ended Mar. 31, 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.
- 30 -
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, 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 Report on
Form 10-Q filed May 3, 2016, (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 10 and 11; 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:
Jana Dawson
Director, corporate communications
Phone: 785-575-1975
Jana.Dawson@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.
Condensed Consolidated Statements of Income
(Unaudited)