News Column

Westar Energy Announces 2013 Results

February 26, 2014



TOPEKA, Kan., Feb. 26 -- Westar Energy issued the following news release:

Westar Energy, Inc. (NYSE:WR) today announced earnings of $293 million, or $2.29 per share, for 2013 compared with earnings of $274 million, or $2.15 per share, for 2012. Fourth quarter 2013 earnings were $41 million, or $0.32 per share, compared with earnings of $46 million, or $0.36 per share, for the fourth quarter 2012.

Higher net income for 2013 was driven primarily by higher prices, partially offset by a 2 percent decline in retail electric sales due to mild summer weather, reduced demand by industrial customers, and higher O&M costs for the company's distribution system and generating plants.

Lower net income for the fourth quarter 2013 was driven primarily by higher O&M expenses due in large part to the timing of expenses at the company's generating plants, distribution system and for general and administrative costs. These higher expenses were partially offset by higher prices and electric sales as a result of cooler weather and increased demand from industrial customers.

Earnings Guidance

The company affirmed 2014 earnings guidance of $2.25 to $2.40 per share and 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.

Dividend Declaration

The Board of Directors today declared a quarterly dividend of 35 cents per share payable Apr. 1, 2014 on the company's common stock payable to shareholders of record as of Mar. 10, 2014. The new dividend reflects a 3 percent increase over the company's previous quarterly dividend of 34 cents per share, and results in an indicated annual dividend of $1.40 per share.

Conference Call and Additional Company Information

Westar Energy management will host a conference call Thursday, Feb. 27, 2014 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 800.706.7749, participant code 37719407. 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 fourth quarter and year-end 2013 financial information, the company's annual report on Form 10-K for the period ended Dec. 31, 2013, 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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Source: Targeted News Service


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