Great Plains Energy Inc GXP
Q4 2012 Earnings Call Transcript

Transcript Call Date 03/01/2013

Operator: Good morning, my name is Darla and I will be your conference operator today. At this time, I would like to welcome everyone to the 2012 Fourth Quarter Year-End Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and answer-session. Thank you.

I would now like to turn the call over Mr. Kevin Bryant, Vice President of Investor Relations and Treasurer.

Kevin Bryant - VP, IR and Treasurer: Thank you very much Darla. Good morning everyone and thank you for joining us for our year-end 2012 earnings conference call. Let me begin as always by introducing the members of the Great Plains Energy's management team who are here with me today. We have Terry Bassham, President and Chief Executive Officer; and Jim Shay, Senior Vice President and Chief Financial Officer, who in a few moments will both provide an overview of the year's results. Scott Heidtbrink, Executive Vice President and Chief Operating Officer of KCP&L is also with us this morning and will be available during the question-and-answer portion of today's call.

Before we begin, I must remind you of the inherent uncertainties in any forward-looking statements in our discussion this morning. Slide 2 and the disclosure in our SEC filings contain a list of some of the factors that could cause future results to differ materially from our expectations.

I also want to remind everyone that we issued our earnings release and 2012 10-K after the market closed yesterday. These items are available along with today's webcast slides and supplemental financial information regarding the quarter and the full year 2012 on the main page of our website.

With that very important step out of the way. I'll now hand the call to Mr. Bassham.

Terry Bassham - President and CEO: Thanks Kevin and good morning to everybody. Appreciate you joining us this morning. 2012 was an important year for us on many fronts, which included executing on the commitments that we made at our Analyst Day back in August 2011. While Jim will review our financial results in detail in a moment, as many of you saw in our earnings release yesterday we reported earnings per share of $1.35 for 2012. This compares to $1.25 per share in 2011, and although at the bottom end of the range is within the original guidance range we provided at Analyst Day

We've achieved many of the strategic objectives we laid out in August of 2011 and believe we laid the foundation for improved total shareholder returns. Achievements include the following. First, we committed to file and complete rate cases in Kansas and Missouri and pursue riders and trackers where appropriate. We concluded the last of our cases and we'll have new rates and a number of cost recovery mechanisms in both jurisdictions in 2013.

Second, we committed to reduce regulatory lag by tightly managing the business in a challenging economic environment. In the face of two consecutive years of soft customer demand, we tightly managed our operations, reduced our O&M in 2012 compared to 2011. This was done while we maintained our track record of operational excellence and continued delivery of dependable customer service.

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