Westar Energy, Inc. (NYSE:WRS CL) Q1 2016 Earnings Conference Call - Preliminary Transcript
May 04, 2016 • 10:00 am ET
Welcome to the Westar Energy First Quarter 2016 Conference Call. At this time all participants are in a listen-only mode, later we will conduct the question-and-answer session and instructions will be given at that time [Operator Instructions]. As a reminder this conference call is being recorded.
I would now like to turn the conference to your host for today Cody VandeVelde, Director of Investor Relations, you may begin.
Good morning and welcome to our first quarter call. Last night, we filed our 10-Q along with the earnings release and supplemental materials which can be found under the Investors section of our website at westarenergy.com. Some of our remarks will be forward-looking. So, I remind you of uncertainties inherent in our comments this morning and in some of the statements found in the earnings release and accompanying materials. Factors that could cause our future results to differ from what we discuss today include those listed in the 10-Q under Forward-Looking Statements and those in the 10-K under Risk Factors.
We encourage you to read the full disclosure in the 10-Q and in the earnings materials as well of the 10-K, all of which are available on our website. The earnings materials also reflect how we reconcile our gross margin presentation with GAAP earnings. Commenting this morning will be our President and CEO, Mark Ruelle and our CFO, Tony Somma.
We have other members of our team available to respond to questions. Mark will share observations about our business and discuss regulatory plans, Tony will offer highlights on the quarter and comment on 2016 plans.
With that, I'll turn the call over to Mark.
Thanks Cody. Good morning and thanks for calling in. I'm sure by now you're all aware of the rumors about Westar that have been circulating. Before we get started I'm just going to reiterate, it is our long standing policy not to comment on rumors and accordingly on this call we won't be addressing questions or comments about those rumors or the nature of them either.
With that out of the way I'm pleased to report we turned in a solid quarter notwithstanding record warm weather this winter that obviously hurt sales. Warm weather started late last year and carried right through Q1, it obviously sales and most significantly commercial and residential. Tony will discuss the facts and figures. Our regulatory plans are moving right along, about a month ago the FERC approved the settlement we reached last June regarding the FERC 206 filing.
Next steps are a compliance filing then we'll work with the Southwest Power Tools to update formula rate. If all goes according to schedule we expect to wrap this up second half of the year. Of course we have been booking to the settlement already and the refund is baked in the guidance. We filed the update to our retail transmission delivery charge in mid-February and began collecting those rates April 1, as expected. We'll refile the CDC later this year to reflect the previously