Korea Electric Power Corporation · KEP · FY2024 Q3 · Calendar Q4 2024

KEPCO: Lower fuel costs support profit, but execution risks remain

The quarter supports a cautiously constructive operating view: lower fuel costs, improved nuclear utilization and financial stabilization can help earnings, but leverage, project execution, fuel and FX volatility, and unresolved dividend policy limit confidence.

Reported Before market openNYSEUtilities $14.16B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus —
EPS surprise — Reported versus consensus
Reported revenue — Consensus —
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -3.4% Event window
SPY move -0.3% Same window
Abnormal move -3.1% Stock minus SPY
Volume 1.1× Versus trailing sessions
Subsequent drift -1.7% Up to 20 sessions
KEPSPY benchmark

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What drove KEP's -3.4% move after FY2024 Q3 earnings?What changed in KEP's guidance and outlook in FY2024 Q3?Give me the bull and bear case for KEP after FY2024 Q3 earnings.

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Transcript intelligence

What changed

The latest analysis shows stronger operating performance and lower finance expense versus the prior-quarter picture, with fuel costs a key benefit. Attention shifts toward sustaining the improvement while managing nuclear-project timing, leverage, and shareholder-return uncertainty.

Guidance delta

Maintained; no additional tariff hikes are anticipated in the near term.

Key takeaways

  • Operating profit improved as sales rose and fuel costs declined.
  • Lower finance expense provided additional support, mainly through reduced FX losses.
  • Nuclear expansion and higher utilization remain important to the outlook, while project timing and dividend policy are unresolved.

Management priorities

  • Financial stabilization plan
  • Nuclear capacity expansion and utilization
  • Balance-sheet strengthening and income diversification

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Earnings History

Estimate Beat Miss Match
KEP EPS earnings history estimate and actual scatter chart 11 reported fiscal quarters and 4 future estimate-only quarters. Q2 '24 actual $0.04, None Q1 '25 actual $1.25, None Q2 '25 estimate $0.60 Q2 '25 actual $0.63, beat Q3 '25 estimate $1.64 Q3 '25 actual $2.11, beat Q4 '25 estimate $0.78 Q4 '25 actual $0.71, miss Q1 '26 estimate $1.27 Q1 '26 actual $1.33, beat Q2 '26 estimate $0.45 Q2 '26 actual $0.15, miss Q3 '26 estimate $0.33 Q3 '26 actual $0.14, miss Q4 '26 estimate $-213.18 Q1 '27 estimate $961.85 Q2 '27 estimate $-471.71 Q3 '27 estimate $953.87
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Analyst Consensus ?

ConsensusHold5 ratings
Bullish00.0%
Neutral5100.0%
Bearish00.0%

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Bank of America Neutral UnderperformUpgradeNov 21, 2016
B of A Securities Neutral UnderperformUpgradeNov 21, 2016
UBS Neutral BuyDowngradeOct 24, 2016
Morgan Stanley Equal Weight OverweightDowngradeJun 21, 2016
Credit Suisse Neutral OutperformDowngradeMay 12, 2014

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Company context

Snapshot as of publication

Korea Electric Power Corporation (KEPCO) functions as a comprehensive electric utility, responsible for the generation, transmission, and distribution of electricity within South Korea and in various international markets. Its operations are organized into key segments: Transmission and Distribution, Nuclear Power Generation, Thermal Power Generation, and a broader 'Others' category. KEPCO boasts a diverse energy portfolio, generating power from a wide array of sources including nuclear, coal, oil, liquefied natural gas (LNG), internal combustion engines, combined-cycle plants, integrated gasification combined cycle (IGCC) facilities, hydroelectric dams, wind and solar farms, fuel cells, biogas, and other emergent technologies. As of December 31, 2021, the company commanded an impressive generation fleet comprising 763 units, encompassing nuclear, thermal, hydroelectric, and internal combustion facilities, collectively boasting an installed capacity of 82,459 megawatts.…

Historical context

All KEP earnings
-3.4%FY2026 Q2 · Calendar Q3 2026-2.7%FY2025 Q4 · Calendar Q1 2026+0.5%FY2025 Q2 · Calendar Q3 2025

Latest beats and misses

Who reports next

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Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-11-10T18:39:04.055137+00:00
  3. Polygon adjusted daily market bars · 2026-10-11T12:40:41.240729+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-11. For educational purposes only; not investment advice.