Duke Energy Corp DUK reported Q2 2023 adjusted EPS of $0.91, down from $1.09, missing the consensus of $0.98.
Revenues of $6.58 billion surpassed the consensus of $6.57 billion.
Results were impacted by unfavorable weather, increased interest expense, and volumes decline.
Electric Utilities and Infrastructure segment income declined to $850 million from $958 million on an adjusted basis a year ago.
On the other hand, Gas Utilities and Infrastructure segment income rose to $25 million from $19 million a year ago on growth from riders and other retail margins.
At the end of Q2 2023, operating cash flow declined to $3.79 billion from $4.04 billion a year ago, and cash and cash equivalents stood at $567 million.
2023 Outlook Reaffirmed: Duke Energy expects adjusted EPS of $5.55-$5.75 vs consensus of $5.63.
The company projects a long-term adjusted EPS growth of 5%-7% through 2027 vs. the 2023 midpoint of $5.65.
"Challenging as the first half of this year has been due to record mild weather, our team responded with agile cost reduction efforts and a determined focus on our strategic priorities, including the sale of the Commercial Renewables business. The sale completes our transition to a fully regulated company, positioned in growing and constructive jurisdictions to deliver value for our customers, communities, and shareholders," said Lynn Good, chair, president and chief executive officer.
Also Read: Duke Energy Offloads Commercial Distributed Generation Business To ArcLight For $364M
Price Action: DUK shares are trading higher by 0.39% at $90.01 premarket on the last check Tuesday.
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