Duke Energy Corporation (NYSE:DUK) shares are trading lower after it reported fourth-quarter FY23 results.

Adjusted EPS of $1.51, up from $1.11 a year ago, missing the consensus of $1.54. Revenues of $7.21 billion missed the consensus of $7.49 billion. 

Electric Utilities and Infrastructure’s adjusted segment income rose to $1.12 billion from $811 million a year ago. Results reflect a decline in O&M expense, favorable rate case impacts, growth from riders and other retail margin and lower tax expense.

On the other hand, Gas Utilities and Infrastructure adjusted segment income rose to $192 million from $191 million a year ago. Flat quarterly results were primarily driven by favorable riders and other retail margins offset by higher interest expenses. 

At the end of the year, operating cash flow stood at $9.79 billion, and cash and cash equivalents stood at $253 million. 

Also Read: Charge Up At Home: Duke Energy Teams Up With GM, Ford, And BMW To Launch EV Subscription Service

FY24 Outlook Reaffirmed: Duke Energy expects adjusted EPS of $5.85-$6.10 vs consensus of $5.98.

The company reaffirmed its long-term adjusted EPS growth of 5%-7% through 2028 vs. the 2024 midpoint of $5.98. 

Lynn Good, chair, president and chief executive officer, said, “Today we announced strong fourth-quarter results, concluding a year of resilience and agility as we overcame external challenges…We enter 2024 with a clear vision, significant momentum and an increased $73 billion, five-year capital plan that will support our energy transition and the unprecedented growth of our jurisdictions.”

Also Read: 100% Green Hydrogen – Duke Energy Plans New End-to-End System In Florida

Price Action: DUK shares are down 3.08% at $92.56 on the last check Thursday.