Duke Energy Corporation DUK reported first quarter FY24 adjusted EPS of $1.44, up from $1.20 a year ago, beating the consensus of $1.38.
Revenues of $7.67 billion, exceeding the consensus of $7.24 billion.
Electric Utilities and Infrastructure's adjusted segment income rose to $1.02 billion from $791 million a year ago. Results reflect improved weather, volume growth, favorable rate case impacts along with growth from riders and other retail margin.
On the other hand, Gas Utilities and Infrastructure adjusted segment income fell to $284 million from $287 million a year ago due to higher interest expense and depreciation.
At the end of the quarter, operating cash flow stood at $2.47 billion, and cash and equivalents stood at $518 million.
FY24 Outlook Reaffirmed: Duke Energy expects adjusted EPS of $5.85-$6.10 vs consensus of $5.97.
The company also reaffirmed its long-term adjusted EPS growth of 5%-7% through 2028 vs. the 2024 midpoint of $5.98.
Investors can gain exposure to the stock via SPDR Select Sector Fund – Utilities XLU and Vanguard Utilities ETF VPU.
Also Read: Duke Energy Bows To Pressure, Reportedly To Phase Out CATL Batteries At Its Civilian Projects
Price Action: DUK shares are up 1.35% at $101.78 at the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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