Duke Energy Powers Up: Beats On Q1 Earnings & Revenue, Reaffirms FY24 Outlook

Zinger Key Points
  • Duke Energy beats Q1 FY24 adjusted EPS estimates at $1.44, with revenues surpassing consensus at $7.67 billion.
  • Electric Utilities segment income rises, driven by weather, volume growth, while Gas Utilities segment income declines slightly.

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 ReadDuke 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.

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