Duke Energy Corporation Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Performance Overview

  • Adjusted EPS for Q1 2023 was $1.20, down from $1.29 in Q1 2022. Reported EPS was $1.01 versus $1.08 last year.
  • Results were significantly impacted by unusually warm winter weather, creating a $0.22 EPS headwind — the largest weather impact in recent history.
  • Duke reaffirmed full‑year 2023 EPS guidance of $5.55 to $5.75 (midpoint $5.65) and long-term EPS growth of 5% to 7% through 2027.

Key Drivers and Financial Highlights

  • Electric Utilities & Infrastructure segment down $0.14 year over year due to mild weather, lower volumes, and higher interest expense. These were partially offset by rate case benefits and lower O&M spend.
  • Gas Utilities & Infrastructure up $0.04 year over year due to rider growth and customer additions.
  • Duke is executing $300 million in O&M reductions to combat inflation and interest rate pressure; 75% of savings are structural. Tactical cost cuts have also been activated due to Q1 weather impacts.
  • Expectations remain for approximately 0.5% load growth in 2023. March and April volumes supported this view after weather distortion in Jan/Feb.
  • Strong economic development in 2022: 29,000 jobs and $23 billion of capital investment added to service territories.

Capital & Balance Sheet Updates

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Operator: Hello everyone. And welcome to the Duke Energy First Quarter 2023 Earnings Call. My name is Nadia and I will co-ordinating the call today. [Operator Instructions] I would now hand over to your host, Abby Motsinger, VP of Investor Relations to begin. Abby please go ahead. Abby Motsinger: Thank you, Naida. And good morning, everyone. Welcome to Duke Energy's first quarter 2023 earnings review and business update. Leading our call today is Lynn Good, Chair, President and CEO, along with Brian Savoy, Executive Vice President and CFO. Today's discussion will include the use of non-GAAP financial measures and forward-looking information within the meaning of securities laws. Actual results may be different than forward-looking statements, and those factors are outlined herein and disclosed in Duke Energy's SEC filings. The appendix of today's presentation includes supplemental information and disclosures, along with the reconciliation of non-GAAP financial measures. So with that, I'll turn the call over to Lynn. Lynn Good: Abby. Thank you, and good morning, everyone. Today, we announced adjusted earnings per share of $1.20 for the first quarter. These results reflect a $0.22 headwind from weather with January and February ranking among the warmest winter months on record across our service territories. In fact, DEP had its warmest January and February in the last 32 years. In response, we've already taken action activating agility measures across the enterprise, which Br

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