Duke Energy Corporation Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Financial Performance

  • Adjusted EPS for Q2 2023 was $0.91, down from $1.09 in Q2 2022, reflecting mild weather and other headwinds.
  • GAAP loss per share was $0.32, compared to GAAP EPS of $1.14 in Q2 2022. The loss included a ~$1 billion impairment tied to the sale of the commercial renewables business.
  • Mild weather created a ~$0.30 EPS headwind through June, with January–February marked as the mildest in 30 years, and May–June among the top five mildest.
  • Electric Utilities and Infrastructure segment earnings declined $0.14 year-over-year due to $0.16 of unfavorable weather but saw partial offsets from rate cases, riders, and lower O&M.
  • Gas Utilities and Infrastructure earnings increased $0.01 year-over-year, supported by higher margins and customer growth.
  • Other segment earnings declined $0.05, driven by higher interest expense.

Operational and Strategic Highlights

  • Duke reaffirmed its full-year 2023 EPS guidance range and its 5%–7% long-term earnings growth outlook.
  • Portfolio repositioning nearing completion with the sale of the commercial renewables business expected by end of 2023, leaving Duke as a fully regulated utility.
  • Over $145 billion in planned clean energy, grid, and LDC investments over the next decade.

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Operator: Ladies and gentlemen, welcome to the Duke Energy Second Quarter 2023 Earnings Call. My name is Brian, I will be the operator for today’s call. [Operator Instructions] I will now hand over to your host, Abby Motsinger, Vice President of Investor Relations to begin. Abby Motsinger: Thank you, Brian, and good morning, everyone. Welcome to Duke Energy's second 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. Actual results may be different from forward-looking statements, due to factors disclosed in today’s materials and in Duke Energy's SEC filings. The appendix of today's presentation includes supplemental information, along with the reconciliation of non-GAAP financial measures. With that, let me turn the call over to Lynn. Lynn Good: Abby, thank you, and good morning, everyone. Today we announced adjusted earnings per share of $0.91 for the quarter. For the second quarter in a row mild weather impacted results. For perspective in the Carolinas January and February were the mildest in the last 30 years. And May and June were in the top five. Through June we're facing a weather headwind of nearly $0.30. Agility measures have been put in place which add to the $300 million O&M reduction that was targeted and in place coming into 2023. Our cost i

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