Duke Energy Corporation Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Duke Energy Q4 & Full-Year 2022 Earnings Summary

Financial Performance

  • Adjusted EPS for full-year 2022 was $5.27, up from $5.24 in 2021, and within the updated guidance range.
  • Management reaffirmed 2023 EPS guidance of $5.55 to $5.75, with a midpoint of $5.65, representing approximately 7% year-over-year growth relative to 2022.
  • Duke reaffirmed its long-term 5% to 7% annual EPS growth rate through 2027 based on the midpoint of 2023 guidance.
  • Commercial Renewables was moved to discontinued operations. A related valuation adjustment (impairment) of $1.3 billion was recorded in Q4, within prior planning expectations.

Segment Results (Compared to 2021)

  • Electric Utilities: EPS increased by $0.36 primarily due to higher volumes, favorable weather, and rate increases in NC and FL. Higher interest expense and storm costs were partial offsets.
  • Gas Utilities: EPS increased by $0.07 due to rate cases and riders in Piedmont NC.
  • Other: EPS declined by $0.15 driven by unfavorable investment returns and higher interest expense.

2023 Expectations

  • Retail electric load growth expected to be ~0.5% (compared to 2.5% in 2022).
  • Three Carolinas rate cases will contribute to growth throughout the year, along with updated rates already effective in Ohio and Florida.

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Operator: Good morning. Thank you for attending today's Duke Energy Fourth Quarter and Year-end 2022 Earnings Call. [Operator Instructions]. I would now like to pass the conference over to your host, Abby Motsinger, Vice President of Investor Relations. Thank you. You may proceed. Abby Motsinger: Thank you, Joel, and good morning, everyone. Welcome to Duke Energy's Fourth Quarter 2022 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 $5.27, closing out a successful 2022. We achieved results solidly within our updated guidance range while making significant progress on our strategic goals, responding to external pressures and delivering constructive outcomes across our jurisdictions. As a result, today, we're reaffirming our 2023 guidance range of $5.55 to $5.75 with a midpoint of $5.65.

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