On November 2, 2023, Duke Energy Corp (DUK, Financial) released its third-quarter 2023 financial results. The company reported an EPS of $1.59, and an adjusted EPS of $1.94, compared to the reported EPS of $1.81 and adjusted EPS of $1.78 for the third quarter of 2022. The adjusted EPS excludes the impact of discontinued operations and charges primarily related to the Duke Energy Carolinas North Carolina rate case settlement and the Duke Energy Progress North Carolina rate case order.
Financial Highlights
The higher third-quarter 2023 adjusted results were driven by a lower effective tax rate, growth from riders and other retail margin, and favorable rate case impacts. These items were partially offset by higher interest expense and lower volumes. The company is narrowing the adjusted 2023 EPS guidance range to $5.55 to $5.65 and reaffirming the long-term adjusted EPS growth rate of 5% to 7% through 2027 off the original 2023 midpoint of $5.65.
Segment Performance
Electric Utilities and Infrastructure reported a third-quarter 2023 segment income of $1,447 million, compared to $1,540 million in the third quarter of 2022. On an adjusted basis, the segment income was $1,531 million, compared to $1,540 million in the third quarter of 2022. This represents a decrease of $0.01 per share.
Gas Utilities and Infrastructure reported a third-quarter 2023 segment income of $15 million, compared to $4 million in the third quarter of 2022. This represents an increase of $0.01 per share.
CEO Commentary
“Over the past year, we’ve built considerable momentum on our strategic priorities, delivering a series of constructive regulatory outcomes, and solidifying our path as a fully regulated utility. We’ve also responded to revenue pressures from mild weather and lower customer usage with agile cost reduction efforts,” said Lynn Good, Duke Energy chair, president and chief executive officer.
Future Outlook
Duke Energy Corp (DUK, Financial) is executing a $65 billion five-year capital plan, positioning the company for sustainable value and earnings growth of 5 to 7% over the next five years. The company's transition to a fully regulated utility and its focus on investments in regulated utilities are key factors driving this growth.
Explore the complete 8-K earnings release (here) from Duke Energy Corp for further details.
