On August 6, 2024, Duke Energy Corp (DUK, Financial) released its 8-K filing detailing its second-quarter 2024 financial results. Duke Energy, one of the largest U.S. utilities, serves 8.2 million electricity customers and 1.6 million natural gas customers across several states.
Performance Overview
Duke Energy Corp (DUK, Financial) reported a second-quarter 2024 GAAP EPS of $1.13 and an adjusted EPS of $1.18, falling short of the analyst estimate of $1.99. However, the company achieved a revenue of $8,461.78 million, matching the estimated $8,461.78 million.
Key Financial Achievements
The company’s adjusted EPS of $1.18 represents an increase from the $0.91 adjusted EPS reported in the second quarter of 2023. This improvement was driven by growth from rate increases, higher sales volumes, and favorable weather conditions, partially offset by higher interest expenses and depreciation on a growing asset base.
Segment Performance
Electric Utilities and Infrastructure reported a segment income of $1,090 million on a GAAP basis and $1,115 million on an adjusted basis, compared to $850 million in the same quarter last year. The Gas Utilities and Infrastructure segment reported a segment income of $6 million, down from $25 million in the second quarter of 2023.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Reported EPS | $1.13 | $(0.32) |
| Adjusted EPS | $1.18 | $0.91 |
| Revenue | $8,461.78 million | $8,461.78 million |
Challenges and Outlook
Despite the strong revenue performance, Duke Energy faces challenges such as higher interest expenses and depreciation costs. The company reaffirmed its 2024 adjusted EPS guidance range of $5.85 to $6.10 and a long-term adjusted EPS growth rate of 5% to 7% through 2028.
"We’ve had an excellent first half of the year, delivering on grid and generation investments and collaborating with stakeholders to advance the energy transition across our jurisdictions," said Lynn Good, Duke Energy chair and chief executive officer.
For more detailed financial information, please refer to the 8-K filing.
Explore the complete 8-K earnings release (here) from Duke Energy Corp for further details.
