Q2 2024 Duke Energy Corp Earnings Call Transcript
Key Points
- Duke Energy Corp (DUK) reported adjusted earnings per share of $1.18 for Q2 2024, up $0.27 from the previous year.
- The company reaffirmed its 2024 guidance range of $5.85 to $6.10 and its long-term EPS growth rate of 5% to 7% through 2028.
- Duke Energy Corp (DUK) has a $73 billion capital plan focused on grid and generation investments, supporting long-term growth.
- The company has achieved constructive regulatory outcomes, with approximately $75 billion of rate base investments approved or settled across 7 rate cases since 2023.
- Duke Energy Corp (DUK) is on track to achieve 14% FFO to debt by the end of the year, providing a cushion to its Moody's downgrade threshold.
- Higher interest expenses and depreciation partially offset the growth in the Electric Utilities & Infrastructure segment.
- Gas Utilities & Infrastructure results were down $0.02 compared to last year due to higher interest expenses and depreciation.
- The industrial sector has not rebounded as fast as anticipated, with some customers taking a cautionary stance due to recession fears and labor market challenges.
- The company is still awaiting formal guidance for nuclear PTCs, which was expected by midyear but has been delayed.
- Economic downturns could pose a risk to Duke Energy Corp (DUK)'s growth projections and customer demand.
Hello, everyone, and welcome to Duke Energy Second Quarter 2024 earnings call. My name is Felicia, and I'll be your operator today. Following today's presentation, there will be a Q&A session. You may register for questions by pressing star, followed by one on your telephone keypad. I will now hand you over to your host, Abby Motsinger, Vice President of Investor Relations at Duke Energy. Please go ahead, Abby.
Thank you, Felicia, and good morning, everyone. Welcome to Duke Energy's second quarter 2024 earnings review and business update. Leading our call today is Lynn Good, Chair and CEO along with Harry Sideris, President; and Brian Savoy, CFO.
Today's discussion will include the use of non-GAAP financial measures and forward-looking information. Actual results may differ 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 include supplemental information along with the
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