Duke Energy Corp (NYSE:DUK)
$ 111.88 -0.58 (-0.52%) Market Cap: 86.43 Bil Enterprise Value: 172.05 Bil PE Ratio: 20.57 PB Ratio: 1.79 GF Score: 80/100
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Q3 2024 Duke Energy Corp Earnings Call Transcript

Nov 07, 2024 / 03:00PM GMT
Release Date Price: $111.08 (-2.24%)

Key Points

Positve
  • Duke Energy Corp (DUK) demonstrated strong storm response capabilities, restoring power to millions of customers quickly after three major hurricanes.
  • The company reaffirmed its 2024 earnings guidance range, despite the impact of the hurricanes, showing resilience in its financial planning.
  • Duke Energy Corp (DUK) received constructive regulatory approvals for its Integrated Resource Plans (IRPs) in both North and South Carolina, supporting future growth.
  • The company is experiencing robust economic development, with significant new customer additions in the Carolinas and Florida, contributing to long-term load growth.
  • Duke Energy Corp (DUK) is making strategic grid investments, which have already helped avoid significant customer outages during recent storms.
Negative
  • The third-quarter adjusted earnings per share decreased to $1.62 from $1.94 the previous year, impacted by hurricane-related costs and lost revenues.
  • The company is trending towards the lower half of its 2024 earnings guidance range due to storm impacts, including restoration costs and lost revenues.
  • Duke Energy Corp (DUK) faces higher operational and maintenance expenses due to unplanned hurricane restoration efforts.
  • The company anticipates a temporary credit impact in 2024 due to storm costs, although it expects recovery in 2025.
  • There is uncertainty regarding the timing of industrial sector recovery, which has shifted expectations for load growth into 2025.
Operator

Hello, everyone, and welcome to the Duke Energy third-quarter 2024 earnings call. My name is Felicia, and I'll be your operator today. (Operator Instructions)

I will now hand you over to your host today, Abby Motsinger, Vice President of Investor Relations at Duke Energy. Abby, please go ahead.

Abby Motsinger;Lynn Good
Duke Energy Corp - VP, IR;Duke

Thank you, Felicia, and good morning, everyone. Welcome to Duke Energy's third-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 includes supplemental information along with the reconciliation of non-GAAP financial measures.

With that, let me turn the call over to Lynn.

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