2024

when

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<p class="has-drop-cap">Duke Energy (NYSE: DUK) <a href="https://investors.duke-energy.com/overview/default.aspx" target="_blank" aria-label="reported (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">reported</a> its financial results for the third quarter of 2024, showcasing a mixed performance. The company’s reported <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="dofollow" class="deco-link">earnings per share (EPS)</a> was $1.60, slightly below the $1.62 adjusted EPS. This marks a decrease from the third quarter of 2023, where the adjusted EPS was $1.94. The adjusted EPS figures excluded certain costs like the redemption of preferred securities and system post-implementation expenses. These adjustments highlight the company’s efforts to present a clearer picture of its ongoing financial health.</p> 
<p>Despite the challenges, Duke Energy managed to restore 5.5 million outages caused by a historic storm season, reflecting its operational resilience. The company’s Electric Utilities and Infrastructure segment reported an income of $1.45 billion on a GAAP basis, a marginal increase from $1.44 billion in the previous year. However, on an adjusted basis, this segment saw a decline to $1.46 billion from $1.53 billion. The decrease was primarily driven by higher operational and maintenance expenses, storm costs, and increased depreciation and interest expenses.</p> 
<p>In contrast, the Gas Utilities and Infrastructure segment faced a tougher quarter, reporting a loss of $25 million on a GAAP basis compared to a $15 million income in the same period last year. Adjusted figures showed a loss of $22 million, down from a $15 million income in 2023. The segment’s performance was impacted by higher depreciation and interest costs, underlining the challenges in maintaining profitability in this area.</p> 
<h3 id="duke-energy-reports-mixed-results-in-third-quarter">Duke Energy Reports Mixed Results in Third Quarter</h3> 
<p>When comparing Duke Energy’s third-quarter performance against market expectations, the results were slightly below what analysts had anticipated. The consensus expectation was an EPS of $1.74, but the company reported an adjusted EPS of $1.62. This shortfall can be attributed to several factors, including a higher effective tax rate and increased operational costs due to storm restoration efforts.</p> 
<p>Revenue expectations also fell short, with the company reporting $8.154 billion in total operating revenues, just above the $8.06 billion anticipated. While the Electric Utilities and Infrastructure segment experienced a slight increase in reported income, the adjusted figures reveal underlying pressures from increased costs. The Gas Utilities and Infrastructure segment’s loss further contributed to the overall earnings miss.</p> 
<p>Despite these challenges, Duke Energy’s management expressed confidence in their long-term growth strategy, supported by regulatory outcomes and a robust economic environment. The company’s ability to navigate through a challenging storm season and maintain operational stability reflects its commitment to delivering value to shareholders, even when short-term results deviate from expectations.</p> 
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<h3 id="duke-energy-reaffirms-2024-adjusted-eps-guidance-range-of-5-85-to-6-10">Duke Energy Reaffirms 2024 Adjusted EPS Guidance Range of $5.85 to $6.10</h3> 
<p>Duke Energy reaffirmed its 2024 adjusted EPS guidance range of $5.85 to $6.10, indicating a trend towards the lower end of this spectrum. This guidance reflects the company’s cautious optimism amid ongoing economic and operational challenges. Management also reiterated their long-term adjusted EPS growth rate target of 5% to 7% through 2028, based on the 2024 midpoint of $5.98.</p> 
<p>The company remains focused on its clean energy transition, with significant investments planned in grid modernization and renewable energy projects. These initiatives are expected to drive long-term growth and align with Duke Energy’s goal of achieving net-zero methane emissions by 2030 and net-zero carbon emissions by 2050. The strategic emphasis on sustainability and regulatory compliance is expected to bolster Duke Energy’s competitive position in the evolving energy landscape.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/duke-energy-reports-8-15b-in-revenue-for-third-quarter-1-62-eps/">Duke Energy Reports $8.15B in Revenue for Third Quarter, $1.62 EPS</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Duke Energy Reports $8.15B in Revenue for Third Quarter, $1.62 EPS

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