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- Duke Energy Corp DUK reported Q1 2023 adjusted EPS of $1.20, down from $1.29, missing the consensus of $1.26.
- Results were impacted by unfavorable weather, increased interest expense, and volumes decline.
- Electric Utilities and Infrastructure segment income declined to $791 million from $896 million on an adjusted basis.
- On the other hand, Gas Utilities and Infrastructure segment income rose to $287 million from $254 million a year ago on growth from riders and other retail margins.
- Revenues of $7.28 billion surpassed the consensus of $6.56 billion.
- Cash flow from operating activities declined to $1.48 billion from $1.80 billion a year ago.
- Cash and cash equivalents stood at $624 million at the end of Q1 2023.
- 2023 Outlook Reaffirmed: Duke Energy expects adjusted EPS of $5.55 to $5.75 vs consensus of $5.63.
- The company projects a long-term adjusted EPS growth of 5% to 7% through 2027 vs. the 2023 midpoint of $5.65.
- "We're making great progress on our strategy across our entire service territory, meeting our commitments and advancing investments in a balanced way to better serve our customers. From grid improvements, to adding renewables, to advancing policy, we're taking collective action to transform and ready the system for a zero-carbon future," said Lynn Good, chair, president and CEO.
- Price Action: DUK shares closed lower by 0.46% at $98.90 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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