Duke Energy Posts Q2 Earnings Miss, Reaffirms FY23 Outlook

Duke Energy Corp DUK reported Q2 2023 adjusted EPS of $0.91, down from $1.09, missing the consensus of $0.98.

Revenues of $6.58 billion surpassed the consensus of $6.57 billion

Results were impacted by unfavorable weather, increased interest expense, and volumes decline.

Electric Utilities and Infrastructure segment income declined to $850 million from $958 million on an adjusted basis a year ago. 

On the other hand, Gas Utilities and Infrastructure segment income rose to $25 million from $19 million a year ago on growth from riders and other retail margins. 

At the end of Q2 2023, operating cash flow declined to $3.79 billion from $4.04 billion a year ago, and cash and cash equivalents stood at $567 million. 

2023 Outlook Reaffirmed: Duke Energy expects adjusted EPS of $5.55-$5.75 vs consensus of $5.63.

The company projects a long-term adjusted EPS growth of 5%-7% through 2027 vs. the 2023 midpoint of $5.65. 

"Challenging as the first half of this year has been due to record mild weather, our team responded with agile cost reduction efforts and a determined focus on our strategic priorities, including the sale of the Commercial Renewables business. The sale completes our transition to a fully regulated company, positioned in growing and constructive jurisdictions to deliver value for our customers, communities, and shareholders," said Lynn Good, chair, president and chief executive officer.

Also ReadDuke Energy Offloads Commercial Distributed Generation Business To ArcLight For $364M

Price Action: DUK shares are trading higher by 0.39% at $90.01 premarket on the last check Tuesday.

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