Duke Energy (DUK) Q3 2024 earnings summary

Executive summary

• Q3 2024 adjusted EPS was $1.62, down from $1.94 in Q3 2023, mainly due to significant hurricane impacts, higher tax rate, interest, and depreciation, with most storm costs deferred or capitalized.

• Reported Q3 2024 EPS was $1.60; year-to-date results are in line with expectations, and net income grew modestly year-over-year.

• The company reaffirmed its 2024 adjusted EPS guidance range of $5.85–$6.10, trending toward the lower half due to storm impacts, and maintained a 5%–7% long-term EPS growth target through 2028.

• Economic development, population migration, and robust regulatory outcomes support long-term growth in core service territories.

• Continued execution of clean energy transition and advanced regulatory strategy with new rate cases and settlements support grid investments and storm cost recovery.

Financial highlights

• Q3 2024 adjusted EPS was $1.62; reported EPS was $1.60, compared to $1.94 and $1.59, respectively, in Q3 2023.

• Q3 2024 operating revenues were $8.15 billion, up from $7.99 billion in Q3 2023; nine-month revenues reached $22.99 billion, up from $21.85 billion.

• Net income available to common stockholders for Q3 2024 was $1.23 billion, compared to $1.21 billion in Q3 2023.

• Electric utilities and infrastructure segment earnings declined year-over-year, mainly due to higher O&M from hurricane restoration, depreciation, and interest.

• Gas utilities and infrastructure segment earnings declined year-over-year, primarily from higher interest and depreciation.

Outlook and guidance

• 2024 adjusted EPS guidance of $5.85–$6.10 reaffirmed, trending to the lower half due to storm impacts.

• Long-term EPS growth rate of 5%–7% through 2028 reaffirmed, with potential to reach the higher end as load growth accelerates in 2027–2028.

• Fourth quarter adjusted EPS expected to be higher than last year, driven by rate increases, higher sales, and cost mitigation.

• 2025 guidance and updated capital plans to be provided in February.

• Ongoing focus on balancing customer bill impacts, insurance recovery, and potential securitization of storm costs.