Yahoo Finance Duke Energy (DUK) Q1 Earnings Up Y/Y, Revenues Miss Estimates
Duke Energy Corporation DUK reported first-quarter 2024 earnings per share (EPS) of $1.44 per share, which increased 42.6% from the year-ago quarter’s level of $1.01. The Zacks Consensus Estimate for first-quarter earnings was pegged at $1.39.
Duke Energy Corporation Price, Consensus and EPS Surprise
Duke Energy Corporation price-consensus-eps-surprise-chart | Duke Energy Corporation Quote
Total Revenues
Total operating revenues came in at $7.67 billion, which rose 5.4% from $7.28 billion in the year-ago period. However, the top line lagged the Zacks Consensus Estimate of $7.71 billion by 0.5%.
The Regulated electric unit’s operating revenues were $6.73 billion, up 6.5% year over year, contributing 87.8% to the quarter’s total revenues. Revenues from the Regulated natural gas business totaled $866 million, down 1.8% year over year.
The Non-regulated Electric and Other segment generated revenues of $73 million, which increased 4.3% year over year.
Highlights of the Release
Duke Energy’s total operating expenses amounted to $5.72 billion in the reported quarter, up 2% year over year. The increase was primarily driven by higher operation, maintenance and other expenses, as well as depreciation and amortization expenses.
The operating income increased 17.3% to $1.96 billion from $1.67 billion recorded in the year-ago quarter.
Interest expenses rose to $817 million from $720 million recorded in the first quarter of 2023.
For the reported quarter, the average number of customers in its Electric Utilities increased 1.9% year over year. Total electric sales volumes for the reported quarter went up 4.1% year over year to 60,610 gigawatt-hours.
Segmental Highlights
Electric Utilities & Infrastructure: This segment’s earnings for the first quarter totaled $1,021 million, up from $791 million in the first quarter of 2023.
Gas Utilities & Infrastructure: Earnings generated from this segment totaled $284 million compared with $287 million in the year-ago period.
Other: The segment includes corporate interest expenses not allocated to other business units, resulting from Duke Energy’s captive insurance company and other investments. This segment incurred a loss of $203 million compared with a loss of $168 million in the first quarter of 2023.
Financial Condition
As of Mar 31, 2024, Duke Energy had cash & cash equivalents of $459 million, up from $253 million on Dec 31, 2023.
As of Mar 31, 2024, the long-term debt was $74.98 billion compared with $72.45 billion on Dec 31, 2023.
During the first quarter of 2024, the company generated net cash from operating activities of $2.47 billion compared with $1.48 billion in the same period last year.
2024 Guidance
Duke Energy reiterated its 2024 adjusted EPS guidance. The company still expects to generate adjusted EPS in the range of $5.85-$6.10. The Zacks Consensus Estimate for 2024 earnings is pegged at $5.97 per share, which is almost in line with the midpoint of the company’s projected range.
DUK still projects its long-term EPS growth of 5-7% through 2028.
Zacks Rank
Duke Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
American Electric Power Company, Inc. AEP reported a first-quarter 2024 adjusted EPS of $1.27, which missed the Zacks Consensus Estimate of $1.30 by 2.3%. However, the bottom line improved 14.4% from $1.11 recorded in the year-ago quarter.
AEP’s first-quarter operating revenues of $5.03 billion lagged the Zacks Consensus Estimate of $5.29 billion by 5.4%. However, the reported figure rose 7.1% from the year-ago quarter’s level of $4.69 billion.
Ameren Corporation AEE reported first-quarter 2024 earnings of 98 cents per share, which missed the Zacks Consensus Estimate of $1.09 per share by 10.1%. The reported figure also decreased 2% year over year.
Total revenues came in at $1.82 billion in the reported quarter, down 11.9% year over year. Revenues also missed the Zacks Consensus Estimate of $2.20 billion by 17.5%.
Edison International EIX reported first-quarter 2024 adjusted earnings of $1.13 per share, which surpassed the Zacks Consensus Estimate of $1.12 by 0.9%. The bottom line also increased 3.7% from $1.09 in the year-ago quarter.
EIX’s first-quarter operating revenues totaled $4.08 billion, which missed the Zacks Consensus Estimate of $4.14 billion by 1.6%. However, the top line increased 2.8% from the year-ago quarter’s figure of $3.97 billion.
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