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Duke Energy (DUK) Q2 Earnings Top Estimates, Revenues Rise Y/Y
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Duke Energy Corporation's (DUK - Free Report) second-quarter 2024 adjusted earnings of $1.18 per share beat the Zacks Consensus Estimate of $1.01 by 16.8%. The bottom line also improved 29.7% from 91 cents reported in the year-ago quarter.
The year-over-year improvement in adjusted earnings was driven by growth from rate increases and riders, higher sales volumes and improved weather.
The company generated GAAP earnings of $1.13 per share against a GAAP loss of 32 cents incurred in the second quarter of 2023.
Total Revenues
Total operating revenues came in at $7.17 billion, which rose 9% from $6.58 billion in the year-ago period. The top line also surpassed the Zacks Consensus Estimate of $6.78 billion by 5.8%.
Duke Energy Corporation Price, Consensus and EPS Surprise
The Regulated electric unit’s operating revenues were $6.75 billion, up 9.2% year over year, contributing 94.1% to the quarter’s total revenues. Revenues from the Regulated natural gas business totaled $347 million, up 4.8% year over year.
The Non-regulated Electric and Other segment generated revenues of $79 million, which increased 11.3% year over year.
Highlights of the Release
Duke Energy’s total operating expenses amounted to $5.47 billion in the reported quarter, up 5.6% year over year. The increase was primarily driven by higher expenses for fuel used in electric generation and purchased power, depreciation and amortization expenses as well as property and other taxes.
The operating income increased 19.4% to $1.71 billion from $1.43 billion recorded in the year-ago quarter.
Interest expenses rose to $824 million from $727 million recorded in the second quarter of 2023.
For the reported quarter, the average number of customers in its Electric Utilities increased 2% year over year. Total electric sales volumes for the reported quarter went up 8.1% year over year to 64,976 gigawatt-hours.
Segmental Highlights
Electric Utilities & Infrastructure: This segment’s adjusted earnings for the second quarter totaled $1,115 million, up from $850 million in the second quarter of 2023.
Gas Utilities & Infrastructure: Earnings generated from this segment totaled $6 million compared with $25 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 $200 million compared with a loss of $161 million in the second quarter of 2023.
Financial Condition
As of Jun 30, 2024, Duke Energy had cash & cash equivalents of $390 million, up from $253 million on Dec 31, 2023.
As of Jun 30, 2024, the long-term debt was $76.44 billion compared with $72.45 billion on Dec 31, 2023.
During the first six months of 2024, the company generated net cash from operating activities of $5.43 billion compared with $3.79 billion in the same period last year.
2024 Guidance
Duke Energy reaffirmed 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 #4 (Sell).
CenterPoint Energy, Inc. (CNP - Free Report) reported second-quarter 2024 adjusted earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 9.1%. The bottom line also improved 28.6% from the year-ago quarter’s figure of 28 cents per share.
CNP generated revenues of $1.91 billion, which beat the Zacks Consensus Estimate of $1.88 billion by 1.1%. The top line also came in 1.6% higher than the year-ago quarter’s reported figure of $1.88 billion.
Edison International (EIX - Free Report) reported second-quarter 2024 adjusted earnings of $1.23 per share, which increased 21.8% from $1.01 in the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.05.
Edison International's second-quarter operating revenues totaled $4.34 billion, which beat the Zacks Consensus Estimate of $4.03 billion by 7.5%. The top line also increased 9.4% from the year-ago quarter’s figure of $3.96 billion.
PG&E Corporation (PCG - Free Report) reported second-quarter 2024 adjusted earnings per share of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
PCG reported total second-quarter revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.
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Duke Energy (DUK) Q2 Earnings Top Estimates, Revenues Rise Y/Y
Duke Energy Corporation's (DUK - Free Report) second-quarter 2024 adjusted earnings of $1.18 per share beat the Zacks Consensus Estimate of $1.01 by 16.8%. The bottom line also improved 29.7% from 91 cents reported in the year-ago quarter.
The year-over-year improvement in adjusted earnings was driven by growth from rate increases and riders, higher sales volumes and improved weather.
The company generated GAAP earnings of $1.13 per share against a GAAP loss of 32 cents incurred in the second quarter of 2023.
Total Revenues
Total operating revenues came in at $7.17 billion, which rose 9% from $6.58 billion in the year-ago period. The top line also surpassed the Zacks Consensus Estimate of $6.78 billion by 5.8%.
Duke Energy Corporation Price, Consensus and EPS Surprise
Duke Energy Corporation price-consensus-eps-surprise-chart | Duke Energy Corporation Quote
The Regulated electric unit’s operating revenues were $6.75 billion, up 9.2% year over year, contributing 94.1% to the quarter’s total revenues. Revenues from the Regulated natural gas business totaled $347 million, up 4.8% year over year.
The Non-regulated Electric and Other segment generated revenues of $79 million, which increased 11.3% year over year.
Highlights of the Release
Duke Energy’s total operating expenses amounted to $5.47 billion in the reported quarter, up 5.6% year over year. The increase was primarily driven by higher expenses for fuel used in electric generation and purchased power, depreciation and amortization expenses as well as property and other taxes.
The operating income increased 19.4% to $1.71 billion from $1.43 billion recorded in the year-ago quarter.
Interest expenses rose to $824 million from $727 million recorded in the second quarter of 2023.
For the reported quarter, the average number of customers in its Electric Utilities increased 2% year over year. Total electric sales volumes for the reported quarter went up 8.1% year over year to 64,976 gigawatt-hours.
Segmental Highlights
Electric Utilities & Infrastructure: This segment’s adjusted earnings for the second quarter totaled $1,115 million, up from $850 million in the second quarter of 2023.
Gas Utilities & Infrastructure: Earnings generated from this segment totaled $6 million compared with $25 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 $200 million compared with a loss of $161 million in the second quarter of 2023.
Financial Condition
As of Jun 30, 2024, Duke Energy had cash & cash equivalents of $390 million, up from $253 million on Dec 31, 2023.
As of Jun 30, 2024, the long-term debt was $76.44 billion compared with $72.45 billion on Dec 31, 2023.
During the first six months of 2024, the company generated net cash from operating activities of $5.43 billion compared with $3.79 billion in the same period last year.
2024 Guidance
Duke Energy reaffirmed 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 #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
CenterPoint Energy, Inc. (CNP - Free Report) reported second-quarter 2024 adjusted earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 9.1%. The bottom line also improved 28.6% from the year-ago quarter’s figure of 28 cents per share.
CNP generated revenues of $1.91 billion, which beat the Zacks Consensus Estimate of $1.88 billion by 1.1%. The top line also came in 1.6% higher than the year-ago quarter’s reported figure of $1.88 billion.
Edison International (EIX - Free Report) reported second-quarter 2024 adjusted earnings of $1.23 per share, which increased 21.8% from $1.01 in the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.05.
Edison International's second-quarter operating revenues totaled $4.34 billion, which beat the Zacks Consensus Estimate of $4.03 billion by 7.5%. The top line also increased 9.4% from the year-ago quarter’s figure of $3.96 billion.
PG&E Corporation (PCG - Free Report) reported second-quarter 2024 adjusted earnings per share of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
PCG reported total second-quarter revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.