// 1 Q2 / 2024 Earnings Review and Business Update Lynn Good / Chair and CEO Harry Sideris / President Brian Savoy / Executive Vice President and CFO August 6, 2024 Safe Harbor statement This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forwardlooking statements. The factors that could cause actual results to differ are discussed herein and in Duke Energy's SEC filings, available at www.sec.gov. Regulatio ...

Duke Energy Corporation (NYSE:DUK) Q2 2024 Earnings Conference Call August 6, 2024 10:00 AM ET Company Participants Abby Motsinger - VP, IR Lynn Good - Chair & CEO Harry Sideris‌ - President, Duke Energy Brian Savoy - CFO & EVP Conference Call Participants Constantine Lednev - Guggenheim Partners Nick Campanella - Barclays Julien Dumoulin-Smith - Jefferies Jeremy Tonet - JPMorgan Anthony Crowdell - Mizuho Carly Davenport - Goldman Sachs Operator Hello, everyone, and welcome to Duke Energy's Second Quarter 2 ...

Key Takeaways Duke Energy beat second-quarter earnings and revenue estimates on higher rates and sales volumes, as well as favorable weather. The company's Electric Utilities and Infrastructure division posted a 28.2% year-over-year jump in income. Income from Duke Energy's Gas and Infrastructure unit tumbled as costs rose. Duke Energy (DUK) shares advanced after the utility company swung to a profit as it benefited from higher prices and sales volumes, as well as favorable weather conditions. The North Car ...

CHARLOTTE, N.C., Aug. 6, 2024 /PRNewswire/ -- As Tropical Storm Debby approaches North Carolina, Piedmont Natural Gas is urging customers to follow a few simple steps to stay safe if their natural gas equipment or appliances are damaged or flooded due to severe weather. "Keeping our communities safe is at the heart of what we do, and we want to make sure our customers know how to stay safe before, during and after this storm passes," said Adam Long, Piedmont Natural Gas chief operations officer. "Following ...

Financial Performance - Duke Energy Corporation reported a net income of $1.2 billion for the latest quarter, representing a 15% increase year-over-year[11]. - The company achieved an earnings per share (EPS) of $1.80, up from $1.56 in the same quarter last year, reflecting a 15% growth[11]. - Total operating revenues for Q2 2024 reached $7,172 million, a 9.0% increase from $6,578 million in Q2 2023[18]. - Net income attributable to Duke Energy Corporation was $900 million in Q2 2024, compared to a net loss of $220 million in Q2 2023[18]. - Earnings per share (EPS) for Q2 2024 was $1.13, a significant improvement from a loss of $0.32 per share in Q2 2023[19]. - Operating income for the first six months of 2024 was $3,670 million, up from $3,104 million in the same period of 2023, reflecting a 18.2% increase[18]. - The company reported a comprehensive income of $893 million for Q2 2024, compared to a loss of $165 million in Q2 2023[21]. - Net income for the six months ended June 30, 2024, was $2,072 million, significantly higher than $557 million for the same period in 2023, indicating a year-over-year increase of 272%[25]. - Net income for the six months ended June 30, 2024, was $821 million, a 51.5% increase compared to $542 million for the same period in 2023[36]. - Net income for the six months ended June 30, 2024, was $488 million, compared to $463 million for the same period in 2023, reflecting a year-over-year increase of 5.4%[63]. Revenue and Growth - Customer growth in the service territories increased by 2.5%, adding approximately 50,000 new customers[11]. - The company anticipates a 7% annual growth rate in earnings through 2025, driven by increased investments and operational efficiencies[11]. - Operating revenues for the three months ended June 30, 2024, increased to $2,297 million, up 25.7% from $1,828 million in the same period of 2023[31]. - Operating revenues for the three months ended June 30, 2024, were $3,357 million, up 4.5% from $3,212 million in the same period of 2023[40]. - Operating revenues for the three months ended June 30, 2024, were $1,716 million, down from $1,782 million in 2023, a decrease of 3.7%[58]. Capital Expenditures and Investments - Duke Energy expects to invest $25 billion over the next five years in infrastructure improvements and renewable energy projects[11]. - The company reported capital expenditures of $6,204 million for the six months ended June 30, 2024, compared to $6,265 million in 2023, a decrease of 1%[25]. - Capital expenditures for the six months ended June 30, 2024, totaled $2,623 million, up from $2,425 million in the same period of 2023, indicating an 8.2% increase[44]. - Capital expenditures for the six months ended June 30, 2024, were $1,373 million, compared to $1,193 million in 2023, indicating a 15.1% increase[54]. Debt and Financial Position - Long-term debt increased to $76,439 million as of June 30, 2024, compared to $72,452 million at December 31, 2023, marking a rise of 5.5%[23]. - The company reported a net increase in cash and cash equivalents of $25 million for the six months ended June 30, 2024, compared to a decrease of $38 million in the same period of 2023[44]. - The company anticipates satisfying current long-term debt obligations with cash on hand and proceeds from additional borrowings[162]. - Current maturities of long-term debt amount to $2.34 billion as of June 30, 2024[163]. Sustainability and Environmental Goals - Duke Energy is targeting a 50% reduction in carbon emissions by 2030, aligning with its long-term sustainability goals[11]. - New solar projects are expected to generate an additional 1,500 MW of renewable energy capacity by 2025[11]. - Duke Energy is exploring strategic acquisitions to enhance its renewable energy portfolio, with a focus on solar and wind assets[11]. Regulatory and Rate Cases - The North Carolina Rate Case approved an overall retail revenue increase of $436 million in Year 1, $174 million in Year 2, and $158 million in Year 3, totaling $768 million[127]. - The South Carolina Rate Case resulted in a $240 million annual customer rate increase, with a net rate increase of $150 million annually after adjustments[128]. - Duke Energy Carolinas implemented interim rates on September 1, 2023, subject to refund, with new revised rates effective January 15, 2024[127]. Operational Efficiency - Total operating expenses increased to $5,471 million in Q2 2024, compared to $5,179 million in Q2 2023, marking a 5.6% rise[18]. - Total operating expenses for the three months ended June 30, 2024, rose to $1,752 million, reflecting a 21.7% increase from $1,439 million in the prior year[31]. - Total operating expenses for the three months ended June 30, 2024, were $2,533 million, a decrease of 1.6% compared to $2,575 million for the same period in 2023[40]. Cash Flow and Liquidity - Cash flows from operating activities rose to $5,427 million for the six months ended June 30, 2024, compared to $3,785 million in 2023, reflecting a growth of 43.4%[25]. - Cash provided by operating activities for the six months ended June 30, 2024, was $985 million, an increase from $574 million in the same period of 2023, marking a 71.6% rise[54]. - The company reported a net cash provided by operating activities of $382 million for the first six months of 2024, significantly higher than $123 million in the same period of 2023[69]. Asset Management - The company’s total assets increased to $139,000 million as of June 30, 2024, compared to $135,000 million at the end of June 2023[18]. - Total assets increased to $181,575 million as of June 30, 2024, up from $176,893 million at December 31, 2023, representing a growth of approximately 1.9%[23]. - The total inventory for Duke Energy was $4.39 billion as of June 30, 2024, up from $4.29 billion as of December 31, 2023, indicating a 2.3% increase[97]. Shareholder Returns - Common stock dividends for the quarter amounted to $794 million, consistent with the previous year's dividend payments, indicating stable shareholder returns[27]. - The company issued 70 million shares in common stock as part of employee benefits and dividend reinvestment during the quarter ended June 30, 2024[27]. Discontinued Operations - The company completed the sale of substantially all assets in the Commercial Renewables business segment for proceeds of $1.1 billion, with approximately half received at closing[105]. - The Commercial Renewables Disposal Groups reported a loss from discontinued operations of $10 million for the three months ended June 30, 2024, compared to a loss of $955 million for the same period in 2023[111].

Duke Energy Corporation's (DUK) 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 Reven ...

Duke Energy (DUK) came out with quarterly earnings of $1.18 per share, beating the Zacks Consensus Estimate of $1.01 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 16.83%. A quarter ago, it was expected that this electric utility would post earnings of $1.39 per share when it actually produced earnings of $1.44, delivering a surprise of 3.60%. Over the last four quarters, the com ...

News Release Media Contact: Gillian Moore 24-Hour: 800.559.3853 Analyst Contact: Abby Motsinger Office: 704.382.7624 August 6, 2024 Duke Energy reports second-quarter 2024 financial results ▪ Second-quarter 2024 reported EPS of $1.13 and adjusted EPS of $1.18 ▪ Strong performance in the first half of the year sets the stage for full year results within guidance range ▪ Constructive outcomes build momentum and provide foundation for continued growth CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced s ...

Follow warnings and instructions of emergency management officials Widespread damage from high winds and heavy rainfall may cause power outages Crews will begin power restoration as soon as conditions are safe to do so ST. PETERSBURG, Fla., Aug. 4, 2024 /PRNewswire/ -- Duke Energy Florida is urging customers to follow the warnings and instructions of emergency management officials and take necessary precautions as Tropical Storm Debby approaches Florida, bringing high winds and heavy rainfall that may cause ...

Prepare now for possible power outages as impacts may be felt broadly across Duke Energy Florida's service territory ST. PETERSBURG, Fla., Aug. 3, 2024 /PRNewswire/ -- Duke Energy is mobilizing more than 3,000 power line technicians, vegetation workers, damage assessors and support personnel to respond to possible power outages as heavy rainfall, strong winds and localized flooding are likely with the approaching storm in Florida. Crews from Duke Energy's Midwest operations in Kentucky and Ohio will help be ...