Duke Energy(DUK) - 2024 Q3 - Quarterly Results

Financial Performance - Third-quarter 2024 reported EPS was $1.60 and adjusted EPS was$1.62, compared to reported EPS of $1.59 and adjusted EPS of$1.94 in the same quarter of 2023[1]. - The adjusted EPS guidance for 2024 is reaffirmed in the range of $5.85 to$6.10, trending towards the lower half of the range[4]. - Net income available to common stockholders was $1,226 million, resulting in an earnings per share (EPS) of$1.60 for the same period[35]. - For the nine months ended September 30, 2024, reported earnings for Electric Utilities and Infrastructure segment reached $3,562 million, with adjusted earnings of$3,600 million[38]. - Net income available to common stockholders for the nine months was $3,211 million, leading to an EPS of$4.17[38]. - The company reported a basic and diluted earnings per share of $4.17 for the nine months ended September 2024, compared to$2.27 in the prior year, representing an increase of 83.7%[57]. - Net income for the nine months ended September 30, 2024, was $3,387 million, compared to$1,878 million for the same period in 2023, reflecting an increase of 80.1%[60]. - The company reported a total of $1,744 million in net income available to common stockholders, indicating strong profitability[68]. Segment Performance - Electric Utilities and Infrastructure reported segment income of$1,451 million, slightly up from $1,447 million in Q3 2023[8]. - Gas Utilities and Infrastructure reported a segment loss of$25 million, down from a segment income of $15 million in Q3 2023[10]. - Other segment recognized a loss of$222 million, compared to a loss of $59 million in the same quarter of 2023[13]. - Reported earnings for Electric Utilities and Infrastructure segment were$1,451 million, with adjusted earnings totaling $1,464 million for the three months ended September 30, 2024[35]. - Operating income for the nine months ended September 30, 2024, was$5,814 million, reflecting a decrease of $14 million compared to the previous period[64]. - Total operating revenues for Duke Energy Corporation reached$21,848 million, with regulated electric revenues contributing $20,140 million and regulated natural gas revenues at$1,497 million[68]. Costs and Expenses - Total storm restoration costs are estimated to be between $2.4 billion and$2.9 billion, impacting multiple subsidiaries[17]. - The effective tax rate for the third quarter of 2024 was 11.2%, significantly higher than 2.8% in the same quarter of 2023[15]. - Total operating expenses for the nine months ended September 2024 were $17,208 million, compared to$16,679 million in the prior year, marking an increase of 3.2%[57]. - Total operating expenses for the three months ended September 30, 2024, were $6,017 million, up from$5,743 million in the prior year, reflecting an increase of 4.8%[62]. - Interest expense increased to $2,513 million for the nine months ended September 2024, compared to$2,221 million in the prior year, reflecting a rise of 13.2%[57]. Customer and Sales Metrics - Duke Energy serves 8.4 million electric customers and 1.7 million gas customers across several states[29]. - Residential electric sales increased by 2.3% year-over-year to 26,756 GWh for the three months ended September 2024, while total retail sales rose by 0.6% to 60,451 GWh[90]. - The average number of residential customers grew by 2.2% to 7,430,021, contributing to a total of 8,514,640 retail customers across all segments[90]. - Total consolidated electric sales decreased by 0.5% to 72,732 GWh for the three months ended September 2024, but increased by 3.6% to 198,318 GWh for the nine months ended[90]. Regulatory and Compliance - The company is focused on a clean energy transition, aiming for net-zero carbon emissions from electricity generation by 2050[30]. - The ability to recover costs through regulatory processes remains a critical factor affecting liquidity and asset values[34]. - The company plans to implement new rate cases in North Carolina and South Carolina, expected to positively impact revenues in 2024[53]. - Duke Energy Corporation's regulatory assets totaled $2,300 million, highlighting the company's investments in compliance and infrastructure[70]. Operational Challenges - The company faced operational interruptions and risks associated with natural gas distribution and transmission activities, impacting financial performance[34]. - The influence of weather and natural phenomena, including severe storms and climate change, poses risks to operations and cash flows[34]. - The company recorded$62 million in impairment of assets and other charges related to the North Carolina rate case settlement[48]. Asset and Equity Position - Total assets increased to $183,566 million as of September 30, 2024, up from$176,893 million at December 31, 2023, representing a growth of approximately 3.8%[59]. - Long-term debt increased to $76,524 million as of September 30, 2024, compared to$72,452 million at December 31, 2023, representing a rise of 5.7%[59]. - Total equity attributable to Duke Energy Corporation stockholders was $49,133 million, reflecting the company's financial stability[72].