Duke Energy Q4 Earnings Surpass Estimates, Revenues Rise Y/Y

Core Insights - Duke Energy Corporation (DUK) reported fourth-quarter 2024 adjusted earnings of $1.66 per share, exceeding the Zacks Consensus Estimate of$1.61 by 3.1% and showing a 9.9% increase from $1.51 per share in the same quarter last year, driven by rate increases and riders [1][2] Financial Performance - Total operating revenues for the fourth quarter reached$7.36 billion, a 2.1% increase from $7.21 billion year-over-year, but fell short of the Zacks Consensus Estimate of$7.72 billion by 4.7% [3] - The Regulated electric unit's operating revenues were $6.53 billion, up 0.9$741 million, reflecting a 13.1% year-over-year increase [3] - For the full year 2024, total revenues amounted to $30.36 billion, a 4.5$29.06 billion in 2023, but missed the Zacks Consensus Estimate of $30.64 billion [4] Operating Expenses and Income - Total operating expenses for the reported quarter were$5.25 billion, down 2.1% year-over-year, primarily due to lower fuel and purchased power costs [5] - Operating income increased by 13.9% to $2.11 billion from$1.86 billion in the previous year [5] Customer and Sales Metrics - The average number of customers in Electric Utilities increased by 1.8% year-over-year, with total electric sales volumes rising 0.8% to 60,308 gigawatt-hours [6] Segment Performance - Adjusted earnings from the Electric Utilities & Infrastructure segment totaled $1,238 million, up from$1,115 million in the fourth quarter of 2023 [7] - The Gas Utilities & Infrastructure segment generated earnings of $231 million compared to$192 million in the prior year [7] - The Other segment incurred a loss of $186 million, worsening from a loss of$133 million in the fourth quarter of 2023 [8] Financial Condition - As of December 31, 2024, cash and cash equivalents stood at $314 million, up from$253 million a year earlier, while long-term debt increased to $76.34 billion from$72.45 billion [9] - The company generated net cash from operating activities of $12.28 billion in 2024, compared to$9.88 billion in the same period last year [9] Future Guidance - Duke Energy provided 2025 adjusted EPS guidance in the range of $6.17-$6.42, with the Zacks Consensus Estimate for 2024 earnings at $6.33 per share, higher than the midpoint of the projected range [10] - The company anticipates long-term EPS growth of 5-7% through 2029 [10]