Wednesday, June 12, 2024

Duke reports $4.1 billlion profit in 2022, excluding renewables charge-off

Duke Energy reported net income of $2.56 billion in 2022, or $3.33 per share, down from $3.8 billion, or $4.94 per share, from the previous year. Revenue totaled $28.8 billion.

Duke’s results suffered because of a $1.28 billion charge for the expected sale of its commercial renewables division. Excluding that and other one-time items, Duke had adjusted earnings of about $4.1 billion, or $5.27 per share.

Higher adjusted results stemmed from rate increases and favorable weather that boosted electric volume, Duke officials said. But the company also faced higher financing, depreciation and tax costs, and storm-related expenses.

The Charlotte-based company is one of the largest U.S. electric utilities. Its shares have returned 16% over the last three years and 64% over the last five years, including dividends. The S&P 500 has gained 30% and 74% during the same periods.

Dukes expects adjusted earnings per share of $5.55 to $5.75 in 2023, with EPS growing at a 5% to 7% annual clip over time.

“We met our financial goals, made progress on our growth strategy, and advanced our clean energy transformation to benefit customers,” CEO Lynn Good said in a press release. “Our path forward is clear and underpinned by the strength of our regulated businesses, a disciplined approach to cost management and a robust $65 billion capital plan.”

Duke’s shares have traded between about $84 and $116 in the last year, closing Wednesday at $99.18.











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