DUK shares slip on earnings; 2024 outlook unchanged
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Duke Energy (NYSE: DUK), a major U.S. utility, disclosed its earnings for the fourth quarter and the entirety of 2023 on February 8, 2024. Catering to around 8.2 million electric and 1.6 million gas customers, Duke showcased a solid financial performance.
For 2023, the company reported an adjusted EPS of $5.56, an increase from $5.27 the previous year. The fourth quarter of 2023 saw an adjusted EPS of $1.51, up from $1.11 in the corresponding quarter of the previous year. These figures align with Duke's forecasts, showcasing successful operational cost management and beneficial outcomes from rate cases.
Strategic moves in 2023, like selling its commercial renewable energy assets, have sharpened Duke's focus on its regulated utilities. The company's $73 billion capital plan over the next five years aims to support the energy transition and community growth, a critical move for the capital-intensive utilities sector focusing on infrastructure upgrades and cleaner energy sources.
Income from the Electric Utilities and Infrastructure segment saw a significant rise in the fourth quarter of 2023, reaching $1,115 million from $811 million year-over-year. The Gas Utilities and Infrastructure segment's income remained stable at $192 million. Duke's 2024 adjusted EPS guidance ranges from $5.85 to $6.10, with a reiterated long-term growth forecast of 5% to 7% through 2028, highlighting its commitment to steady value and earnings growth.
Duke Energy's performance in 2023 underlines its adaptability and strategic focus in a challenging energy landscape. With continued investments in infrastructure and the shift to sustainable energy, Duke is well-positioned to serve its expanding customer base and embrace sustainable energy trends.