Duke Energy CORP Quarterly Report for Q2 Ended Jun 30, 2023

Summary

Duke Energy Corporation (DUK) reported a net loss of $234 million, or $(0.32) per share, for the three months ended June 30, 2023, a significant decrease from a net income of $907 million, or $1.14 per share, in the same period last year. This decline was largely influenced by a substantial impairment charge related to the sale of its Commercial Renewables business segment, which resulted in a loss from discontinued operations. Excluding these discontinued operations and the Indiana Supreme Court's coal ash ruling, adjusted earnings per share were $0.91 for the quarter, down from $1.09 in the prior year, primarily due to unfavorable weather, lower sales volumes, and higher interest expenses. For the six-month period ended June 30, 2023, Duke Energy reported a net income of $531 million, or $0.69 per share, compared to $1.76 billion, or $2.22 per share, in the prior year. Adjusted earnings per share for the first six months were $2.10, down from $2.38 in the prior year, again impacted by adverse weather, lower volumes, and increased interest costs, though partially offset by rate increases and cost mitigation efforts. Financially, the company maintained a strong liquidity position with $377 million in cash and $5.7 billion available under its Master Credit Facility. Significant capital expenditures were made, primarily in the Electric Utilities and Infrastructure segment, totaling $6.3 billion for the six-month period. The company continued its clean energy transformation, making progress on regulatory matters across its service territories and advancing its cost reduction initiatives.

Key Highlights

• 1Net loss of $234 million ($0.32/share) for Q2 2023, a significant decrease from net income of $907 million ($1.14/share) in Q2 2022, primarily due to impairment charges from the sale of Commercial Renewables.
• 2Adjusted EPS was $0.91 for Q2 2023, down from $1.09 in Q2 2022, driven by unfavorable weather, lower volumes, and higher interest expenses, partially offset by rate increases and cost savings.
• 3For the first six months of 2023, net income was $531 million ($0.69/share), down from $1.76 billion ($2.22/share) in the prior year. Adjusted EPS for the period was $2.10, down from $2.38 in the prior year.
• 4The company is actively selling its Commercial Renewables business, with purchase agreements signed for two major groups expected to close by year-end 2023.
• 5Capital expenditures for the first six months of 2023 totaled $6.3 billion, primarily invested in the Electric Utilities and Infrastructure segment.
• 6Duke Energy continues to focus on clean energy initiatives, including expanding solar power and battery storage projects across its service territories.
• 7The company has strong liquidity, with $377 million in cash and $5.7 billion available under its Master Credit Facility as of June 30, 2023.

Frequently Asked Questions