Skip to content
AnalystLens

Duke Energy CORP 8-K Report, Financial Results (Feb 8, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 8, 2024
Period End
February 8, 2024
Securities
DUKDUKBDUK-PA
In the record · 2016–202610-K1310-Q338-K210

DUK filed 13 annual reports (10-K), 33 quarterly reports (10-Q) and 210 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’18Mar ’18
  2. Leadership change8-K · Sep ’20Sep ’20
  3. Deal closed8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed February 8, 2024. Cited figures are marked; the original filing is the authoritative source.

Duke Energy (NYSE: DUK) reported fourth-quarter and full-year 2023 results in an 8-K furnished under Item 2.02.

Full-year 2023 GAAP reported EPS was $3.54a (vs. $3.17 in 2022), and adjusted EPS was $5.56 (vs. $5.27), which management said closed the year within guidance. The GAAP-to-adjusted gap was driven mainly by $1.81 per share of discontinued operations losses tied to the Commercial Renewables sale, plus smaller charges for organizational optimization ($0.13) and regulatory matters ($0.08). Q4 2023 reported EPS was $1.27 versus an adjusted $1.51, and the Electric Utilities and Infrastructure segment drove most of the quarterly improvement.

The forward-looking items matter most to investors. Duke introduced 2024 adjusted EPS guidance of $5.85 to $6.10b, with a midpoint of $5.98, and reaffirmed a 5% to 7% long-term adjusted EPS growth rate through 2028. It also raised its five-year capital plan to $73 billion, which signals a larger rate base and supports that growth outlook.

Management does not provide GAAP EPS guidance because special items are difficult to forecast. The company completed its transition to a fully regulated utility in October 2023 after selling its utility-scale and distributed generation renewables assets. Credit quality and financing needs are the main watch items.

Long-term debt rose to $72.5 billionc from $65.9 billion, and the capital plan implies continued heavy external financing, along with exposure to rate case outcomes, interest expense growth (full-year interest expense rose to $3.0 billion from $2.4 billion), and weather. Note that adjusted EPS is a non-GAAP measure, and Duke does not reconcile its forward adjusted guidance to GAAP.

02—Key points

Key Highlights

  1. Full-year 2023 reported EPS of $3.54, up from $3.17 in 2022; adjusted EPS of $5.56, up from $5.27 (about 5.5% growth).
  2. Q4 2023 reported EPS of $1.27 vs. adjusted EPS of $1.51, compared with $1.11 adjusted in Q4 2022.
  3. 2024 adjusted EPS guidance set at $5.85 to $6.10 (midpoint $5.98); long-term adjusted EPS growth of 5% to 7% through 2028 reaffirmed.
  4. Five-year capital plan increased to $73 billion, supporting rate base growth and the energy transition.
  5. Commercial Renewables sale closed in October 2023, leaving Duke a fully regulated utility; discontinued operations cost $1.81 per share for the year.
  6. Constructive 2023 rate case outcomes in North Carolina, South Carolina and Florida contributed to adjusted segment income growth.
  7. Long-term debt rose to $72.5 billion (from $65.9 billion) and interest expense climbed to $3.0 billion (from $2.4 billion), a key pressure on earnings.

03—Questions

Frequently Asked Questions

  1. Did Duke Energy meet its 2023 earnings expectations?

    Yes. Management said adjusted EPS of $5.56 closed the year within its guidance range. Reported GAAP EPS of $3.54 was lower because of discontinued operations losses tied to the renewables sale, plus smaller special charges.

  2. What is the 2024 earnings outlook?

    Duke guided 2024 adjusted EPS to $5.85 to $6.10, with a midpoint of $5.98, and reaffirmed 5% to 7% annual adjusted EPS growth through 2028. The company does not forecast GAAP EPS.

  3. Why did the five-year capital plan increase?

    The plan rose to $73 billion to support load growth in its service territories and the clean energy transition. Investment in regulated assets is the main driver of rate base growth and the earnings outlook.

  4. What drove the difference between reported and adjusted EPS in 2023?

    The largest item was $1.81 per share of losses from discontinued operations, mainly the impairment and transaction costs from the Commercial Renewables sale. Smaller items were organizational optimization ($0.13) and regulatory matters ($0.08).

  5. What are the main risks for investors?

    Rising interest expense and a growing debt load ($72.5 billion long-term debt) could pressure earnings. The large capital plan depends on timely rate case recovery, and weather and volume changes also affect results.

04—Continue

← View all 8-K filings