Duke Energy(US:DUK)2024-08-06 14:56Financial Performance - Duke Energy Corporation reported a net income of $1.2 billion for the latest quarter, representing a 15% increase year-over-year[11]. - The company achieved an earnings per share (EPS) of $1.80, up from $1.56 in the same quarter last year, reflecting a 15% growth[11]. - Total operating revenues for Q2 2024 reached $7,172 million, a 9.0% increase from $6,578 million in Q2 2023[18]. - Net income attributable to Duke Energy Corporation was $900 million in Q2 2024, compared to a net loss of $220 million in Q2 2023[18]. - Earnings per share (EPS) for Q2 2024 was $1.13, a significant improvement from a loss of $0.32 per share in Q2 2023[19]. - Operating income for the first six months of 2024 was $3,670 million, up from $3,104 million in the same period of 2023, reflecting a 18.2% increase[18]. - The company reported a comprehensive income of $893 million for Q2 2024, compared to a loss of $165 million in Q2 2023[21]. - Net income for the six months ended June 30, 2024, was $2,072 million, significantly higher than $557 million for the same period in 2023, indicating a year-over-year increase of 272%[25]. - Net income for the six months ended June 30, 2024, was $821 million, a 51.5% increase compared to $542 million for the same period in 2023[36]. - Net income for the six months ended June 30, 2024, was $488 million, compared to $463 million for the same period in 2023, reflecting a year-over-year increase of 5.4%[63]. Revenue and Growth - Customer growth in the service territories increased by 2.5%, adding approximately 50,000 new customers[11]. - The company anticipates a 7% annual growth rate in earnings through 2025, driven by increased investments and operational efficiencies[11]. - Operating revenues for the three months ended June 30, 2024, increased to $2,297 million, up 25.7% from $1,828 million in the same period of 2023[31]. - Operating revenues for the three months ended June 30, 2024, were $3,357 million, up 4.5% from $3,212 million in the same period of 2023[40]. - Operating revenues for the three months ended June 30, 2024, were $1,716 million, down from $1,782 million in 2023, a decrease of 3.7%[58]. Capital Expenditures and Investments - Duke Energy expects to invest $25 billion over the next five years in infrastructure improvements and renewable energy projects[11]. - The company reported capital expenditures of $6,204 million for the six months ended June 30, 2024, compared to $6,265 million in 2023, a decrease of 1%[25]. - Capital expenditures for the six months ended June 30, 2024, totaled $2,623 million, up from $2,425 million in the same period of 2023, indicating an 8.2% increase[44]. - Capital expenditures for the six months ended June 30, 2024, were $1,373 million, compared to $1,193 million in 2023, indicating a 15.1% increase[54]. Debt and Financial Position - Long-term debt increased to $76,439 million as of June 30, 2024, compared to $72,452 million at December 31, 2023, marking a rise of 5.5%[23]. - The company reported a net increase in cash and cash equivalents of $25 million for the six months ended June 30, 2024, compared to a decrease of $38 million in the same period of 2023[44]. - The company anticipates satisfying current long-term debt obligations with cash on hand and proceeds from additional borrowings[162]. - Current maturities of long-term debt amount to $2.34 billion as of June 30, 2024[163]. Sustainability and Environmental Goals - Duke Energy is targeting a 50% reduction in carbon emissions by 2030, aligning with its long-term sustainability goals[11]. - New solar projects are expected to generate an additional 1,500 MW of renewable energy capacity by 2025[11]. - Duke Energy is exploring strategic acquisitions to enhance its renewable energy portfolio, with a focus on solar and wind assets[11]. Regulatory and Rate Cases - The North Carolina Rate Case approved an overall retail revenue increase of $436 million in Year 1, $174 million in Year 2, and $158 million in Year 3, totaling $768 million[127]. - The South Carolina Rate Case resulted in a $240 million annual customer rate increase, with a net rate increase of $150 million annually after adjustments[128]. - Duke Energy Carolinas implemented interim rates on September 1, 2023, subject to refund, with new revised rates effective January 15, 2024[127]. Operational Efficiency - Total operating expenses increased to $5,471 million in Q2 2024, compared to $5,179 million in Q2 2023, marking a 5.6% rise[18]. - Total operating expenses for the three months ended June 30, 2024, rose to $1,752 million, reflecting a 21.7% increase from $1,439 million in the prior year[31]. - Total operating expenses for the three months ended June 30, 2024, were $2,533 million, a decrease of 1.6% compared to $2,575 million for the same period in 2023[40]. Cash Flow and Liquidity - Cash flows from operating activities rose to $5,427 million for the six months ended June 30, 2024, compared to $3,785 million in 2023, reflecting a growth of 43.4%[25]. - Cash provided by operating activities for the six months ended June 30, 2024, was $985 million, an increase from $574 million in the same period of 2023, marking a 71.6% rise[54]. - The company reported a net cash provided by operating activities of $382 million for the first six months of 2024, significantly higher than $123 million in the same period of 2023[69]. Asset Management - The company’s total assets increased to $139,000 million as of June 30, 2024, compared to $135,000 million at the end of June 2023[18]. - Total assets increased to $181,575 million as of June 30, 2024, up from $176,893 million at December 31, 2023, representing a growth of approximately 1.9%[23]. - The total inventory for Duke Energy was $4.39 billion as of June 30, 2024, up from $4.29 billion as of December 31, 2023, indicating a 2.3% increase[97]. Shareholder Returns - Common stock dividends for the quarter amounted to $794 million, consistent with the previous year's dividend payments, indicating stable shareholder returns[27]. - The company issued 70 million shares in common stock as part of employee benefits and dividend reinvestment during the quarter ended June 30, 2024[27]. Discontinued Operations - The company completed the sale of substantially all assets in the Commercial Renewables business segment for proceeds of $1.1 billion, with approximately half received at closing[105]. - The Commercial Renewables Disposal Groups reported a loss from discontinued operations of $10 million for the three months ended June 30, 2024, compared to a loss of $955 million for the same period in 2023[111].