Duke Energy(US:DUK)2025-05-05 22:08Financial Performance - Duke Energy reported first-quarter 2025 adjusted EPS of $1.76, an increase of 22.2% compared to $1.44 in the first quarter of 2024[1][3][13]. - The increase in adjusted EPS was driven by higher retail sales volumes and new rates, partially offset by increased interest and O&M expenses[2][6]. - The company reaffirmed its 2025 adjusted EPS guidance range of $6.17 to $6.42, with a long-term growth rate of 5% to 7% through 2029[2]. - Duke Energy reported net income available to common stockholders of $1,365 million for the three months ended March 31, 2025, compared to $1,099 million for the same period in 2024, representing a 24.2% increase[41]. - The earnings per share (EPS) for Duke Energy was $1.76 for Q1 2025, up from $1.44 in Q1 2024, reflecting a 22.2% increase[41]. - Total operating revenues increased to $8,249 million in Q1 2025 from $7,671 million in Q1 2024, marking an increase of 7.5%[41]. - Operating income rose to $2,343 million in Q1 2025, compared to $1,963 million in Q1 2024, indicating a growth of 19.4%[41]. - The company recorded a loss from discontinued operations of $3 million in Q1 2024, which was not present in Q1 2025[41]. - Net income for Q1 2025 was $1,404 million, an increase of 22% compared to $1,151 million in Q1 2024[46]. Segment Performance - Electric Utilities and Infrastructure segment income rose to $1,276 million in Q1 2025, up from $1,021 million in Q1 2024, reflecting a $0.33 per share increase[6]. - Gas Utilities and Infrastructure segment income increased to $349 million in Q1 2025, compared to $284 million in Q1 2024, representing an increase of $0.08 per share[7]. - The Other segment reported a loss of $260 million in Q1 2025, worsening from a loss of $203 million in Q1 2024, a decrease of $0.08 per share[8]. - The company reported segment income of $1,276 million, with Duke Energy Carolinas contributing $521 million and Duke Energy Progress contributing $338 million[60]. - Operating revenues for the Gas Utilities and Infrastructure segment reached $1,140 million, with operating income of $487 million[72]. Customer and Sales Metrics - Duke Energy serves 8.6 million electric customers and 1.7 million gas customers across multiple states, with a total energy capacity of 55,100 megawatts[21]. - Total retail sales increased by 5.4% to 53,391 GWh in Q1 2025 compared to 50,664 GWh in Q1 2024[83]. - Residential sales rose by 11.1% to 25,225 GWh, while industrial sales decreased by 4.2% to 10,964 GWh[83]. - The average number of residential customers grew by 1.9% to 7,498,119, contributing to a total of 8,581,850 retail customers[83]. - Duke Energy Carolinas reported a 5.2% increase in total consolidated electric sales to 23,558 GWh[86]. - Duke Energy Progress saw total retail sales increase by 8.2% to 11,351 GWh, with residential sales up by 14.6%[89]. - The average number of retail customers for Duke Energy Progress increased by 1.9% to 1,772,504[89]. Operational Efficiency - The consolidated effective tax rate for Q1 2025 was 12.1%, down from 13.4% in Q1 2024, primarily due to increased amortization of income tax credits[9][10]. - Operating expenses increased to $5,912 million in Q1 2025 from $5,720 million in Q1 2024, a rise of 3.4%[41]. - The effective tax rate for continuing operations was 12.1% in Q1 2025, down from 13.4% in Q1 2024[33]. - The company has significant regulatory assets amounting to $14,200 million, indicating ongoing investments in compliance and infrastructure[54]. - Duke Energy's cash flow from operations remains strong, supporting ongoing capital expenditures and debt servicing[60]. Assets and Liabilities - Total assets for Duke Energy Corporation were $187,476 million in Q1 2025, compared to $186,343 million in Q4 2024[44]. - Total liabilities increased to $135,682 million in Q1 2025 from $135,599 million in Q4 2024[44]. - Long-term debt rose to $79,700 million in Q1 2025, up from $76,340 million in Q4 2024[44]. - The company reported a total of $4,442 million in accounts payable for Q1 2025, a decrease from $5,479 million in Q4 2024[44]. - Total current liabilities amount to $11,193 million, with accounts payable at $3,579 million[68]. Energy Generation and Transition - The company is focused on an energy transition, investing in electric grid upgrades and cleaner generation technologies[22]. - Total electric generation increased by 6.2% to 53,113 GWh, with coal generation up by 20.9% to 11,347 GWh[83]. - Duke Energy Florida's renewable energy generation surged by 37.5% to 729 GWh in Q1 2025, up from 530 GWh in Q1 2024[92]. - Future outlook includes continued focus on renewable energy investments and potential market expansions in the Southeast U.S.[60].