U.S. utility giant Duke Energy (NYSE: DUK) beat analyst estimates as higher sales volumes and increased rates boosted its revenues for the second quarter.
Duke Energy reported on Tuesday adjusted earnings per share (EPS) of $1.18 for the second quarter of 2024. This is higher than the adjusted EPS of $0.91 for the second quarter of 2023, and higher than the $1.02 analyst consensus estimate, too.
Higher second-quarter 2024 adjusted results were driven by growth from rate increases and riders, higher sales volumes, and improved weather, which were partially offset by higher interest expense and depreciation on a growing asset base, Duke Energy said.
North Carolina-based Duke Energy - which serves 8.2 million electric utility customers in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky - reaffirmed its 2024 adjusted EPS guidance range of $5.85 to $6.10.
The utility giant also reiterated its long-term adjusted EPS growth rate of 5% to 7% through 2028, compared to the 2024 midpoint of $5.98.
"We've had an excellent first half of the year, delivering on grid and generation investments and collaborating with stakeholders to advance the energy transition across our jurisdictions," said Lynn Good, Duke Energy chair and chief executive officer.
"We have clear growth visibility driven by our $73 billion capital plan," the executive noted.Duke Energy, which aims to boost the share of renewables in its power-generating assets, is one of the U.S. electric utilities that have recently upgraded their forecasts of American power consumption in the coming years.
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By Charles Kennedy for Oilprice.com
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