2023-08-08 15:37:34 ET
Duke Energy ( NYSE: DUK ) +2.5% in Tuesday's trading after reaffirming its full-year profit outlook despite missing Q2 adjusted earnings expectations, as cooler than usual weather in this year's H1 in regions serviced by the utility capped the electricity needs of consumers.
Higher interest rates also hurt utility companies in the quarter, and Duke ( DUK ) said it paid 23.6% more interest in Q2 compared with the year-earlier quarter.
Duke Energy ( DUK ) reaffirmed its FY 2023 adjusted EPS guidance of $5.55-$5.75, and its long-term adjusted EPS growth rate of 5%-7% through 2027 off the 2023 midpoint of $5.65.
"The weather was a major piece of the story in 1H, but Duke Energy reaffirmed guidance as it looks to lean on its cost-cutting initiatives," KeyBanc analyst Sophie Karp wrote, according to Bloomberg, adding the company should see a "material uptick" from its Duke Energy Progress and Duke Energy Carolinas rate cases in H2.
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Duke Energy pushes higher after maintaining full-year forecast after Q2 miss