Duke Energy Corporation (NYSE: DUK) has released its fourth-quarter and full-year 2024 financial results, showcasing robust performance and strategic initiatives aimed at future growth.
Financial Highlights:
Full-Year 2024:
- Reported Earnings Per Share (EPS): $5.71
- Adjusted EPS: $5.90, up from $5.56 in 2023
The increase in adjusted EPS is attributed to rate increases, improved weather conditions, and higher sales volumes. These gains were partially offset by increased interest expenses, depreciation, storm-related costs, and a higher effective tax rate.
Fourth Quarter 2024:
- Reported EPS: $1.54, compared to $1.27 in Q4 2023
- Adjusted EPS: $1.66, up from $1.51 in the same period last year
The quarterly growth was primarily driven by rate increases and riders, offset by higher interest expenses and depreciation.
Strategic Developments:
Capital Investment Plan: Duke Energy has announced an increase in its five-year capital expenditure plan to $83 billion, a 13.7% rise from the previous plan. This investment aims to enhance the grid to meet growing energy demands from data centers and increased electrification.
Equity Financing: To support this capital plan, the company plans to issue $6.5 billion in equity over 2025-2029, including $1 billion in 2025.
Energy Generation Expansion: Duke Energy expects to add nearly five gigawatts of natural gas power by the end of 2029 to bolster energy supply.
Regulatory and Environmental Initiatives:
In 2024, Duke Energy achieved constructive regulatory outcomes that support its strategic priorities, including investments in cleaner energy and grid modernization. The company remains committed to its clean energy transition, aiming for net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050.
Leadership Transition:
As of 2025, Harry Sideris has assumed the role of Chief Executive Officer, succeeding Lynn Good. Sideris emphasizes the company's commitment to investing in critical infrastructure to support technological advancements and economic growth while maintaining energy reliability and affordability.
Outlook:
Duke Energy has introduced a 2025 adjusted EPS guidance range of $6.17 to $6.42 and extended its long-term adjusted EPS growth rate target of 5% to 7% through 2029, based on the 2025 midpoint of $6.30.
Sources:
reuters.com
DUK Fourth Quarter Report
Disclaimer: This post is for informational purposes only and should not be considered financial advice. I do not hold any position in Duke Energy Corporation. Please consult with a financial advisor before making any investment decisions.
