Duke Energy Swings to a Profit, Benefiting From Higher Rates and Better Weather

Duke Energy (DUK) shares advanced after the utility company swung to a profit as it benefited from higher prices and sales volumes, as well as favorable weather conditions. 

The North Carolina-based power and natural gas provider reported second-quarter net income of $900 million, compared to a loss of $220 million a year ago. Adjusted earnings per share (EPS) came in at $1.18, with revenue up 9% year-over-year to $7.17 billion. Both exceeded analysts’ estimates.

CEO Lynn Good Cites ‘Clear Growth Visibility’

Income from Duke Energy’s Electric Utilities and Infrastructure unit was $1,090 million, a 28.2% jump from 2023. The company said the gains were “driven by growth from rate increases and riders, higher sales volumes and improved weather.”

However, income for the Gas Utilities and Infrastructure division slumped 76% to $6 million, which the company blamed primarily on higher expenses.

CEO Lynn Good said Duke has “clear growth visibility” that’s being driven by its $73 billion capital investment plan.

Shares of Duke Energy were 2.1% higher at $113.45 as of about 1:40 p.m. ET Tuesday, and have gained about 17% since the start of the year.