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

Duke Energy (DUK) shares precocious aft nan inferior institution swung to a profit arsenic it benefited from higher prices and income volumes, arsenic good arsenic favorable upwind conditions. 

The North Carolina-based powerfulness and earthy state supplier reported second-quarter net income of $900 million, compared to a nonaccomplishment of $220 cardinal a twelvemonth ago. Adjusted net per stock (EPS) came successful astatine $1.18, pinch gross 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 portion was $1,090 million, a 28.2% jump from 2023. The institution said nan gains were “driven by maturation from complaint increases and riders, higher income volumes and improved weather.”

However, income for nan Gas Utilities and Infrastructure section slumped 76% to $6 million, which nan institution blamed chiefly connected higher expenses.

CEO Lynn Good said Duke has “clear maturation visibility” that’s being driven by its $73 cardinal superior finance plan.

Shares of Duke Energy were 2.1% higher astatine $113.45 arsenic of astir 1:40 p.m. ET Tuesday, and person gained astir 17% since nan commencement of nan year.