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Duke Energy (DUK) Q4 Earnings Match Estimates, Revenues Beat
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Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2021 adjusted earnings of 94 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line deteriorated 8.7% year over year on account of mild weather, fewer renewable projects placed in service and share dilution.
Including one-time adjustments, the company reported GAAP earnings of 93 cents per share against the year-ago loss of 12 cents.
For 2021, Duke Energy posted an adjusted EPS of $5.24 from continuing operations, which surpassed the Zacks Consensus Estimate of $5.23. The reported figure also improved from $5.12 generated in 2020.
Duke Energy Corporation Price, Consensus and EPS Surprise
Total operating revenues came in at $6,238 million, which improved 8% from $5,777 million a year ago. The reported top-line figure also surpassed the Zacks Consensus Estimate of $6,135 million by 1.7%.
The Regulated electric unit’s revenues were $5,347 million (up 5.7% year over year), representing 85.7% of total revenues for the quarter.
Revenues from the regulated natural gas business totaled $694 million, up 31.7% year over year.
The Non-regulated Electric and Other segment generated revenues of $197 million, which rose 3.1% year over year.
In 2021, the company generated operating revenues of $25.10 billion, which exceeded the Zacks Consensus Estimate of $25.02 billion. The top line also improved 5.1% from the 2020 revenue figure.
Highlights of the Release
Duke Energy’s total operating expenses amounted to $5,173 million for the reported quarter, down 9.3% year over year. The decrease was on account of the lower cost of property and other taxes along with impairment of assets and other charges.
Operating income surged to $1,067 million from $74 million in the year-ago quarter.
Interest expenses rose 10.7% to $592 million from $535 million in fourth-quarter 2020.
For the reported quarter, the average number of customers in its electric utilities increased 1.2% year over year. Total electric sales volumes for the reported quarter dropped 2.2% year over year to 58,423 gigawatt-hours.
Segmental Highlights
Electric Utilities & Infrastructure: This segment’s adjusted earnings for the fourth quarter totaled $675 million, flat year over year.
Gas Utilities & Infrastructure: Earnings generated from this segment totaled $137 million compared with $134 million in the year-ago period.
Commercial Renewables: This segment reported earnings of $49 million for the quarter under review compared with $79 million in the year-ago period.
Other: The segment includes corporate interest expenses not allocated to other business units, resulting from Duke Energy’s captive insurance company and other investments.
This segment incurred an adjusted loss of $125 million compared with a loss of $103 million in the year-ago quarter.
Financial Condition
As of Dec 31, 2021, Duke Energy had cash & cash equivalents of $343 million, up from $259 million on Dec 31, 2020.
As of Dec 31, 2021, long-term debt was $60.45 billion compared with $55.63 billion on Dec 31, 2020.
In 2021, the company generated net cash from operating activities of $8.29 billion compared with $8.86 billion generated in 2020.
Guidance
Duke Energy has provided its 2021 adjusted EPS guidance. The company expects to generate adjusted earnings per share in the range of $5.30-$5.60.
The Zacks Consensus Estimate for 2021 earnings, pegged at $5.47 per share, lies above the midpoint of the company’s projected range of $5.20.
The company extended its long-term earnings per share growth projection in the range of 5-7% through 2026 from the base of 2021.
NextEra Energy (NEE - Free Report) reported fourth-quarter 2021 adjusted earnings of 41 cents per share, which beat the Zacks Consensus Estimate of 40 cents by 2.5%. The bottom line was also up 2.5% from the prior-year quarter.
NextEra’s operating revenues were $5,046 million, which lagged the Zacks Consensus Estimate of $5,436 million by 7.2%. Nonetheless, the top line improved 14.8% year over year.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2021 adjusted earnings per share (EPS) of 47 cents from continuing operations, which came in line with the Zacks Consensus Estimate. The reported figure declined 2.1% on a year-over-year basis.
The company’s operating revenues were $2,033 million, which exceeded the Zacks Consensus Estimate of $1,754 million by 15.9%. The top line also improved 17.7% on a year-over-year basis.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2021 operating earnings of 58 cents per share, which matched the Zacks Consensus Estimate. The bottom line also rose 7.4% from the year-ago earnings of 54 cents.
XEL’s fourth-quarter revenues of $3,355 million beat the Zacks Consensus Estimate of $3,136 million by 7%. The same improved 14% from the prior-year quarter’s $2,947 million.
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Duke Energy (DUK) Q4 Earnings Match Estimates, Revenues Beat
Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2021 adjusted earnings of 94 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line deteriorated 8.7% year over year on account of mild weather, fewer renewable projects placed in service and share dilution.
Including one-time adjustments, the company reported GAAP earnings of 93 cents per share against the year-ago loss of 12 cents.
For 2021, Duke Energy posted an adjusted EPS of $5.24 from continuing operations, which surpassed the Zacks Consensus Estimate of $5.23. The reported figure also improved from $5.12 generated in 2020.
Duke Energy Corporation Price, Consensus and EPS Surprise
Duke Energy Corporation price-consensus-eps-surprise-chart | Duke Energy Corporation Quote
Total Revenues
Total operating revenues came in at $6,238 million, which improved 8% from $5,777 million a year ago. The reported top-line figure also surpassed the Zacks Consensus Estimate of $6,135 million by 1.7%.
The Regulated electric unit’s revenues were $5,347 million (up 5.7% year over year), representing 85.7% of total revenues for the quarter.
Revenues from the regulated natural gas business totaled $694 million, up 31.7% year over year.
The Non-regulated Electric and Other segment generated revenues of $197 million, which rose 3.1% year over year.
In 2021, the company generated operating revenues of $25.10 billion, which exceeded the Zacks Consensus Estimate of $25.02 billion. The top line also improved 5.1% from the 2020 revenue figure.
Highlights of the Release
Duke Energy’s total operating expenses amounted to $5,173 million for the reported quarter, down 9.3% year over year. The decrease was on account of the lower cost of property and other taxes along with impairment of assets and other charges.
Operating income surged to $1,067 million from $74 million in the year-ago quarter.
Interest expenses rose 10.7% to $592 million from $535 million in fourth-quarter 2020.
For the reported quarter, the average number of customers in its electric utilities increased 1.2% year over year. Total electric sales volumes for the reported quarter dropped 2.2% year over year to 58,423 gigawatt-hours.
Segmental Highlights
Electric Utilities & Infrastructure: This segment’s adjusted earnings for the fourth quarter totaled $675 million, flat year over year.
Gas Utilities & Infrastructure: Earnings generated from this segment totaled $137 million compared with $134 million in the year-ago period.
Commercial Renewables: This segment reported earnings of $49 million for the quarter under review compared with $79 million in the year-ago period.
Other: The segment includes corporate interest expenses not allocated to other business units, resulting from Duke Energy’s captive insurance company and other investments.
This segment incurred an adjusted loss of $125 million compared with a loss of $103 million in the year-ago quarter.
Financial Condition
As of Dec 31, 2021, Duke Energy had cash & cash equivalents of $343 million, up from $259 million on Dec 31, 2020.
As of Dec 31, 2021, long-term debt was $60.45 billion compared with $55.63 billion on Dec 31, 2020.
In 2021, the company generated net cash from operating activities of $8.29 billion compared with $8.86 billion generated in 2020.
Guidance
Duke Energy has provided its 2021 adjusted EPS guidance. The company expects to generate adjusted earnings per share in the range of $5.30-$5.60.
The Zacks Consensus Estimate for 2021 earnings, pegged at $5.47 per share, lies above the midpoint of the company’s projected range of $5.20.
The company extended its long-term earnings per share growth projection in the range of 5-7% through 2026 from the base of 2021.
Zacks Rank
Duke Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
NextEra Energy (NEE - Free Report) reported fourth-quarter 2021 adjusted earnings of 41 cents per share, which beat the Zacks Consensus Estimate of 40 cents by 2.5%. The bottom line was also up 2.5% from the prior-year quarter.
NextEra’s operating revenues were $5,046 million, which lagged the Zacks Consensus Estimate of $5,436 million by 7.2%. Nonetheless, the top line improved 14.8% year over year.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2021 adjusted earnings per share (EPS) of 47 cents from continuing operations, which came in line with the Zacks Consensus Estimate. The reported figure declined 2.1% on a year-over-year basis.
The company’s operating revenues were $2,033 million, which exceeded the Zacks Consensus Estimate of $1,754 million by 15.9%. The top line also improved 17.7% on a year-over-year basis.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2021 operating earnings of 58 cents per share, which matched the Zacks Consensus Estimate. The bottom line also rose 7.4% from the year-ago earnings of 54 cents.
XEL’s fourth-quarter revenues of $3,355 million beat the Zacks Consensus Estimate of $3,136 million by 7%. The same improved 14% from the prior-year quarter’s $2,947 million.