Duke Energy Corporation (NYSE:DUK) Q2 2023 Earnings Conference Call August 8, 2023 10:00 AM ET
Company Participants
Abby Motsinger - VP, IR
Lynn Good - Chair, President and CEO
Brian Savoy - EVP and CFO
Conference Call Participants
Shar Pourreza - Guggenheim Partners
Julien Dumoulin-Smith - Bank of America Merrill Lynch
David Arcaro - Morgan Stanley
Jeremy Tonet - JPMorgan
Steve Fleishman - Wolfe Research
Operator
Ladies and gentlemen, welcome to the Duke Energy Second Quarter 2023 Earnings Call. My name is Brian, I will be the operator for today’s call. [Operator Instructions]
I will now hand over to your host, Abby Motsinger, Vice President of Investor Relations to begin.
Abby Motsinger
Thank you, Brian, and good morning, everyone. Welcome to Duke Energy's second quarter 2023 earnings review and business update.
Leading our call today is Lynn Good, Chair, President and CEO, along with Brian Savoy, Executive Vice President and CFO.
Today's discussion will include the use of non-GAAP financial measures and forward-looking information. Actual results may be different from forward-looking statements, due to factors disclosed in today’s materials and in Duke Energy's SEC filings. The appendix of today's presentation includes supplemental information, along with the reconciliation of non-GAAP financial measures.
With that, let me turn the call over to Lynn.
Lynn Good
Abby, thank you, and good morning, everyone. Today we announced adjusted earnings per share of $0.91 for the quarter. For the second quarter in a row mild weather impacted results. For perspective in the Carolinas January and February were the mildest in the last 30 years. And May and June were in the top five. Through June we're facing a weather headwind of nearly $0.30.
Agility measures have been put in place which add to the $300 million O&M reduction that was targeted and in place coming into 2023. Our cost initiatives are grounded in our culture of safety and serving our customers with excellence while maintaining our assets for the future. Brian will provide more on cost management in a moment.
We've had an early look at July and as you would expect July whether is positive consistent with the trend across the U.S. and August and September are in front of us. With our largest quarter ahead, we are reaffirming our guidance range for 2023 and we'll have more to say on projected results for the year on the third quarter call. As we look ahead, the fundamentals of our business are strong, and we are reaffirming our 5% to 7% growth rate.