Duke Energy Corp (DUK) Q4 2022 Earnings Call Transcript

Duke Energy Corp (NYSE:DUK) Q4 2022 Earnings Conference Call February 9, 2023 10:00 AM ET

Company Participants

Abby Motsinger - VP, IR

Lynn Good - Chairman, President & CEO

Brian Savoy - EVP & CFO

Conference Call Participants

Shahriar Pourreza - Guggenheim Securities

Julien Dumoulin-Smith - Bank of America Merrill Lynch

Steven Fleishman - Wolfe Research

Jeremy Tonet - JPMorgan Chase & Co.

David Arcaro - Morgan Stanley

Nicholas Campanella - Crédit Suisse

Durgesh Chopra - Evercore ISI

Operator

Good morning. Thank you for attending today's Duke Energy Fourth Quarter and Year-end 2022 Earnings Call. [Operator Instructions].

I would now like to pass the conference over to your host, Abby Motsinger, Vice President of Investor Relations. Thank you. You may proceed.

Abby Motsinger

Thank you, Joel, and good morning, everyone. Welcome to Duke Energy's Fourth Quarter 2022 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 within the meaning of securities laws. Actual results may be different than forward-looking statements, and those factors are outlined herein and disclosed in Duke Energy's SEC filings. The appendix of today's presentation includes supplemental information and disclosures, along with the reconciliation of non-GAAP financial measures.

So with that, I'll turn the call over to Lynn.

Lynn Good

Abby. Thank you, and good morning, everyone. Today, we announced adjusted earnings per share of $5.27, closing out a successful 2022. We achieved results solidly within our updated guidance range while making significant progress on our strategic goals, responding to external pressures and delivering constructive outcomes across our jurisdictions. As a result, today, we're reaffirming our 2023 guidance range of $5.55 to $5.75 with a midpoint of $5.65. We're also reaffirming our 5% to 7% growth rate through 2027 off the midpoint of our 2023 range. This reflects the strength of our regulated businesses, our disciplined approach to cost management and a robust $65 billion capital plan that supports our thriving jurisdictions.

Before I turn to our regulated utilities, let me provide a brief update on the sale of our Commercial Renewables business. The sales process continues to progress. But as with the sale of any large-scale business, the timing tends to evolve. We remain on track to exit both the utility scale and the distributed energy businesses and now anticipate proceeds in the second half of the year. We will continue to keep you updated along the way.