Duke Energy Corporation (DUK) Q3 2022 Earnings Call Transcript
Duke Energy Corporation (NYSE:DUK) Q3 2022 Earnings Conference Call November 4, 2022 9:00 AM ET
Company Participants
Jack Sullivan - Vice President, Investor Relations
Lynn Good - Chair, President and Chief Executive Officer
Brian Savoy - Executive Vice President and Chief Financial Officer
Conference Call Participants
Shar Pourreza - Guggenheim Partners
Julien Dumoulin-Smith - Bank of America
Steve Fleishman - Wolfe Research
David Arcaro - Morgan Stanley
Nick Campanella - Credit Suisse
Durgesh Chopra - Evercore ISI
Sophie Karp - KeyBanc
Mike Lapides - Goldman Sachs
Operator
Hello, all and welcome. My name is Brica and I will be your conference operator today. At this time, I would like to welcome everyone to the Duke Energy Third Quarter 2022 Earnings Conference Call. [Operator Instructions] Thank you. Jack Sullivan, Vice President of Investor Relations, you may begin your conference.
Jack Sullivan
Thank you, Brica and good morning everyone. Welcome to Duke Energy’s third 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 maybe 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 and along with a reconciliation of non-GAAP financial measures.
So with that, let’s turn the call over to Lynn.
Lynn Good
Jack, thank you and good morning everyone. Before I begin, I’d like to take a moment and recognize the work of our team in responding to Hurricane Ian, one of the most powerful and destructive storms in U.S. history. Duke Energy mobilized 20,000 people working day and night to restore power to over 2 million customers across Florida and the Carolinas. And what’s more impressive is the speed in which we did it, with 99% of our customers restored within 72 hours. This is an amazing accomplishment and a testament to our strong corporation, the tireless effort of our restoration teams and the value of our grid-hardening investments.
Moving to our financial results today, we announced adjusted earnings per share of $1.78 for the third quarter. We continue to see strong volumes from the electric utilities offset by lower contributions from commercial renewables due to fewer projects placed in service compared to 2021.