Duke Energy Corporation (DUK) CEO Lynn Good on Q2 2022 Results - Earnings Call Transcript

Duke Energy Corporation (NYSE:DUK) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET

Company Participants

Jack Sullivan - Vice President of Investor Relations

Lynn Good - Chair, President and CEO

Steve Young - Executive Vice President and CFO

Conference Call Participants

Shar Pourreza - Guggenheim Partners

Julien Dumoulin-Smith - Bank of America

Nicholas Campanella - Credit Suisse

Jeremy Tonet - JP Morgan Chase

Durgesh Chopra - Evercore

Michael Lapides - Goldman Sachs

Anthony Crowdell - Mizuho

Operator

Good morning. My name is Joanne, and I will be your conference operator today. At this time, I would like to welcome everyone to the Duke Energy's Second Quarter 2022 Earnings Call [Operator Instructions].

I would now like to introduce Jack Sullivan, Vice President of Investor Relations. You may begin your conference.

Jack Sullivan

Well, thank you, Joanne, and good morning, everyone. Welcome to Duke Energy's second quarter 2022 earnings review and business update. Leading our call today is Lynn Good, Chair, President and CEO along with Steve Young, 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 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. Today, we announced adjusted earnings per share of $1.14 for the quarter, delivering strong results driven by continued growth in electric volumes and favorable weather. We remain on track to deliver within our original guidance range and are reaffirming our full year guidance range of $5.30 to $5.60 with a midpoint of $5.45. We're also reaffirming our long term earnings growth rate of 5% to 7% through 2026, up a midpoint of our original 2021 guidance range. Turning to Slide 5, I'd like to offer context on our announcement this morning to perform a strategic review of our Commercial Renewables business, which has been an integral part of Duke Energy's renewable energy platform over the past 15 years. Since 2007, we've built a portfolio of approximately 5,000 megawatts of Commercial wind, solar and battery projects across the US and established a robust development pipeline. While it represents less than 5% of Duke Energy's earnings, we're proud of the fact, it's among the top 10 largest US renewable companies.