Duke Energy Corporation (DUK) CEO Lynn Good on Q1 2022 Results - Earnings Call Transcript

Duke Energy Corporation (NYSE:DUK) Q1 2022 Earnings Conference Call May 9, 2022 10:00 AM ET

Company Participants

Jack Sullivan - VP of IR

Lynn Good - Chairman, President & CEO

Steve Young - EVP & CFO

Conference Call Participants

Julien Dumoulin-Smith - Bank of America Merrill Lynch

Jonathan Arnold - Vertical Research Partners

Ryan Karnish - JPMorgan

Michael Lapides - Goldman Sachs

Anthony Crowdell - Mizuho Securities

David Paz - Wolfe Research

Operator

Good morning. Thank you for attending today's Duke Energy Quarter 1, 2022 Conference Call. My name is Amber, and I will be your moderator for today's call. All lines have been muted during the presentation portion of the call, with an opportunity for questions-and-answers at the end. [Operator Instructions].

I now have the pleasure of handing the conference over to our host, Jack Sullivan, Vice President of Investor Relations with Duke Energy. Mr. Sullivan, please proceed.

Jack Sullivan

Thank you, Amber. Good morning, everyone. And welcome to Duke Energy's first quarter 2022 earnings review and business update. Leading our call today is Lynn Good, Chair, President and Chief Executive Officer; 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 $1.30 for the quarter, delivering strong results to start the year, driven by continued growth in electric volumes. That growth was partially offset by $0.07 of higher expense from severe winter storms.

I'd like to take a moment to thank approximately 19,000 restoration workers, who worked tirelessly to restore power to over 1 million customers across a series of winter storms, the most we've seen in eight years.

Despite the Q1 storms, we remain on track to deliver within our original guidance range and are reaffirming our full year earnings guidance range of $5.30 to $5.60, with a midpoint of $5.45. We're also reaffirming our long-term EPS growth rate of 5% to 7% through 2026, at the midpoint of our original 2021 guidance range. We're monitoring economic trends and will take action if necessary as we continue to execute the important strategic work we have underway in the Carolinas, Indiana and Florida. I will touch on this more in just a moment.