Start Time: 10:00 January 1, 0000 10:36 AM ET
Duke Energy Corporation (NYSE:DUK)
Q1 2024 Earnings Conference Call
May 07, 2024, 10:00 AM ET
Company Participants
Lynn Good - Chair and CEO
Brian Savoy - EVP and CFO
Harry Sideris - President
Abby Motsinger - VP, IR
Conference Call Participants
Shar Pourreza - Guggenheim Partners
David Arcaro - Morgan Stanley
Durgesh Chopra - Evercore
Anthony Crowdell - Mizuho
Carly Davenport - Goldman Sachs
Jeremy Tonet - JPMorgan
Operator
Hello, and welcome to Duke Energy First Quarter 2024 Earnings Call. My name is Lydia, and I will be your operator today. [Operator Instructions].
I'll now hand you over to Abby Motsinger, Vice President of Investor Relations to begin.
Abby Motsinger
Thank you, Lydia, and good morning, everyone. Welcome to Duke Energy's first quarter 2024 earnings review and business update. Leading our call today is Lynn Good, Chair and CEO; along with Harry Sideris, President; and Brian Savoy, CFO.
Today's discussion will include the use of non-GAAP financial measures and forward-looking information. Actual results may differ 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 first quarter adjusted earnings per share of $1.44, delivering a strong start to the year. These results are $0.24 above last year, driven by growth from rate activity across our jurisdictions, strengthening retail volumes and improved weather.
We remain confident in our outlook and are reaffirming our 2024 guidance range of $5.85 to $6.10 and our long-term EPS growth rate of 5% to 7% through 2028. We have a clear path forward as a fully regulated utility operating in some of the most attractive and fastest growing areas of the country. Our strategy will drive continued growth, underpinned by our five-year $73 billion capital plan, efficient recovery mechanisms and track record of constructive regulatory outcomes.
Moving to Slide 5. Our jurisdictions are experiencing unprecedented growth from population migration and economic development. We're committed to meeting these increasing customer demand through an all-of-the-above strategy that preserves affordability and reliability as we decarbonize. In doing so, 2024 marks an important stage in our fleet transition as we move from the planning phase to project execution.