February 13, 2025 12:22 GMT
UTILITIES: Duke Energy Q4 Results
UTILITIES
DUK Baa2/BBB
Slightly soft Q4 but not a spread mover.
- Q4 op revs +2% YoY (-2% vs. cons). FY +4%.
- Q4 op income +14% YoY (-4% vs. cons). FY +9%.
- FY CFO USD 12.3bn from USD 9.9bn in FY23.
- FY25: Only guidance given is for EPS (looks in line).
- Total BS Debt of USD 81.3bn from USD 77.4bn. C&CE of USD 314mn from USD 253mn YoY.
- 13.9% FFO/Debt in 2024 vs. 12.5% in FY23. Targeting 14% by end 2025 and >14% over 5yr plan which “represents >100 bps above Moody’s and >200 bps above S&P’s downgrade thresholds”.
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