Fourth Quarter 2023 Earnings Review and Business Update
Key 2024 adjusted earnings guidance assumptions
($ in millions)
Original 2023
Assumptions(1)
2023
Actual (1)
2024
Assumptions
2024 Interest Expense Assumption
(Consolidated Total $3,350)
Adjusted segment income/(expense)(2):
$1,050
Electric Utilities & Infrastructure
$4,610
$4,287
$4,890
$2,050
Gas Utilities & Infrastructure
$500
$519
$570
$250
Other
($755)
($521)
($845)
Duke Energy Consolidated
$4,355
$4,285
$4,615
2023 Interest Expense
(Consolidated Total $3,014)
Additional consolidated information:
$900
Effective tax rate including
noncontrolling interests and preferred
dividends and excluding special items
11-13%
9.8%
12-14%
$1,896
$218
AFUDC equity
$260
$198
Capital expenditures (3)
$12,200
$12,565
$265
$12,350
Electric Utilities
Weighted-average shares
■Gas Utilities
~771 million
~771 million
~772 million
outstanding - basic
■ Other
(1) Original 2023 assumption and 2023 actual adjusted net income and capital expenditures exclude Commercial Renewables, which is classified as discontinued operations
(2) Adjusted net income for 2024 assumptions is based upon the midpoint of the adjusted EPS guidance range of $5.85 to $6.10
(3) Includes debt AFUDC and capitalized interest. 2023 actual includes coal ash closure spend of $545 million that was included in operating cash flows. 2024 Assumptions include ~$549 million of projected coal
ash closure spend
DUKE
ENERGY.
FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE
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