Duke Energy Corporation (NYSE:DUK) shares are trading higher after the company reported second-quarter FY24 adjusted EPS of $1.18, up from $0.91 a year ago, beating the consensus of $1.02.

Revenues of $7.17 billion exceeded the consensus of $6.61 billion.

Electric Utilities and Infrastructure's adjusted segment income rose to $1.12 billion from $850 million a year ago. Quarterly results improved mainly due to rate increases, higher sales volumes, and better weather.

On the other hand, the adjusted segment income of Gas Utilities and Infrastructure fell to $6 million from $25 million a year ago due to higher expenses.

At the end of the quarter, operating cash flow stood at $5.43 billion, and cash and equivalents stood at $390 million.

Lynn Good, Duke Energy chair and chief executive officer, said, "We've had an excellent first half of the year, delivering on grid and generation investments and collaborating with stakeholders to advance the energy transition across our jurisdictions."

"We have clear growth visibility driven by our $73 billion capital plan. Our fully regulated portfolio combined with our track record of constructive regulatory outcomes has us well positioned to deliver value for our customers, communities and shareholders."

FY24 Outlook Reaffirmed: Duke Energy expects adjusted EPS of $5.85-$6.10 vs consensus of $5.97.

The company also reaffirmed its long-term adjusted EPS growth of 5%-7% through 2028 vs. the 2024 midpoint of $5.98.

Investors can gain exposure to the stock via SPDR Select Sector Fund – Utilities (NYSE:XLU) and Fidelity MSCI Utilities Index ETF (NYSE:FUTY).

Price Action: DUK shares are up 1.81% at $113.02 at the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.