Duke Energy Corporation (NYSE:DUK) Q3 2019 Earnings Conference Call Transcript

Nov 08, 2019 • 10:00 am ET

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Duke Energy Corporation (NYSE:DUK) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day and welcome to the Duke Energy Third Quarter Earnings Call. [Operator Instructions] At this time I'd like to turn the conference over to Mr. Bryan Buckler Vice President of Investor Relations. Please go ahead sir.

Executive
Bryan Buckler

Thank you, Derek. Good morning everyone and thank you for joining Duke Energy's Third Quarter 2019 Earnings Review and Business Update. Leading our call today is Lynn Good Chairman President and CEO; along with Steve Young Executive Vice President and Chief Financial Officer. Today's discussion will include forward-looking information and the use of non-GAAP financial measures. slide two presents the safe harbor statement which accompanies our presentation materials.

A reconciliation of non-GAAP financial measures can be found on dukeenergy.com and in today's materials. Please note the appendix for today's presentation includes supplemental information and additional disclosures. As summarized on slide three during today's call Lynn will provide an update on the quarter and progress on our strategic initiatives. Steve will then provide an overview of third quarter financial results and insight about economic and load growth trends. He will also provide an update on our regulatory and financing activities this year before closing with key investor considerations.

With that let me turn the call over to Lynn.

Executive
Lynn J. Good

Bryan, thank you and good morning everyone. Today we announced strong results for the quarter with adjusted earnings per share of $1.79 compared to $1.65 in the prior year. This represents 7% growth through the first 3 quarters giving us confidence that we will look to the rest of the year. We have narrowed our 2019 EPS guidance range to $4.95 to $5.15 raising the midpoint into the upper half of our original range. We also reaffirmed our long-term earnings growth rate of 4% to 6% through 2023 up the midpoint of our original 2019 guidance range. 2019 has proven to be a solid year of growth for Duke Energy as we transform the customer experience and deliver value for our shareholders. We continue executing our strategy making significant investments in the energy grid cleaner generation and natural gas infrastructure and the fundamentals of our business remain strong. Let me highlight several operational accomplishments in the quarter on slide four. First in early September Hurricane Dorian a historic Category 5 storm with an unpredictable path devastated the Bahamas before sweeping across the East Coast.

Our thoughts remain with the people of the Bahamas as they continue the long journey to rebuild their communities. And the days leading up to Dorian's potential landfall our weather forecasts and models projected significant outages to our Florida and Carolinas service territories. In response we mobilized nearly 8000 resources in Florida and over 10000 resources in the Carolinas as we braced for the storm. While Dorian's track shifted it caused nearly 300000 outages in our service territories. Our team's preparation commitment to our customers and focus on operational excellence enabled us to restore more than 95% of the outages within 24 hours. Also our systems and employees performed well in the face