Duke Energy Set to Report Q3 Earnings: What's in the Cards?

Duke Energy Corporation DUK is scheduled to release third-quarter 2024 results on Nov. 7, before market open. This utility company delivered an earnings surprise of 16.83% in the last reported quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The company delivered an average earnings surprise of 4.88% in the trailing four quarters.Let’s discuss the factors that are likely to affect the upcoming quarterly results.Factors to Consider Ahead of DUK’s ResultDUK’s service territories witnessed above-normal weather pattern for the majority of the third quarter. This is likely to have boosted electricity demand from its consumers for cooling purposes this summer, which, in turn, is expected to have bolstered the company’s top-line performance.Duke Energy Corporation Price and EPS Surprise Duke Energy Corporation price-eps-surprise | Duke Energy Corporation QuoteStrong customer growth in Carolinas and Florida, driven by increasing residential customers and data center demand, is also likely to have added an impetus to DUK’s revenues.However, some parts of its service areas witnessed severe rain and windstorms, which caused outages for some of DUK’s customers and also damaged its infrastructure. In particular, Hurricane Helene and Hurricane Debby affected DUK’s customers in Florida, causing notable grid damage and outages. While outages are likely to have hurt DUK’s revenues to some extent, the damages are expected to have pushed up its operating expenses for restoration, thereby adversely impacting its third-quarter earnings.Higher rate base costs and increased interest expenses are also likely to have adversely impacted DUK’s overall bottom-line performance.DUK’s Q3 ExpectationsThe Zacks Consensus Estimate for DUK’s third-quarter revenues is $7.99 billion, which is almost in line with the year-ago number.The consensus estimate for earnings is pegged at $1.73 per share, which indicates a year-over-year decline of 10.8%.What Our Model Predicts for DUKOur proven model does not conclusively predict an earnings beat for Duke Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here as seen below.Earnings ESP: The company’s Earnings ESP is -0.55%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.Zacks Rank: The company currently carries a Zacks Rank of 2. You can see the complete list of Zacks Rank #1 stocks here.Stocks to ConsiderInvestors can consider the following players from the same industry, which have the right combination of elements to post an earnings beat in their quarterly results. PG&E Corporation PCG is scheduled to report its third-quarter 2024 results on Nov. 7, before market open. It has an Earnings ESP of +6.35% and a Zacks Rank of 3 at present.The consensus estimate for sales is pegged at $6.67 billion, which indicates a 13.3% improvement from the year-ago quarter’s figure. The consensus estimate for earnings is pinned at 32 cents per share, which indicates year-over-year growth of 33.3%.American Electric Power AEP is slated to release its third-quarter results on Nov. 6. It has an Earnings ESP of +0.94% and a Zacks Rank of 3 at present.The Zacks Consensus Estimate for sales is pegged at $5.39 billion, which indicates a 1.8% improvement from the year-ago quarter’s figure. The consensus estimate for earnings is pegged at $1.78 per share, which indicates year-over-year growth of 0.6%.Pinnacle West Capital PNW is scheduled to announce its third-quarter results on Nov. 6. It has an Earnings ESP of +2.96% and a Zacks Rank of 3 at present.The Zacks Consensus Estimate for sales is pegged at $1.68 billion, which indicates a 2.6% improvement from the year-ago quarter’s figure. The consensus estimate for earnings is pinned at $3.35 per share.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pacific Gas & Electric Co. (PCG): Free Stock Analysis Report Duke Energy Corporation (DUK): Free Stock Analysis Report American Electric Power Company, Inc. (AEP): Free Stock Analysis Report Pinnacle West Capital Corporation (PNW): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks