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Donnerstag, 16.02.2017 13:00 von PR Newswire | Aufrufe: 127

Duke Energy reports fourth quarter and full-year 2016 financial results

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PR Newswire

CHARLOTTE, N.C., Feb. 16, 2017

CHARLOTTE, N.C., Feb. 16, 2017 /PRNewswire/ --

GAAP reported diluted earnings per share (EPS) were $3.11 in 2016, compared to $4.05 in 2015; adjusted diluted EPS was $4.69 for 2016 compared to $4.54 for 2015
Company achieves the high end of its 2016 adjusted diluted EPS guidance range
2017 adjusted diluted EPS guidance range set at $4.50 to $4.70
Five-year growth capital plan increased by approximately 25 percent to $37 billion

Duke Energy today announced 2016 full-year reported diluted EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP) of $3.11, compared to $4.05 for the full-year 2015. Duke Energy's full-year 2016 adjusted diluted EPS was $4.69, compared to $4.54 for full-year 2015.

Adjusted diluted EPS excludes the impact of certain items included in GAAP reported diluted EPS. Amounts excluded from adjusted diluted EPS are primarily costs to achieve mergers, certain severance charges, asset impairments, a 2015 charge associated with the Edwardsport IGCC regulatory settlement, and the fourth quarter 2016 loss on sale of International Energy, primarily related to the recognition of cumulative currency translation adjustment losses.

Full-year 2016 adjusted results were driven by favorable weather, strong cost control and benefits from an early close of the Piedmont Natural Gas acquisition, which helped to offset significant storm costs and higher interest expense.

"2016 was a transformational year for Duke Energy as we acquired Piedmont Natural Gas and exited our International business, positioning the company for more consistent earnings and cash flow growth," said Lynn Good, Duke Energy chairman, president and CEO. "We continue to advance our long-term growth strategy to modernize the energy grid, generate cleaner energy and expand natural gas infrastructure. Our employees' commitment to industry-leading operational and safety performance, combined with our unwavering focus on cost management, enabled us to achieve financial results at the high end of our guidance range.

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"Our strategy is producing results. By investing in infrastructure our customers value and delivering sustainable growth for our investors, we are confident we will achieve strong results in 2017 and beyond," Good said.

Duke Energy reported a fourth quarter 2016 GAAP loss per share of 33 cents, compared to earnings per share of 69 cents for fourth quarter 2015 primarily related to the loss on the sale of International Energy. Fourth quarter 2016 adjusted diluted EPS was 81 cents, compared to 87 cents for fourth quarter 2015.

As expected, fourth quarter adjusted results were impacted by higher planned O&M expenses and higher interest expense, partially offset by Piedmont's earnings contribution, net of financing costs.

The company has set its 2017 adjusted diluted EPS guidance range of $4.50 to $4.70, and extended its long-term adjusted diluted EPS growth rate of 4 to 6 percent to 2021. The growth rate is anchored to the midpoint of the 2017 adjusted diluted EPS guidance range, or $4.60 per share. The long-term growth rate is supported by an expanded $37 billion growth capital plan, representing an increase of approximately 25 percent from the previous five-year growth capital plan.

Business segment results

In addition to the following summary of fourth quarter 2016 business segment performance, comprehensive tables with detailed earnings per share drivers for the fourth quarter and full year 2016, compared to prior year, are provided on pages 15 and 16, respectively.

The discussion below of the fourth-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables on pages 24 through 27 present a reconciliation of GAAP reported results to adjusted results.

Due to the Piedmont acquisition and the sale of International Energy in the fourth quarter of 2016, Duke Energy's segment structure has been realigned to include the following segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables. The remainder of Duke Energy's operations is presented as Other. Other now includes the results of National Methanol Company (NMC), previously included in the International Energy segment, and the results of the Midwest Generation business that was sold in 2015, previously included in the former Commercial Portfolio segment.

Prior periods have been recast to conform to the current segment structure.

Electric Utilities and Infrastructure

On a reported basis, Electric Utilities and Infrastructure recognized fourth quarter 2016 segment income of $483 million, compared to $569 million in the fourth quarter of 2015.

On an adjusted basis, Electric Utilities and Infrastructure recognized fourth quarter 2016 adjusted segment income of $483 million, compared to $588 million in the fourth quarter of 2015. Adjusted diluted EPS was lower by $0.15 per share, excluding a $0.01 decrease due to the common stock issuance of 10.6 million shares used to fund a portion of the Piedmont acquisition.

Lower quarterly results at Electric Utilities and Infrastructure were primarily driven by:

Higher O&M expenses (-$0.08 per share), primarily due to higher planned spending
Higher effective tax rate (-$0.06 per share) resulting from a prior year benefit
Higher interest expense (-$0.03 per share) related to additional debt outstanding
Higher depreciation and amortization (-$0.03 per share) from additional plant in service

These unfavorable drivers were partially offset by:

Favorable weather (+$0.03 per share), net of estimated volume impacts of Hurricane Matthew (-$0.02 cents per share)
Higher AFUDC equity (+$0.02 per share) due to increased capital investments

Gas Utilities and Infrastructure

Gas Utilities and Infrastructure recognized fourth quarter 2016 reported and adjusted segment income of $89 million, compared to $14 million in the fourth quarter of 2015, an increase of $0.11 per share.

Higher quarterly results at Gas Utilities and Infrastructure were primarily driven by:

Contribution from Piedmont Natural Gas (+$0.10 per share), subsequent to the acquisition in October 2016 and before share dilution and debt financing costs which are included in Other
Higher earnings from midstream pipeline investments (+$0.01 per share), primarily the Atlantic Coast Pipeline

Commercial Renewables

On a reported basis, Commercial Renewables recognized fourth quarter 2016 segment income of $10 million, compared to $17 million in the fourth quarter of 2015.

On an adjusted basis, Commercial Renewables recognized fourth quarter 2016 adjusted segment income of $10 million, compared to $19 million in the fourth quarter 2015, a decrease of $0.01 per share.

Lower quarterly results at Commercial Renewables were primarily driven by lower investment tax credits due to lower solar investments, partially offset by higher production tax credits from additional wind facilities placed in service.

Other

Other primarily includes corporate interest expense not allocated to the business units, results from Duke Energy's captive insurance company, and other investments including National Methanol Company, an equity method investment, and the results of the Midwest Generation business that was sold in 2015, previously included in the former Commercial Portfolio segment.

On a reported basis, Other recognized fourth quarter 2016 net expense of $209 million, compared to net expense of $170 million in the fourth quarter of 2015. In addition to the drivers outlined below, quarterly results were impacted by higher costs to achieve mergers, partially offset by lower charges related to cost savings initiatives. These charges were treated as special items and therefore excluded from adjusted earnings.

On an adjusted basis, Other recognized fourth quarter 2016 adjusted net expense of $57 million, compared to adjusted net expense of $75 million in the fourth quarter of 2015, an improvement of $0.02 per share. The decreased net expense was primarily driven by a change in effective tax rate due to an unfavorable tax adjustment in the prior year (+$0.07 per share) partially offset by higher interest expense in 2016 (-$0.03 per share) primarily resulting from the Piedmont Natural Gas acquisition financing.

Duke Energy's consolidated reported effective tax rate for fourth quarter 2016 was 26.6 percent, compared to 29.2 percent in the fourth quarter of 2015. The consolidated adjusted effective tax rate for fourth quarter 2016 was 30.4 percent, compared to 31.4 percent in 2015. Adjusted effective tax rate is a non-GAAP financial measure. The tables on pages 28 and 29 present a reconciliation of the GAAP reported effective tax rate to the adjusted effective tax rate.

Discontinued Operations

For the fourth quarter of 2016, Duke Energy's GAAP reported Loss From Discontinued Operations, net of tax includes a loss on the sale of the International business and other transaction-related costs, partially offset by the operating results of the International business prior to the sale of $40 million. The operating results of $40 million were included in Duke Energy's adjusted earnings for the fourth quarter.

Earnings conference call for analysts

An earnings conference call for analysts is scheduled for 10 a.m. ET today. In addition to discussing the fourth quarter and year-end 2016 financial results, the company will provide its 2017 adjusted diluted earnings per share guidance range and other business and financial updates.

The conference call will be hosted by Lynn Good, chairman, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.

The call can be accessed via the investors' section (http://www.duke-energy.com/investors/) of Duke Energy's website or by dialing 888-487-0354 in the United States or 719-457-2506 outside the United States. The confirmation code is 1359293. Please call in 10 to 15 minutes prior to the scheduled start time.

A replay of the conference call will be available until 1 p.m. ET, Feb. 24, 2017, by calling 888-203-1112 in the United States or 719-457-0820 outside the United States and using the code 1359293. An audio replay and transcript will also be available by accessing the investors' section of the company's website.

Special Items and Non-GAAP Reconciliation

The following tables present a reconciliation of GAAP reported to adjusted diluted EPS for fourth quarter and full-year 2016 and 2015 financial results:

(In millions, except per-share amounts)	After-Tax Amount		4Q 2016 EPS		4Q 2015 EPS
Diluted EPS, as reported			$	(0.33)	$	0.69
Adjustments to reported EPS:
Fourth Quarter 2016
Costs to achieve mergers	$	134	0.19
Cost saving initiatives	18		0.03
Discontinued operations^(a)	640		0.92
Fourth Quarter 2015
Costs to achieve mergers	18				0.03
Ash basin settlement	7				0.01
Cost savings initiatives	88				0.13
Discontinued operations^(b)	9				0.01
Total adjustments			$	1.14	$	0.18
Diluted EPS, adjusted			$	0.81	$	0.87

(a) Includes a loss on sale of the International Disposal Group. Represents the GAAP reported Loss from Discontinued Operations less the International Disposal Group operating results, which are included in adjusted earnings.
(b) Represents the GAAP reported Loss from Discontinued Operations less the International Disposal Group operating results, which are included in adjusted earnings.

(In millions, except per-share amounts)

After-Tax
Amount

Full-Year
2016 EPS

Full- Year
2015 EPS

Diluted EPS, as reported

3.11

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