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Executive Summary

Utility Business is Booming, Stocks Will Take Longer

By Roger S. Conrad on Feb. 12, 2024

About a quarter of the 172 Utility Report Card members have reported calendar Q4 results and updated guidance. The top takeaway: There’s still absolutely no sign of the utility earnings Armageddon that’s now reflected in sector stocks’ bear market-like prices.

One reason for utility business strength is simply rising demand. Rapid adoption of artificial intelligence has massively and relatively suddenly begun ramping up electricity usage at data centers. And as my feature article highlights, utilities are increasing investment plans in response, which are the primary drivers of their long-term growth.

Another plus is last year’s worrisome increases in interest expense are moderating—and being largely offset by cuts elsewhere. And utilities have returned to the bond market, taking advantage of longer-term debt cost that remains below year ago levels.

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Smart investing. Taking advantage of real opportunities and not fads (and knowing the difference). Finding the companies and stocks that will deliver for the long haul, so investing lets you live instead of investing turning into your life. Roger Conrad has dedicated his career to these principles—and that’s what Conrad's Utility Investor delivers.

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