Duke Energy Posts Upbeat Q1 Earnings, But Revenue Misses Estimates

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Duke Energy Corp
DUK
reported upbeat earnings for the first quarter, but the company's revenue missed analysts' estimates. The Charlotte, North Carolina-based company posted a quarterly profit of $864 million, or $1.22 per share, versus a year-ago loss of $97 million, or $0.14 per share. The year-ago results included an impairment charge of $1.4 billion. Excluding special items, the company's earnings rose to $1.24 per share from $1.17 per share. Its total operating revenue slipped to $6.07 billion from $6.26 billion. However, analysts were projecting a profit of $1.14 per share on revenue of $6.30 billion. The average estimate among 8 Estimize users was for earnings of $1.13 per share and revenue of $6.23 billion. Income at the company's regulated utilities segment climbed to $774 million from $737 million, while adjusted profit at its international energy segment declined to $36 million from $130 million. Commercial Power posted adjusted segment income of $95 million in the latest quarter, versus $10 million in the year-ago quarter. "I am pleased with our operational and financial performance in the first quarter," said Lynn Good, president and CEO. "Our customers needed a record amount of electricity during the exceptionally cold weather in February, and we were there. We were also quick to respond during numerous winter storms that caused significant outages." The company also reaffirmed its earnings forecast for the full year. Duke Energy shares closed at $77.57 yesterday.
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Posted In: EarningsNewsGuidanceprofit
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