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Duke Energy profit and revenue lag estimates, reaffirms 2020 EPS guidance despite pandemic
Duke Energy Corp. said Tuesday it had net income of $899 million, or $1.24 a share, in the first quarter, compared with $900 million, or $1.24 a share, in the year-earlier period. Adjusted per-share earnings came to $1.14, below the $1.19 FactSet consensus. Revenue fell to $5.949 billion from $6.163 billion, and was also below the FactSet consensus of $6.329 billion. The energy holding company said it saw improved results in its gas utilities and infrastructure segment and growth in new projects at its commercial renewables segment. Electric utilities were boosted by rate case increases in South Carolina and Florida and higher rider revenues in the Midwest. "However, these fundamental improvements in our results were offset by mild winter weather along with severe storms that impacted much of our Carolinas utilities territory as well as unrealized investment losses on non-pension executive benefit trusts and higher financing costs at Other," the company said. "Together these items resulted in lower first quarter 2020 adjusted results." The company is in the early stages of managing the COVID-19 crisis and is taking steps to mitigate the impact on its business. It is still expecting 2020 adjusted EPS of $5.05 to $5.45 assuming an economic recovery later in the year. Shares were not yet active premarket, but have fallen 10% in the year to date, while the S&P 500 has fallen 9%.
https://finance.yahoo.com/m/a5b662a...c69a444/duke-energy-profit-and.html?.tsrc=rss
Duke Energy Corp. said Tuesday it had net income of $899 million, or $1.24 a share, in the first quarter, compared with $900 million, or $1.24 a share, in the year-earlier period. Adjusted per-share earnings came to $1.14, below the $1.19 FactSet consensus. Revenue fell to $5.949 billion from $6.163 billion, and was also below the FactSet consensus of $6.329 billion. The energy holding company said it saw improved results in its gas utilities and infrastructure segment and growth in new projects at its commercial renewables segment. Electric utilities were boosted by rate case increases in South Carolina and Florida and higher rider revenues in the Midwest. "However, these fundamental improvements in our results were offset by mild winter weather along with severe storms that impacted much of our Carolinas utilities territory as well as unrealized investment losses on non-pension executive benefit trusts and higher financing costs at Other," the company said. "Together these items resulted in lower first quarter 2020 adjusted results." The company is in the early stages of managing the COVID-19 crisis and is taking steps to mitigate the impact on its business. It is still expecting 2020 adjusted EPS of $5.05 to $5.45 assuming an economic recovery later in the year. Shares were not yet active premarket, but have fallen 10% in the year to date, while the S&P 500 has fallen 9%.
https://finance.yahoo.com/m/a5b662a...c69a444/duke-energy-profit-and.html?.tsrc=rss
