DUK - Duke Energy slips on Q1 earnings miss as warm weather hits power usage
2023-05-09 09:27:16 ET
- Duke Energy ( NYSE: DUK ) -0.9% pre-market after missing estimates for Q1 adjusted earnings , hit by unfavorable weather, higher interest expenses and lower volumes.
- Q1 total net income was to $1.08B, or $1.01/share, compared to $977M, or $1.08/share, in the year-earlier quarter, while revenues rose 3.8% Y/Y to $7.27B from $7.01B in the prior-year period.
- Duke's ( DUK ) electric utilities, which serve 8.2M customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, saw income fall 12% Y/Y to $791M, weighed by warmer than normal weather.
- The company's gas utilities, which serve 1.6M customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky, saw income rise 13% to $287M, helped by better retail margins.
- Duke ( DUK ) reaffirmed FY 2023 guidance for adjusted earnings of $5.55-$5.75/share, and said it is on track to deliver its long-term 5%-7% growth rate through 2027 from the midpoint of the 2023 range.
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Duke Energy slips on Q1 earnings miss as warm weather hits power usage