Gas and electric utilities company Duke Energy Corp on Tuesday reported first-quarter profit that fell short of analyst expectations as a result of warmer-than-normal weather, higher interest expenses and lower volumes.
The company’s first-quarter revenue grew 3.8% year-on-year to $7.3 billion, which compares with market consensus of $6.6 billion.
Duke Energy Corp’s electric utilities, which serve 8.2 million clients in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, generated income of $791 million in the first quarter, or a 12% year-on-year drop.
Duke Energy’s gas utilities, which serve 1.6 million clients in North Carolina, South Carolina, Tennessee, Ohio and Kentucky, generated income of $287 million in the latest quarter, or a nearly 13% year-on-year surge, as retail margins improved.
Meanwhile, the company’s earnings per share, excluding special items, were reported at $1.20 between January and March. That compares with a median analyst estimate of $1.26 per share.
The power provider also reaffirmed its adjusted full-year earnings forecast of $5.55 to $5.75 per share.
The shares of Duke Energy Corporation (DUK) closed 0.86% ($0.85) lower at $98.05 in New York on Tuesday, while extending the loss from the prior trading session.
The gas and electric utilities firm’s total market cap now stands at $75.562 billion.
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