Duke Energy earnings jump 30 percent
NEW YORK, NEW YORK - Power company Duke Energy Corp posted a 30 percent rise in first-quarter profit, beating Wall Street forecasts on gains in its utility and wholesale power businesses.
Net income rose to $465 million, or 37 cents per share, from $357 million, or 28 cents per share, a year earlier.
Excluding one-time items, discontinued operations and the market value of its trading portfolio, earnings per share rose to 35 cents from 30 cents a year ago.
On that basis, the earnings beat analysts' consensus forecast for earnings of 31 cents per share, according to Reuters Estimates.
Revenues rose to $3.34 billion from $3.04 billion.
Duke's commercial power business, which owns about 8,100 megawatts of electricity generation, saw earnings surge to $146 million from $13 million a year earlier. That gain was helped by an increase in the value of its trading positions, which offset higher expenses from plant maintenance.
Duke's electricity and gas utility operations posted a jump in earnings to $637 million from $574 million last year.
Related News
TotalEnergies to Acquire German Renewables Developer VSB for US$1.65 Billion
BERLIN - In a major move to expand its renewable energy portfolio, French energy giant TotalEnergies has announced its decision to acquire German renewable energy developer VSB for US$1.65 billion. This acquisition represents a significant step in TotalEnergies' strategy to accelerate its transition from fossil fuels to greener energy sources, aligning with the global push towards sustainability and carbon reduction.
Strengthening TotalEnergies’ Renewable Energy Portfolio
TotalEnergies has long been one of the largest players in the global energy market, historically known for its oil and gas operations. However, in recent years, the company has made a concerted effort to diversify…
