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
California Regulators Face Calls for Action as Electricity Bills Soar
SACRAMENTO - California residents and consumer groups are demanding relief as their electricity bills continue to climb, putting increasing pressure on state regulators to intervene. A recent op-ed in the San Francisco Chronicle highlights the growing frustration, emphasizing that California already has some of the highest electricity rates in the country, and these costs are only getting more burdensome.
Factors Driving High Bills
The rising electricity bills are attributed to several factors:
- Wildfire Mitigation and Liability: Utility companies are investing heavily in wildfire prevention measures, such as vegetation management and infrastructure hardening. The costs of these initiatives,…
