Duke earnings helped by weather, rates but miss expectations on lower wholesale power prices
Duke Energy says it earned $634 million in the first quarter, helped by more typical winter weather and higher electric rates.
Duke posted earnings of 89 cents per share Friday on revenue of $5.90 billion. The company’s results aren’t comparable to last year because Duke hadn’t completed its acquisition of Progress Energy.
Adjusted to remove merger costs and other one-time items, Duke earned $1.02 per share, a penny shy of analyst estimates.
Cooler temperatures during the first three months of the year increased demand for electricity compared with last year, which was the warmest winter on record in the U.S. Duke, based in Charlotte, N.C. also benefited from higher rates in North Carolina.
Lower wholesale power prices and higher costs at its international operations dragged earnings lower.
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