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Duke Energy tops first-quarter profit estimates on higher rates

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Duke Energy reaffirmed its full-year adjusted profit forecast of $5.85 to $6.10 per share, compared with analysts’ expectations of $5.97 per share

Duke Energy beat Wall Street estimates for first-quarter profit on Tuesday, as the utility benefited from higher rates and robust demand for electricity.“We have a clear path forward that will deliver sustainable value and 5 per cent to 7 per cent earnings growth over the next five years,” said CEO Lynn Good.

The rapid adoption of electric vehicles, artificial intelligence technology and data centres is expected to drive up electricity usage and boost earnings for utilities such as Duke.Duke provides electric services to about 8.4 million customers across the Carolinas, Florida, Indiana, Ohio and Kentucky.

The company reaffirmed its full-year adjusted profit forecast of $5.85 to $6.10 per share, compared with analysts’ expectations of $5.97 per share, according to LSEG data. The Charlotte, North Carolina-based utility posted an adjusted profit of $1.44 per share for the quarter, beating estimates of $1.38 per share, thanks to improved weather and favourable rate case impacts.

Regulated utilities use rate case proceedings to determine the amount that customers need to pay for the electricity, natural gas, private water, and steam services provided by them.Study and track financial data on any traded entity: click to open the full quote page. Data updated as of

 

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