Infrastructure
Duke Energy Narrows EPS Guidance After Q3 Results
Published:
Last Updated:
Duke Energy Corp. (NYSE: DUK) reported third-quarter 2017 earnings before markets opened Thursday. The electric utilities company posted adjusted earnings per share (EPS) of $1.59 on operating revenues of $6.48 billion. In the same period a year ago, the company reported adjusted EPS of $1.68 on operating revenues of $6.58 billion. Third-quarter results also compare to the Thomson Reuters consensus estimates for an EPS of $1.55 and $7.46 billion in revenues.
Net income dipped from $1.18 billion in the same period last year to $954 million. The company attributed the lower adjusted EPS to less favorable weather and the absence of earnings from a sold asset. Offsetting these were lower income tax expense, higher retail revenues from higher pricing and riders, and ongoing cost management efforts.
CEO Lynn Good noted the impact of Hurricane Irma on customers in Florida and the Carolinas and went on to say:
The third quarter was also marked by strong execution of our strategic initiatives. Building upon our constructive relationships with our stakeholders, the approved settlement agreement in Florida allows the company to advance our investments in grid modernization and cleaner generation. We also received the FERC certificate for the Atlantic Coast Pipeline, an important milestone for the project, and we look forward to beginning construction later this year.
Based on results through the third-quarter, the company is narrowing its full-year earnings guidance from a prior range of $4.50 to $4.70 per share to a new range of $4.50 to $4.60.
Analysts have forecast fourth-quarter EPS of $0.94 on revenues of $5.98 billion and full-year EPS of $4.58 on sales of $24.66 billion. Last year Duke posted EPS of $0.81 in the fourth quarter on sales of $4.82 billion, and full-year EPS came in at $4.69 on revenues of $22.74 billion.
The stock closed at $88.56 on Thursday after posting a new 52-week high of $88.72. The 52-week low is $72.34 and the 12-month consensus price target is $87.19. Duke’s dividend yield as of last night’s close was 4.05%.
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Orare you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
