Duke Energy Corp. (NYSE:DUK) reported first quarter 2009 diluted EPS of $0.27, down from $0.37 in the year-ago period. Adjusted diluted EPS came in at $0.28, compared with $0.35 a year ago. Analysts had been expecting $0.32 adjusted EPS, and revenue of $3.39 billion for the quarter. First quarter revenue came in at $3.312 billion.
Constellation Energy Group Inc. (NYSE:CEG) reported a GAAP EPS loss of $0.62, compared with a year-ago EPS gain of $0.81. The company’s adjusted EPS came in at $0.74, compared with last year’s EPS of $0.95 and analysts expectations of $0.70. Revenue for the quarter totaled $4.303 billion, compared with $4.812 billion a year ago and analysts’ estimates of $4.38 billion for the first quarter.
Duke attributed the poor results to lower industrial sales and increased operating and maintenance costs due to severe winter weather. At Constellation, the sale of the company’s international commodity trading operations hit the bottom line for $184.2 million.
Constellation reaffirmed its earnings guidance for 2009 at $2.90-$3.20 per share and its guidance for 2010 for EPS of $3.05-$3.45. Duke offered no guidance news.
Constellation is down nearly 4% in early trading this morning, to $24.26. The 52-week range is $13.00-$90.48. The story for Duke shares is not quite as bad. Duke shares are trading down less than 1% at $14.11. Duke’s 52-week range is $11.72-$19.10.
Paul Ausick
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