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Investing

Less Power from the Generators (DUK, CEG)

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By Douglas A. McIntyre Updated Published
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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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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