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Duke Energy Beats 1Q Adjusted Profit Expectations

By Micah Maidenberg

 

Duke Energy Corp. reported a higher profit for the first quarter, though revenue was a bit under what analysts had predicted for the company.

The utility on Monday said it earned $992 million in net income for the quarter, up from $938 million for the same period last year.

Profit tied to common shares ticked up to $1.25 from $1.24. The company's adjusted profit was a penny higher for the latest period, or $1.26 a share.

Total revenue increased to $6.15 billion from $5.95 billion.

Analysts expected Duke to report an adjusted profit of $1.21 a share on $6.19 billion in revenue.

The company said its electric utility and infrastructure division was helped along by higher rates and favorable comparisons year over year due to weather issues.

The gas utilities and infrastructure unit "benefited from customer growth, rate case contributions and rider programs," Duke said.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

May 10, 2021 07:27 ET (11:27 GMT)

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