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Duke Energy 1Q Revenue Rises, Profit Falls

By Will Feuer

 

Duke Energy Corp. posted lower first-quarter profit and higher revenue as fuel costs rose.

The utility company said it earned $857 million in net income for the first quarter, compared with $992 million for the same period a year earlier. Earnings were $1.08 a share, compared with $1.25 a share.

Stripping out charges related to regulatory matters, the company's profit was $1.30 a share. Analysts surveyed by FactSet expected Duke to post adjusted earnings of $1.33 cents a share.

Revenue rose to $7.13 billion from $6.15 billion. Analysts expected Duke to report sales of $5.69 billion, according to FactSet.

The company said its electric utility and infrastructure division posted income of $723 million, compared with $820 million. The decrease was due to charges related to the 2022 Indiana Supreme Court ruling on coal ash, the company said.

The company's gas utilities and infrastructure segment's quarterly income was flat, while the commercial renewables segment income fell to $11 million from $27 million, the company said.

The company said the cost of fuel used in electric generation and purchased power rose to $1.82 billion from $1.44 billion.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

Corrections & Amplifications

This article was corrected at 8:10 a.m. ET to reflect that Duke Energy Corp. didn't strip out charges related to winter storms when reporting first-quarter adjusted earnings.

(END) Dow Jones Newswires

May 09, 2022 07:25 ET (11:25 GMT)

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