Duke Swings to Profit, Revenue Slips
By Rob Curran
Duke Energy swung to a fourth-quarter profit, lifted by higher rates, partially offset by higher interest and depreciation costs, which weighed on revenue.
The North Carolina conglomerate, which operates utilities in multiple states, logged fourth-quarter earnings of $991 billion, or $1.27 a share, in contrast to a loss of 86 cents a share a year earlier.
On an adjusted basis, excluding certain one-off items, Duke reported earnings of $1.51 a share.
Fourth-quarter revenue fell 1.9% to $7.21 billion.
Duke targeted 2024 adjusted earnings in a range between $5.85 and $6.10 a share, and reiterated its long-term growth targets in a range between 5% and 7% in adjusted earnings per share per annum through 2028, based on a 2024 midpoint of $5.98 a share. For 2023, Duke reported adjusted earnings of $5.56 a share.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
February 08, 2024 06:52 ET (11:52 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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