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Duke Energy's Revenue Beats Expectations, but Earnings Miss. The Stock Dips.Duke Energy's Revenue Beats Expectations, but Earnings Miss. The Stock Dips. Barron's (Online); New York Shares of Duke Energy were dipping Monday after the utility company reported an earnings miss while posting stronger-than-expected revenue and reaffirming its full-year guidance. Duke Energy (ticker: DUK) reported adjusted earnings per share of $1.30, missing expectations for $1.33. Operating revenue came in at $7.13 billion for the quarter, well above estimates calling for $5.69 billion. The company also reiterated its full-year adjusted earnings guidance range of $5.30 to $5.60 a share, as well as long-term earnings per share growth rate of between 5% to 7% through 2026. "We have a clear path forward for 2022 and our five-year, $63 billion capital plan will deliver sustainable long-term value as we continue reducing carbon emissions, retiring coal generation, and growing our renewable energy portfolio," said CEO Lynn Good. The company attributed the first-quarter earnings whiff to 7 cents a share of higher expenses related to severe winter storms, as well as the impact of charges related to a March decision by the Indiana Supreme Court that ruled Duke would not be allowed to recoup over $200 million of costs tied to coal ash management. CFRA analyst Daniel Rich reiterated a Buy rating on the stock and raised his price target to $117 from $109, saying he was optimistic about the company's total customer growth and investments in solar energy through 2023. Shares of Duke Energy were down 0.6% to $110.70 on Monday. The stock has gained 5.5% this year. |
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