Duke Energy posts upbeat revenue in first quarter

Duke Energy Corporation (DUK) reported operating revenues of $6.1 billion during the first quarter of 2018, up from $5.7 billion in the prior-year period. GAAP net income attributable to Duke Energy Corporation dropped to $620 million or $0.88 per diluted share from $716 million or $1.02 per diluted share last year. Adjusted diluted EPS was $1.28 for the quarter. Revenue and adjusted EPS figures surpassed analyst expectations.

GAAP diluted EPS included the impacts from a loss on sale of the retired Beckjord plant in Ohio, a valuation allowance related to the Tax Act, charges related to the Duke Energy Progress North Carolina rate case order, and impairment of Duke Energy’s investment in the Constitution pipeline.

In the Electric Utilities and Infrastructure segment, operating revenues increased to $5.3 billion during the quarter compared to $4.9 billion in the prior-year period. In Gas Utilities and Infrastructure, operating revenues were $727 million versus $670 million last year.

Commercial Renewables operating revenues dropped to $101 million from $128 million. In the Other segment, operating revenues grew to $35 million from $33 million in the prior-year period. For the full year of 2018, the company expects adjusted EPS to be $4.55 to $4.85.

Duke Energy has been investing in renewable energy sources and electric vehicle power generation stations. The company has also been exploring growth and expansion opportunities through acquisitions.

Since its launch three years ago, The Duke Energy Solar Rebate Program has given out over $50 million in rebates to South Carolina customers who invested in solar power.

The company has been facing protests for its involvement in the Atlantic Coast Pipeline project, which is expected to transport natural gas from West Virginia to eastern North Carolina, over concerns of climate change and dangers to families occupying the region surrounding the project route. The protests took a dramatic turn on Wednesday with protestors staging their opposition in front of Duke CEO Lynn Good’s house in South Charlotte. The company denounced the incident.