Duke Energy (DUK) reported weaker than expected earnings for the fourth quarter. Following the announcement, the company’s stock dropped about 1% in the pre-market trading Thursday.
Adjusted earnings of the Charlotte, North Carolina-based company dropped to $0.84 per share in the December quarter from $0.94 per share a year earlier, hurt mainly by higher depreciation/amortization expenses and storm-related costs.
Reported net profit plunged to $464 million or $0.65 per share from $703 million or $1.00 per share in the fourth quarter of 2017. The results fell short of the market’s prediction. Total operating revenues moved up 5.4% annually to $6.12 billion during the quarter and exceeded the estimates.
The company currently forecasts full-year 2019 earnings between $4.80 per share and $5.20 per share. It also extended the long-term earnings growth projection to 4-6%.
“With our robust growth capital plan, ongoing stakeholder engagement efforts and cost management discipline, we remain confident in our growth potential for 2019 and beyond,” said CEO Lynn Good.
Shares of Duke Energy gained around 6% so far this year and 17% in the last twelve months but underperformed the S&P 500 index. The stock dropped modestly on Thursday after closing the previous session lower.