Duke Energy beats first-quarter profit estimates on higher rates

Duke Energy beats first-quarter profit estimates/Reuters

VoM News Desk | May 7, 2024 | 04:58 PM IST | Breaking News | Follow on Google News

Duke Energy beats first-quarter profit estimates on higher rates

Duke Energy beats first-quarter profit estimates on higher rates

“We have a clear path forward that will deliver sustainable value and 5% to 7% earnings growth over the next five years,” said CEO Lynn Good.

The rapid adoption of electric vehicles, artificial intelligence technology and data centers is expected to drive up electricity usage and boost earnings for utilities such as Duke.

Duke provides electric services to about 8.4 million customers across the Carolinas, Florida, Indiana, Ohio and Kentucky.

The company reaffirmed its full-year adjusted profit forecast of $5.85 to $6.10 per share, compared with analysts’ expectations of $5.97 per share, according to LSEG data.

The Charlotte, North Carolina-based utility posted an adjusted profit of $1.44 per share for the quarter, beating estimates of $1.38 per share, thanks to improved weather and favorable rate case impacts.

Regulated utilities use rate case proceedings to determine the amount that customers need to pay for the electricity, natural gas, private water, and steam services provided by them.

(Except for the headline, this story has not been edited by VoM News staff and is published from syndicated feed)

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