Duke’s Q1 Earnings Decline By 8% On Special Items, Unfavorable Weather Conditions
Duke Energy (NASDAQ: DUK) reported its earnings for the first quarter of fiscal year 2016 on Tuesday, May 3rd. The results were mixed: while the company failed to register strong customer growth in its franchised electric and gas division, cost savings in the international and commercial power segments resulted in increased profitability. However, several one-time cost items relating to mergers (including the Progress Energy merger) resulted in an 8% year-over-year decline in reported earnings per share. The company reported a 10% year-over-year decline in the amount of electricity sold to residential customers with the 1.3% increase in customer count offsetting the impact on revenue. The main reason for the decline in electricity sales was the 14.4% decline in actual heating degree days over the quarter, especially in the Carolinas (16.6%) and the Midwest (22.0%).
Have more questions about Duke? See the links below:
- How Much Did Duke Energy’s Revenue & EBITDA Grow In The Last Five Years?
- How Much Can Duke Energy’s Revenue Grow In The Next Five Years?
- What Is Duke Energy’s Fundamental Value Based On Expected 2016 Results?
- How Has Duke Energy’s Revenue Composition Changed In The Last Five Years?
Notes:
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- Duke, Southern, Dominion: Utility Stocks Continue To Underperform. Time To Buy?
- Is Ameren’s 2x Price Rise Compared To Duke Energy Justified?
- Why NextEra’s 5x Price Rise Versus Duke Energy Is Not Justified
- Duke, NextEra, Southern: Are Big Utilities Riskier Through This Downturn?
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