Duke’s Q1 Earnings Decline By 8% On Special Items, Unfavorable Weather Conditions

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Duke Energy

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%).

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