Duke Energy Corporation (NYSE:DUK) shares plummeted Friday, on reports of quarterly earnings at $1.68 per share on revenue of $7.11 billion before the opening bell.
The Charlotte, North Carolina-based company said Friday Adjusted Q3 income for DUK's electric utilities and infrastructure segment jumped 16% Y/Y to $1.36B, equivalent to an increase of $0.25/share.
DUK attributes the results to growth from investments at its electric and gas utilities, favorable weather and lower O&M expense, partially offset by higher financing costs and lower volumes.
DUK narrows its earnings guidance range for the full year, now seeing EPS of $4.95-$5.15 vs. $4.80-$5.20 previously, lifting the midpoint of guidance above the $4.96 analyst consensus estimate, and reaffirms its long-term growth rate of 4%-6%.
Excluding items, Duke Energy Corp reported adjusted earnings of $1.31 billion or $1.79 per share for the period.
Analysts had expected the company to earn $1.67 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 4.7% to $6.94 billion from $6.63 billion last year.
Duke is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its non-regulated Duke Energy Renewables unit.
Duke Electric Utilities and Infrastructure unit's regulated utilities serve approximately 7.7 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky.
Shares slipped $2.53, or 2.7%, to $90.05
