Duke Energy reports increase in first-quarter revenue
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Duke Energy reports increase in first-quarter revenue

11 May 2021 (Last Updated May 11th, 2021 16:54)

US-based energy holding company Duke Energy has reported revenue of $6.15bn for the first quarter of this year, as against $5.94bn a year prior.

Duke Energy posted a net income of $992m for the quarter, compared to $938m in the same quarter of last year.

The company reported earnings per share (EPS) of $1.25 and adjusted EPS of $1.26, compared to $1.24 and $1.14 respectively a year earlier.

Growth in its Electric Utilities and Infrastructure segment contributed to higher first-quarter adjusted results.

Duke Energy chair, president and CEO Lynn Good said: “We are off to a very strong start this year, executing well and delivering on our commitments to our customers, communities and investors.

“We are positioned to deliver sustainable long-term value as we accelerate our clean energy transformation by investing in renewables, battery storage and our delivery system.

“As a result, we have reaffirmed our adjusted EPS guidance range of $5 for the year to $5.30, and our long-term growth rate of 5% to 7%, off the year’s midpoint.”

Duke Energy’s Electric Utilities and Infrastructure segment posted income of $820m on a reported and adjusted basis in the quarter, compared to $705m in the prior-year period.

On a reported basis, Gas Utilities and Infrastructure recognised a segment income of $245m, as against $249m in the first quarter of last year. Its segment income on an adjusted basis stood at $250m.

The Commercial Renewables segment posted an income of $27m on a reported and adjusted basis, compared to $57m in the same quarter a year ago.

This represents a decrease of $0.04 for each share due to the impacts of Storm Uri on Texas in February.

During the quarter, Duke Energy put 570MW of renewable generation into service and retired a 270MW coal unit.

In January, the company’s Renewables business announced it would acquire a solar project from Recurrent Energy, a subsidiary of Canadian Solar.

Later that month, Duke Energy agreed to sell a 19.9% stake in its subsidiary, Duke Energy Indiana, for $2.05bn. The buyer was an affiliate of Singaporean sovereign wealth fund GIC Private.