Duke Energy Corp. (DUK) reported on Friday that profit for the third quarter edged up from last year, driven by strong volumes in Electric Utilities and Infrastructure. Adjusted earnings per share missed analysts’ expectations, while quarterly revenues topped it. The company also slashed it adjusted earnings outlook for the full-year 2022.
For the third quarter, the company reported net income available to common stockholders for the quarter of $1.38 billion or $1.81 per share, up from $1.37 billion or $1.79 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $1.78 per share, compared to $1.88 per share in the year-ago quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $1.84 per share for the quarter. Analysts’ estimates typically exclude special items.
Total operating revenues for the quarter increased to $7.97 billion from $6.95 billion in the same quarter last year. Analysts expected revenues of $7.39 billion for the quarter.
Looking ahead to fiscal 2022, the company now projects adjusted earnings in a range of $5.20 to $5.30 per share, down from the prior forecast range of $5.30 to $5.60 per share. The Street is looking for earnings of $5.44 per share for the year.
For fiscal 2023, the company expects adjusted earnings in a range of $5.55 to $5.75 per share and extended long-term growth rate of 5 to 7 percent through 2027 off the $5.65 midpoint of 2023 adjusted earnings guidance. Analysts expect earnings of $5.73 per share for fiscal 2023.
The company said it completed the strategic review of its Commercial Renewables business and initiated the sale process, targeting a second-quarter 2023 closing. The business will be presented as discontinued operations in the fourth quarter.
“We remain on track to deliver strong results from our regulated utilities in 2022, while advancing our clean energy transition and continuing to deliver exceptional value to our customers, stakeholders and investors,” said Lynn Good, Duke Energy Chair, President and CEO.
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