Duke Energy Corp Earnings: Revenue Grows After Two Straight Declines, but Profit Climbs

S&P 500 (NYSE:SPY) component Duke Energy Corporation (NYSE:DUK) reported net income above Wall Street’s expectations for the second quarter. Duke Energy offers electric power and gas distribution operations and other energy services in North and South America.

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Duke Energy Corporation Earnings Cheat Sheet

Results: Net income for Duke Energy Corporation rose to $444 million ($1.02 per share) vs. $435 million (99 cents per share) in the same quarter a year earlier. This marks a rise of 2.1% from the year-earlier quarter.

Revenue: Rose 1.2% to $3.58 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Duke Energy Corporation beat the mean analyst estimate of 93 cents per share. Analysts were expecting revenue of $3.6 billion.

Quoting Management: “Now that the merger has closed, our focus is on integrating these two great companies and continuing to deliver on our commitments to our 7.1 million customers,” said Jim Rogers, chairman, president and CEO. “The benefits of this merger to our customers, employees, communities and investors are compelling and we have a talented team of employees working aggressively to achieve them.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 6 cents in the first quarter, by 9 cents in the fourth quarter of the last fiscal year, and by 9 cents in the third quarter of the last fiscal year.

A year-over-year revenue increase last quarter snaps a streak of two consecutive quarters of revenue declines. Revenue fell 0.9% in the first quarter and fell 2.2% in the fourth quarter of the last fiscal year.

Looking Forward: For the next quarter, analysts are growing pessimistic about the company’s expected results. The average estimate for the third quarter is $1.45 per share, dropping from $1.47 a month ago. For the fiscal year, the average estimate has moved up from $4.26 a share to $4.28 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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