Duke Energy Corporation Earnings: Back to a Profit

S&P 500 (NYSE:SPY) component Duke Energy Corporation (NYSE:DUK) reported its results for the second quarter. Duke Energy Corporation offers electric power and gas distribution operations and other energy services in North and South America.

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Duke Energy Earnings Cheat Sheet for the Second Quarter

Results: Swung to a profit of $435 million (33 cents per diluted share) in the quarter. The electric utilities company had a net loss of $222 million or a loss of 17 cents per share in the year earlier quarter.

Revenue: Rose 7.5% to $3.53 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: DUK beat the mean analyst estimate of 30 cents per share. It beat the average revenue estimate of $3.31 billion.

Quoting Management: “Our second quarter results continue the positive momentum created by all of our business units in the first three months of the year,” said James E. Rogers, chairman, president and chief executive officer. “Traditionally, our third quarter is the most significant and we are focused to ensure we are fully prepared to safely, reliably and efficiently meet customers’ energy needs. We also will be working hard the remainder of the year on our proposed merger with Progress Energy; pending rate cases in the Carolinas; ongoing fleet modernization; and in pursuing a new Electric Security Plan (AMEX:ESP) for Duke Energy Ohio customers,” he added. “All of these strategic initiatives will help prepare our company for long-term success.”

Key Stats:

Revenue has risen the past four quarters. Revenue increased 1.9% to $3.66 billion in the first quarter. The figure rose 10.8% in the fourth quarter of the last fiscal year from the year earlier and climbed 16.2% in the third quarter of the last fiscal year from the year-ago quarter.

The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of 39 cents versus a mean estimate of net income of 35 cents per share.

Competitors to Watch: American Electric Power Co., Inc. (NYSE:AEP), Progress Energy, Inc. (NYSE:PGN), DPL Inc. (NYSE:DPL), The Southern Company (NYSE:SO), PPL Corporation (NYSE:PPL), SCANA Corporation (NYSE:SCG), TECO Energy, Inc. (NYSE:TE), FirstEnergy Corp. (NYSE:FE), ALLETE, Inc. (NYSE:ALE), and Dominion Resources, Inc. (NYSE:D).

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(Source: Xignite Financials)