Duke Energy Corp Earnings: Revenue Falls After Four Straight Increases, Net Income Drops

S&P 500 (NYSE:SPY) component Duke Energy Corporation (NYSE:DUK) reported its results for the fourth 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 Earnings Cheat Sheet for the Fourth Quarter

Results: Net income for Duke Energy Corporation fell to $288 million (22 cents per share) vs. $427 million (32 cents per share) a year earlier. This is a decline of 32.6% from the year earlier quarter.

Revenue: Fell 2.2% to $3.37 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: Duke Energy Corporation reported adjusted net income of 24 cents per share. By that measure, the company beat the mean estimate of 21 cents per share. Analysts were expecting revenue of $3.37 billion.

Quoting Management: “2011 was a year of accomplishments for Duke Energy,” said Jim Rogers, chairman, president and chief executive officer. “We expect to complete our remaining fleet modernization projects in North Carolina and Indiana in 2012, which will better position the company to meet its customers’ future energy needs in a more efficient and environmentally responsible manner. Also, we will continue to pursue regulatory approvals for our pending merger with Progress Energy.”

Key Stats:

A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the fourth quarter of the last fiscal year, which saw revenue rise 10.8%.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 3 cents in the third quarter, by 3 cents in the second quarter, and by 4 cents in the first quarter.

Looking Forward: The average estimate for the first quarter of the next fiscal year remains unchanged at 36 cents a share. For the fiscal year, the average estimate has moved down from $1.42 a share to $1.41 over the last thirty days.

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

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com