Duke Energy Earnings: Profit Dips By This Much

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

Investing Insights: What’s the Future of Microsoft’s Stock?

Duke Energy Earnings Cheat Sheet for the First Quarter

Results: Net income for the utility-electric power fell to $295 million (22 cents per share) vs. $511 million (38 cents per share) a year earlier. This is a decline of 42.3% from the year-earlier quarter.

Revenue: Fell 0.9% to $3.63 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Duke Energy Corporation reported adjusted net income of 38 cents per share. By that measure, the company beat the mean estimate of 36 cents per share. Analysts were expecting revenue of $3.6 billion.

Quoting Management: “Our first quarter adjusted results highlight the ability of our diverse business operations and cost control measures to mitigate the impacts of the mild weather we experienced,” said James E. Rogers, chairman, president and chief executive officer. “The first quarter of 2012 shows we are well-positioned to achieve our 2012 adjusted earnings guidance range of $1.40 to $1.45 per share.

Key Stats:
The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 3 cents in the fourth quarter of the last fiscal year, by 3 cents in the third quarter of the last fiscal year, and by 3 cents in the second quarter of the last fiscal year.

Revenue has fallen in the past two quarters. In the fourth quarter of the last fiscal year, revenue declined 2.2% to $3.37 billion from the year-earlier quarter.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 31 cents a share to 30 cents over the last ninety days. For the fiscal year, the average estimate has moved up from $1.41 a share to $1.42 over the last sixty days.

Competitors to Watch: American Electric Power Co., Inc., Progress Energy, Inc., DPL Inc., The Southern Company, PPL Corporation, SCANA Corporation, TECO Energy, Inc., FirstEnergy Corp., ALLETE, Inc., and Dominion Resources, Inc.

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

Don’t Miss These Additional Hot Stories:

Here’s the Secret Behind Apple’s Success>>

Here’s How to Bet on a Baby Boom>>

Amazon and Apple Exemplify the Future of Retail>>