Duke Energy’s first-quarter shares are up slightly from last year, according to an earnings report released by the Charlotte-based company Thursday morning.
The company reported a net income attributable to shareholders of $620 million, which breaks down to 88 cents per share earnings in the first quarter, which ended March 31. When adjusted for one-time items that do not affect ongoing costs, the net income rises to $899 million – $1.29 earnings per share. The adjusted earnings were $1.04 per share in the first quarter of last year.
The report said one-time items include the sale of an Ohio plant, the acquisition of Piedmont Natural Gas and changes in tax valuations stemming from tax reform adopted at the end of 2017, among others.
Duke attributed the increased adjusted earnings to this year’s colder weather, as well as growth in electric and gas utility investments.
Duke CEO Lynn Good said 2018 was off to a "strong start.” The company also reaffirmed its expectation of adjusted earnings to reach a range of $4.55 to $4.85 in 2018.
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