Duke Profits Up 13 Percent Despite Hurricane Repair Costs
Duke Energy's profits rose 13.4 percent in the third quarter that ended Sept. 30, to $1.08 billion. The Charlotte-based company said increased electric sales and the lower federal income tax rate helped offset costs to restore power after hurricanes Florence and Michael.
Earnings per share were $1.51, up 15 cents from a year earlier. Excluding unusual one-time gains and expenses, per share earnings were $1.65, which beat the expectations of Wall Street analysts.
“This quarter was marked by strong execution across our businesses. I am proud of the remarkable response from our employees to Hurricanes Florence and Michael," Duke chief executive Lynn Good said in a statement. “We also reached significant regulatory approvals for the Atlantic Coast Pipeline, continuing to advance this important gas infrastructure project for our customers and communities.”
Good said the company is "on track to exceed our 2018 financial objectives."
The company slightly raised its profit outlook for the rest of the year based on strong results through the first three quarters. Duke now expects full-year earnings of between $4.65 and $4.85 per share.
Duke shares were up about 1.7 percent in trading before the market opened Friday.
Nov. 2, 2018, Duke Energy earnings press release