LONDON, UK / ACCESSWIRE / June 15, 2018 / If you want access to our free earnings report on Duke Energy Corp. (NYSE: DUK), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=DUK. On May 10, 2018, Duke Energy reported financial results for the first quarter of 2018 ending March 31, 2018. The Company surpassed analysts' estimates for earnings as well as revenue in Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
Duke Energy's total operating revenues for Q1 FY18 reached $6.14 billion, reflecting an increase of 7.09% from $5.73 billion in Q1 FY17. The reported revenue number exceeded analysts' consensus estimates of $5.74 billion. In the quarter under review, Duke Energy's regulated electric revenues advanced 7.55% to $5.28 billion on a y-o-y basis, regulated natural gas revenues jumped 8.36% on a y-o-y basis to $700 million and non-regulated electric and other revenues declined 11.18% to $151 million on a y-o-y basis.
During Q1 FY18, Duke Energy incurred total operating expenses of $4.78 billion, 10.17% higher than the $4.34 billion reported in Q1 FY17. The Company's fuel (used in electric generation and purchased power) costs rose 15.67% to $1.68 billion on a y-o-y basis, while operation, maintenance, and other cost declined 0.27% to $1.46 billion on a y-o-y basis in the reported quarter. Duke Energy's operating income fell 10.41% to $1.26 billion in Q1 FY18 from $1.40 billion in Q1 FY17.
Duke Energy reported a net income of $620 million for the quarter ending March 31, 2018, 13.14% lower than $716 million for the same period last year. The Company's diluted earnings per share (DEPS) also fell 13.73% to $0.88 in the reported quarter from $1.02 in the year ago same quarter. The reported earnings included loss on sale of the retired Beckjord plant in Ohio, the recognition of a valuation allowance related to the Tax Cuts and Jobs Act of 2017 (the Tax Act), charges related to the Duke Energy Progress North Carolina rate case order, and an impairment of Duke Energy's investment in the Constitution pipeline. Excluding these special items, Duke Energy's adjusted DEPS was $1.28 in Q1 FY18, up 23.08% from $1.04 in Q1 FY17. This was higher than analysts' consensus estimates of $1.15 per share. This increase in earnings was mainly due to return to normal weather this year from the significantly warmer winter weather in the prior year. Besides, growth from investments in the electric and gas utilities also triggered this increase.
Duke Energy's Segment Details
During Q1 FY18, the Electric Utilities and Infrastructure segment's operating revenues were $5.32 billion, up 7.60% on a y-o-y basis. This segment had an income of $750 million in Q1 FY18 compared to $635 million in Q1 FY17, reflecting an increase of 18.11%. On a non-GAAP basis, the segment had an adjusted income of $816 million in the reported quarter, 28.50% higher than the $635 million reported in the previous year's corresponding quarter.
The Gas Utilities and Infrastructure segment reported total operating revenues of $727 million in Q1 FY18, an increment of 8.51% from $670 million in Q1 FY17. This segment had an income of $116 million in the quarter under review, a decline of 12.78% from $133 million in the previous year's same quarter. On a non-GAAP basis, the segment had an adjusted income of $158 million in Q1 FY18, up 18.80% from $133 million in Q1 FY17.
For Q1 FY18, the Commercial Renewables segment generated operating revenues of $101 million, 21.09% lower than $128 million in Q1 FY17. This segment had an income of$20 million in Q1 FY18, down 20% from $25 million in Q1 FY17.
Cash Matters
Duke Energy had cash and cash equivalents of $421 million as on March 31, 2018, an increase of 17.60% from$358 million as on December 31, 2017. The Company had a long-term debt (less current portion) of $49.03 billion at the end of Q1 FY18, a decrease of 0.01% from $49.04 billion at the end of Q4 FY17.
Duke Energy's cash flow from operating activities for the three months ending March 31, 2018was $1.39 billion, 11.64% higher than $1.25 billion for the same period last year.
Outlook
Duke Energy reaffirmed 2018 adjusted EPS guidance range of $4.55 to $4.85.
Stock Performance Snapshot
June 14, 2018 - At Thursday's closing bell, Duke Energy's stock advanced 1.67%, ending the trading session at $73.46.
Volume traded for the day: 5.08 million shares, which was above the 3-month average volume of 3.57 million shares.
After yesterday's close, Duke Energy's market cap was at $51.51 billion.
Price to Earnings (P/E) ratio was at 18.00.
The stock has a dividend yield of 4.85%.
The stock is part of the Utilities sector, categorized under the Electric Utilities industry. This sector was up 0.6% at the end of the session.
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