Emissions rise from the Duke Energy coal-fired Asheville Power Plant.
Charles Mostoller/Bloomberg
Shares of Duke Energy were waffling Monday after the utility company reported an earnings miss while posting stronger-than-expected revenue and reaffirming its full-year guidance.
Duke Energy (ticker: DUK
) reported adjusted earnings per share of $1.30, missing expectations for $1.33. Operating revenue came in at $7.13 billion for the quarter, well above estimates calling for $5.69 billion.
The company also reiterated its full-year adjusted earnings guidance range of $5.30 to $5.60 a share, as well as long-term earnings per share growth rate of between 5% to 7% through 2026.
“We have a clear path forward for 2022 and our five-year, $63 billion capital plan will deliver sustainable long-term value as we continue reducing carbon emissions, retiring coal generation, and growing our renewable energy portfolio,” said CEO Lynn Good.
The company attributed the first-quarter earnings whiff to 7 cents a share of higher expenses related to severe winter storms, as well as the impact of charges related to a March decision by the Indiana Supreme Court that ruled Duke would not be allowed to recoup over $200 million of costs tied to coal ash management.
Shares of Duke Energy were up down 0.3% to $111.03 in premarket trading on Monday. The stock has gained 6% this year.
Write to Sabrina Escobar at [email protected]
