- Duke Energy (NYSE:DUK) +0.6% pre-market after missing estimates for both Q1 earnings and revenues, as it says results were consistent with internal plans except for mild winter weather and storms.
- Q1 GAAP net income was $899M compared with $900M in the year-earlier period.
- Duke says Q1 benefited from improved results in its gas utilities business due to the Piedmont North Carolina rate case and growth in new projects at its commercial renewables segment, while the electric utilities business was helped by rate case increases in South Carolina and Florida and higher rider revenues in the Midwest.
- But Duke says the results were "offset by mild winter weather along with severe storms that impacted much of our Carolinas utilities territory as well as unrealized investment losses on non-pension executive benefit trusts."
- The company says it is in the early stages of managing the COVID-19 crisis and is still evaluating the financial and economic impacts, but it nevertheless reaffirms FY 2020 adjusted EPS guidance of $5.05-$5.45 assuming an economic recovery later in the year, in line with $5.13 analyst consensus estimate.