We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Duke Energy (DUK) Q1 Earnings Miss Estimates, Revenues Beat
Read MoreHide Full Article
Duke Energy Corporation (DUK - Free Report) reported first-quarter 2022 adjusted earnings of $1.30 per share, which missed the Zacks Consensus Estimate of $1.34 by 3%. The bottom line however improved 3.2% year over year.
This upside is attributable to higher volumes in the Electric Utilities and Infrastructure segment, along with growth and rate case contributions in the Gas Utilities and Infrastructure segment.
Including one-time adjustments, the company reported GAAP earnings of $1.08 per share compared with the year-ago quarter’s earnings of $1.25.
Duke Energy Corporation Price, Consensus and EPS Surprise
Total operating revenues came in at $7,132 million, which improved 16% from $6,150 million a year ago. The reported top-line figure also surpassed the Zacks Consensus Estimate of $6,413 million by 11.2%.
The Regulated electric unit’s revenues were $5,933 million (up 13.7% year over year), representing 83.2% of total revenues for the quarter.
Revenues from the regulated natural gas business totaled $1,002 million, up 33.8% year over year.
The Non-regulated Electric and Other segment generated revenues of $197 million, which rose 8.2% year over year.
Highlights of the Release
Duke Energy’s total operating expenses amounted to $5,855 million in the reported quarter, up 24.6% year over year. The increase was driven by higher cost of fuel used in electric generation and purchased power, cost of natural gas, depreciation and amortization expenses as well as the cost of property and other taxes. Also, higher operation maintenance and other expenses along with higher impairment and other charges resulted in an increase in operating expenses.
Operating income dropped to $1,279 million from $1,450 million in the year-ago quarter.
Interest expenses rose 9.7% to $587 million from $535 million in first-quarter 2021.
For the reported quarter, the average number of customers in its electric utilities increased 1.8% year over year. Total electric sales volumes for the reported quarter went up 5.9% year over year to 64,367 gigawatt-hours.
Segmental Highlights
Electric Utilities & Infrastructure: This segment’s adjusted earnings for the first quarter totaled $896 million, up from $820 million in the first quarter of 2021.
Gas Utilities & Infrastructure: Earnings generated from this segment totaled $254 million compared with $250 million in the year-ago period.
Commercial Renewables: This segment reported earnings of $11 million for the quarter under review compared with $27 million in the year-ago period.
Other: The segment includes corporate interest expenses not allocated to other business units, resulting from Duke Energy’s captive insurance company and other investments.
This segment incurred an adjusted loss of $170 million compared with a loss of $139 million in the year-ago quarter.
Financial Condition
As of Mar 31, 2022, Duke Energy had cash & cash equivalents of $853 million, up from $343 million on Dec 31, 2021.
As of Mar 31, 2022, long-term debt was $62.20 billion compared with $60.45 billion on Dec 31, 2021.
During first-quarter 2022, the company generated net cash from operating activities of $1.80 billion compared with $2.09 billion generated in first-quarter of 2021.
Guidance
Duke Energy has reaffirmed its 2022 adjusted EPS guidance. The company still expects to generate adjusted earnings per share in the range of $5.30-$5.60.
The Zacks Consensus Estimate for 2022 earnings, pegged at $5.48 per share, lies above the midpoint of the company’s projected range.
The company also continues to expect its long-term earnings per share growth in the range of 5-7% through 2026.
CenterPoint Energy (CNP - Free Report) reported first-quarter 2022 adjusted earnings of 47 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line declined 20.3% from the year-ago quarter’s figure.
In the first quarter of 2022, CenterPoint Energy generated revenues of $2,763 million, up 8.5% from the year-ago figure. CNP’s revenues beat the Zacks Consensus Estimate of $2.559.4 million by 8%.
NextEra Energy (NEE - Free Report) reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%. The bottom line was also up 10.5% from the prior-year quarter.
NextEra Energy’s operating revenues were $2,890 million, which lagged the Zacks Consensus Estimate of $5,178 million by 44.2%. NEE’s top line also decreased by 22.4% year over year.
Entergy Corporation (ETR - Free Report) reported first-quarter 2022 adjusted earnings of $1.32 per share, which missed the Zacks Consensus Estimate of $1.38 by 4.3%. The reported figure also declined 10.2% from $1.47 per share in the year-ago quarter.
Entergy’s first-quarter revenues of $2.88 billion exceeded the Zacks Consensus Estimate of $2.75 billion by 4.8%. As of Mar 31, 2022, ETR had cash and cash equivalents of $701.6 million compared with $442.6 million as of Dec 31, 2021.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Duke Energy (DUK) Q1 Earnings Miss Estimates, Revenues Beat
Duke Energy Corporation (DUK - Free Report) reported first-quarter 2022 adjusted earnings of $1.30 per share, which missed the Zacks Consensus Estimate of $1.34 by 3%. The bottom line however improved 3.2% year over year.
This upside is attributable to higher volumes in the Electric Utilities and Infrastructure segment, along with growth and rate case contributions in the Gas Utilities and Infrastructure segment.
Including one-time adjustments, the company reported GAAP earnings of $1.08 per share compared with the year-ago quarter’s earnings of $1.25.
Duke Energy Corporation Price, Consensus and EPS Surprise
Duke Energy Corporation price-consensus-eps-surprise-chart | Duke Energy Corporation Quote
Total Revenues
Total operating revenues came in at $7,132 million, which improved 16% from $6,150 million a year ago. The reported top-line figure also surpassed the Zacks Consensus Estimate of $6,413 million by 11.2%.
The Regulated electric unit’s revenues were $5,933 million (up 13.7% year over year), representing 83.2% of total revenues for the quarter.
Revenues from the regulated natural gas business totaled $1,002 million, up 33.8% year over year.
The Non-regulated Electric and Other segment generated revenues of $197 million, which rose 8.2% year over year.
Highlights of the Release
Duke Energy’s total operating expenses amounted to $5,855 million in the reported quarter, up 24.6% year over year. The increase was driven by higher cost of fuel used in electric generation and purchased power, cost of natural gas, depreciation and amortization expenses as well as the cost of property and other taxes. Also, higher operation maintenance and other expenses along with higher impairment and other charges resulted in an increase in operating expenses.
Operating income dropped to $1,279 million from $1,450 million in the year-ago quarter.
Interest expenses rose 9.7% to $587 million from $535 million in first-quarter 2021.
For the reported quarter, the average number of customers in its electric utilities increased 1.8% year over year. Total electric sales volumes for the reported quarter went up 5.9% year over year to 64,367 gigawatt-hours.
Segmental Highlights
Electric Utilities & Infrastructure: This segment’s adjusted earnings for the first quarter totaled $896 million, up from $820 million in the first quarter of 2021.
Gas Utilities & Infrastructure: Earnings generated from this segment totaled $254 million compared with $250 million in the year-ago period.
Commercial Renewables: This segment reported earnings of $11 million for the quarter under review compared with $27 million in the year-ago period.
Other: The segment includes corporate interest expenses not allocated to other business units, resulting from Duke Energy’s captive insurance company and other investments.
This segment incurred an adjusted loss of $170 million compared with a loss of $139 million in the year-ago quarter.
Financial Condition
As of Mar 31, 2022, Duke Energy had cash & cash equivalents of $853 million, up from $343 million on Dec 31, 2021.
As of Mar 31, 2022, long-term debt was $62.20 billion compared with $60.45 billion on Dec 31, 2021.
During first-quarter 2022, the company generated net cash from operating activities of $1.80 billion compared with $2.09 billion generated in first-quarter of 2021.
Guidance
Duke Energy has reaffirmed its 2022 adjusted EPS guidance. The company still expects to generate adjusted earnings per share in the range of $5.30-$5.60.
The Zacks Consensus Estimate for 2022 earnings, pegged at $5.48 per share, lies above the midpoint of the company’s projected range.
The company also continues to expect its long-term earnings per share growth in the range of 5-7% through 2026.
Zacks Rank
Duke Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Utility Releases
CenterPoint Energy (CNP - Free Report) reported first-quarter 2022 adjusted earnings of 47 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line declined 20.3% from the year-ago quarter’s figure.
In the first quarter of 2022, CenterPoint Energy generated revenues of $2,763 million, up 8.5% from the year-ago figure. CNP’s revenues beat the Zacks Consensus Estimate of $2.559.4 million by 8%.
NextEra Energy (NEE - Free Report) reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%. The bottom line was also up 10.5% from the prior-year quarter.
NextEra Energy’s operating revenues were $2,890 million, which lagged the Zacks Consensus Estimate of $5,178 million by 44.2%. NEE’s top line also decreased by 22.4% year over year.
Entergy Corporation (ETR - Free Report) reported first-quarter 2022 adjusted earnings of $1.32 per share, which missed the Zacks Consensus Estimate of $1.38 by 4.3%. The reported figure also declined 10.2% from $1.47 per share in the year-ago quarter.
Entergy’s first-quarter revenues of $2.88 billion exceeded the Zacks Consensus Estimate of $2.75 billion by 4.8%. As of Mar 31, 2022, ETR had cash and cash equivalents of $701.6 million compared with $442.6 million as of Dec 31, 2021.