Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2018 adjusted earnings of 84 cents per share, which missed the Zacks Consensus Estimate of 89 cents by 5.6%.
Earnings also declined 10.6% year over year, due to higher depreciation and amortization expenses on a growing asset base, higher storm-related costs, and a lower tax shield on holding company interest as a result of the Tax Act.
GAAP earnings were 65 cents in the fourth quarter compared with $1 in the prior-year quarter.
For 2018, the company reported adjusted earnings of $4.72 per share, missing the Zacks Consensus Estimate by 0.63%. Full-year earnings however improved 3.3% from the previous year.
Total operating revenues came in at $6,115 million, down 5.6% from $6,482 million a year ago. The figure however surpassed the Zacks Consensus Estimate of $5,612 million by 9%.
In 2018, the company’s total operating revenues were $24.52 billion, up 4% from $23.56 billion a year ago. The figure surpassed the Zacks Consensus Estimate of $24.07 billion by 1.87%.
The regulated electric unit’s revenues were $22.10 billion (up 4.34%), representing approximately 90.1% of total revenues in 2018.
Revenues from the regulated natural gas business totaled $1.77 billion, up 2.25% year over year.
Non-regulated and Other segment generated revenues of $0.65 billion, down 0.46% year over year.
Duke Energy Corporation Price, Consensus and EPS Surprise