CHARLOTTE – Duke Energy, one of the largest energy companies in the U.S., reported an earnings beat but missed on revenue when it released its third-quarter results on Thursday.
For the third quarter, the energy company delivered adjusted earnings per share of $1.87, beating analyst expectations of $1.79 per share.
The company attributed the higher-than-expected adjusted EPS to the Electric Utilities and Infrastructure and Commercial Renewables segments. Renewable energy projects were the primary reason for the favorable results, as the company continues to target net-zero carbon emissions by 2050 and net-zero methane emissions by 2030.
The company’s revenue slipped to $6.72 billion from $6.94 billion a year ago, missing forecasts of $7.25 billion.
“We delivered strong results in the quarter, thanks to the exceptional work of our team in serving our customers and swiftly offsetting costs across our business. We have met the challenges of 2020 and will build on this success as we continue to innovate for the future,” CEO Lynn Good said in a statement.
The company narrowed its adjusted EPS guidance range to $5.05 to $5.20 for the remainder of the fiscal year, a target Good said the company is “well-positioned to achieve.”
Duke Energy shares were last trading up 3.48 percent, or $3.26, near $96.81.
The earnings release can be found here.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
