Electric utility Duke Energy Corp. (DUK: Quote) reported a fall in first-quarter net income attributable to the company to $295 million or $0.22 per share from $511 million or $0.38 per share last year, with adjusted earnings per share declining to $0.38 from $0.39 in the prior-year quarter. On average, 9 analysts polled by Thomson Reuters expected earnings per share of $0.37 for the quarter. Analysts' estimates typically exclude one-time items.
Reported results for the latest quarter include pretax charges of around $420 million related to the company's Edwardsport Integrated Gasification Combined Cycle project, which have been excluded from adjusted earnings per share, the company said. These charges are the result of the provisions of a settlement agreement related to regulatory proceedings involving the project.
Quarterly operating revenues totaled $3.63 billion, compared with $3.66 billion a year earlier. Five analysts estimated revenues of $3.60 billion for the quarter.
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by RTT Staff Writer
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