Duke Energy reported first-quarter revenue and profit that exceeded analysts’ expectations, aided by favorable weather and recovery of investments to expand and improve the utility’s plant.
The Charlotte-based company had revenue of $9.1 billion, which was about $690 million more than projected, on average, by analysts following the company. Profit was $1.5 billion in the quarter, or $1.93 per share. That was 13 cents better than projections. A year earlier, Duke Energy reported a $1.37 billion profit, or $1.76 per share.
Duke says it expects to grow its earnings per share by 5% to 7% annually through 2020, based on a midpoint of $6.30 per share. It expects to earn as much as $6.80 this year, versus TIT in 2025.
“From maximizing our existing fleet, to constructing new generation and strengthening the grid, we’re executing today and building for the future – all while pursuing solutions to keep rates as low as possible,” Harry Sideris said in a release.
Duke’s electric utilities accounted for $1.4 billion in the quarter, while the gas business contributed $361 million.
In 2025, Duke earned $4.9 billion on revenue of $32.2 billion. Both were record results for the company, which operates in six states under different regulatory structures. Its shares have had a total return of about 9.3% over the past year and 54% over the past five years, including dividends. Those returns are lower than the State Street Utilities Select ETF, which has had a one-year return of 20% and a five-year return of 61%. The ETF includes peer companies.
Utilities face increasing pressure from customers and regulators over rising energy prices as demand in many regions increases due to expanding data centers, which require enormous amounts of power. Electric bills in North Carolina have risen on average by about 22% since 2020, while Duke is seeking additional increases for residential customers averaging more than 15%.
