Duke Energy Profit Rises 13%

Friday, November 2, 2018

U.S. utility Duke Energy Corp reported a better-than-expected quarterly profit on Friday, helped by higher demand in its electric utilities and infrastructure business.

Operating revenue from that unit, which accounts for the bulk of Duke's overall business, rose 2 percent to $6.26 billion in the third quarter.

The Charlotte, North Carolina-based company has been expanding its business through investments in renewable energy and power generation stations for electric vehicles.

Net income attributable to Duke rose to $1.08 billion, or $1.51 per share, in the three months ended Sept. 30, from $954 million, or $1.36 per share, a year earlier.

The company took an $84 million after-tax impairment charge related to a settlement in the year-ago quarter.

Excluding one-time items, the company earned $1.65 per share, beating analysts' average estimate of $1.52, according to IBES data from Refinitiv.

Total operating revenue rose to $6.63 billion from $6.48 billion.


(Reporting by Debroop Roy in Bengaluru; Editing by Shinjini Ganguli)

Categories: Finance Energy Renewable Energy

Related Stories

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

Saipem Bags $1.5B Contract for Türkiye Largest Offshore Gas Field

PTTEP Hires McDermott for Deepwater Subsea Job off Malaysia

Norwegian Oil Investment Will Peak in '25

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Sapura Energy Rebrands to Vantris Energy

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com