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Duke Energy Q1 adjusted EPS misses estimates by 1 cent

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Duke Energy Q1 adjusted EPS misses estimates by 1 cent

Duke EnergyCorp. reported a drop in its first-quarter 2016 adjusted earningsto $777 million, or $1.13 per share, from $881 million, or $1.24 per share, inthe opening months of 2015.

The result, released May 3, is also 1 cent per share belowthe S&P Global Market Intelligence normalized EPS consensus estimate of$1.14.

The company said its books were impacted by milder winterweather and the absence of Midwest generation business, which was sold in April2015, among other things.

In connection with the Midwest generation , Duke completed a$1.5 billionaccelerated stock repurchase program, which provided a benefit of about 4cents per share to first-quarter 2016 results.

The company's regulated utilities business reportedfirst-quarter 2016 adjusted segment income of $695 million — down from $774million in the first quarter 2015. The commercial portfolio segment alsoreported a drop in adjusted segment income to $27 million from $101 million ayear ago.

Only the international energy business saw a year-over-yearincrease in first-quarter 2016 adjusted segment income: $123 million versus $36million in the first quarter of 2015. The business was helped by a favorabletax adjustment and stronger results in Brazil, Duke Energy said.

Duke Energy's first-quarter 2016 operating revenues weredown to $5.62 billion from $6.07 billion in the corresponding quarter of 2015.First-quarter 2016 operating income was $1.33 billion, compared to $1.46billion in the same quarter of 2015.

Duke Energy reported first-quarter 2016 GAAP earnings of$694 million, or $1.01 per share — down from $864 million, or $1.22 per share,for the first quarter of 2015.

The company continues to target 2016 adjusted EPS of $4.50to $4.70 and has scheduled a conference call to discuss its first-quarter 2016results at 10 a.m. ET on May 3.