Duke Energy Corp. (NYSE: DUK) reported its second-quarter financial results Thursday before the markets opened. The utility giant had $0.95 in earnings per share (EPS) on $5.59 billion in revenue. That compared to consensus estimates of $0.99 in EPS on revenue of $5.78 billion. In the same period of the previous year, it posted EPS of $1.11 and $5.95 billion in revenue.
In connection with the transaction to sell the Midwest Generation business to Dynegy for $2.8 billion, which closed in early April, Duke Energy completed a $1.5 billion accelerated stock repurchase program. The program resulted in share retirements of approximately 19.8 million.
In terms of its segments, the company reported:
- Regulated Utilities had adjusted segment income of $632 million, compared to $689 million in the second quarter 2014.
- International Energy had adjusted segment income of $52 million, compared to $146 million.
- Commercial Portfolio had adjusted segment income of $8 million, down from $16 million.
- Other had adjusted net expense of $34 million, compared to the year-ago net expense of $65 million.
Lynn Good, president and CEO, commented on earnings:
Operationally, we met our customers’ energy needs in the second quarter during extended periods of warmer than normal temperatures particularly in the Southeast. Equally important, we continued to follow through on the growth initiatives that will provide long-term benefits for our customers.
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Good continued:
We also continue to focus on providing solid returns for our shareholders. Last month, our board approved an approximate 4 percent increase in the quarterly dividend payment, reflecting its confidence in the strength of our core businesses and cash flows.
Ending the second quarter, Duke had cash and cash equivalents totaling $960 million.
Shares of Duke were down 1.2% at $73.10 early Thursday, in its 52-week trading range of $70.05 to $89.97. The stock has a consensus analyst price target of $80.94.
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