Duke Energy Posts Q1 Loss, But Results Top Estimates; Backs 2014 Adj. EPS View

(RTTNews) - Duke Energy Corp. (DUK) said that its loss attributable to the company for the first quarter 2014 was $97 million, compared to net income of $634 million in the first quarter 2013. Quarterly net loss per share was $0.14, compared to profit per share of $0.89 in the same quarter last year.

Reported results for the latest-quarter were affected by a pre-tax impairment charge of $1.4 billion, or $1.23 per share, to write-down the company's Midwest Generation business to its estimated fair value. In February 2014, the company announced it had initiated a process to exit this business. This impairment is a special item that has been excluded from the company's adjusted diluted earnings per share results.

Adjusted earnings per share improved to $1.17, from $1.02 in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.12 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues for the quarter was $6.624 billion up from $5.898 billion last year. Wall Street analysts had a consensus revenue estimate of $6.44 billion for the quarter.

The company said it is on track to achieve its 2014 adjusted earnings guidance range of $4.45 to $4.60 per share. Analysts project annual earnings per share of $4.57.