Duke Energy misses 4Q profit and revenue expectations


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CHARLOTTE, North Carolina — Duke Energy reported an 86 percent drop in its fourth-quarter net income, mainly due to a drought in Brazil that hurt its international energy business.

The power provider said Wednesday that it completed a strategic review of its international energy business and decided to continue to own and operate it.

It also said that it is in discussions to settle a U.S. government investigation into a coal ash spill last year at the Dan River in North Carolina. Duke Energy said it booked a charge of about $100 million to cover the costs from the possible settlement.

The company reported net income of $97 million, or 14 cents per share, in the three months ending Dec. 31, compared with $688 million, or 97 cents per share, in the same quarter a year ago.

Adjusted to remove one-time items, it had earnings of 86 cents per share. That missed analysts' expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share. Analysts surveyed by FactSet expected earnings of 87 cents per share.

For the year, the company reported profit of $1.88 billion, or $2.66 per share. Revenue was reported as $23.93 billion.

For 2015, the company expects earnings between $4.55 per share and $4.75 per share. Analysts surveyed by FactSet expected $4.73 per share.

Shares of Duke Energy Corp., based in Charlotte, North Carolina, rose 2 cents to $79.41 in morning trading Wednesday.

They have fallen almost 5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 2 percent. The stock has risen 11 percent in the last 12 months.


Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DUK at http://www.zacks.com/ap/DUK


Keywords: Duke Energy, Earnings Report

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