November 2, 2018 / 11:00 AM / 19 days ago

U.S. utility Duke Energy profit beats estimates

(Reuters) - U.S. utility Duke Energy Corp (DUK.N) 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. (bit.ly/2OmadDZ)

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

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