Duke Energy's profits fell 6% during the first quarter compared with a year ago as one of the warmest winters on record led to lower energy usage.
Temperatures were above-normal across Duke Energy's service areas in the Carolinas, Florida, and the Midwest as the year began, which hurt sales, says chief financial officer Brian Savoy.
“Weather was very warm across our jurisdictions in January and February, and that created a headwind for us for 2023," he said.
Meanwhile, for the second time, the Charlotte-based utility company also wrote down the value of its commercial renewable energy businesses, which are expected to be sold later this year.
Duke's profit fell to $765 million, from $810 million a year ago. Adjusted for one-time items, earnings per share were $1.20, which fell short of Wall Street expectations.
But Savoy says Duke's territory is continuing to grow and it's on track to hit its profit target for the year.