CHARLOTTE, N.C. (AP) _ Duke Energy Corp. (DUK) on Tuesday reported first-quarter earnings of $938 million.
On a per-share basis, the Charlotte, North Carolina-based company said it had net income of $1.24. Earnings, adjusted for severance gains, came to $1.14 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.21 per share.
The electric utility posted revenue of $5.95 billion in the period.
Duke Energy expects full-year earnings in the range of $5.05 to $5.45 per share.
Duke Energy shares have declined 11% since the beginning of the year, while the Standard & Poor's 500 index has declined slightly more than 9%. The stock has fallen 6% in the last 12 months.