Wednesday, November 22, 2017
Business

Hurricane Irma hits Duke Energy’s earnings for third quarter

RECOMMENDED READING


ST. PETERSBURG — Add another notch to Hurricane Irma’s toll: Duke Energy’s earnings. The utility, of which the local Duke Energy Florida is a part, reported on Friday $954 million in net income for the third quarter of the year — or $1.36 per share — down about 19 percent from $1.2 billion — at $1.70 per share — last year in the same quarter.

It fell short of analysts’ estimates of $1.56 per share for the quarter.

"The hallmark of this quarter was resilience. In the face of unfavorable weather and the destructive force of Hurricane Irma, we continued to deliver on our financial commitments for the year through focused cost control," Lynn Good, Duke CEO, said.

Duke struggled to restore power to its Florida customers following Hurricane Irma, drawing their ire again when it missed its own deadline.

Related coverage: Thousands fume as Duke Energy misses deadline to restore power

Its operating revenue was $6.5 billion for the quarter, just over 1 percent less than the $6.6 billion in the same quarter for 2016.

In a release to investors, the utility attributed the lower earnings to the storm and because earnings no longer include International Energy, a segment of the company that served Central America that Duke sold in 2016. The International Energy difference, said Duke spokesperson Catherine Butler, amounts to about 8 cents per share.

Duke’s stock closed Friday at $88.52 per share, down 4 cents.

Contact Malena Carollo at [email protected] or (727) 892-2249. Follow @malenacarollo on Twitter.

Comments
Across country, small retailers aim for emotional ties big chains may lack

Across country, small retailers aim for emotional ties big chains may lack

Associated PressSome smaller retailers will tug at shoppers’ heartstrings during the holidays, trying to create an emotional experience or connection that a big national chain might not provide.Store owners are going well beyond the usual holiday dec...
Updated: 10 hours ago
Six years and counting: Allegiant Air reaches agreement with flight attendants

Six years and counting: Allegiant Air reaches agreement with flight attendants

ST. PETERSBURG — After six years of negotiations, Las Vegas-based Allegiant Air and its flight attendants union reached a tentative contract to improve worker pay and benefits and solidify airline policies."We feel like it’s an agreement that is cert...
Updated: 11 hours ago
Workers at luxury St. Pete condo tower say they are owed thousands

Workers at luxury St. Pete condo tower say they are owed thousands

ST. PETERSBURG — Nearly three dozen workers at ONE St. Petersburg, a luxury condo tower under construction in the heart of downtown, haven’t been paid in weeks and are owed thousands of dollars.With the holidays nearing, some of the men say they are ...
Updated: 12 hours ago
Some cities faced with all-or-nothing medical marijuana rules are playing it safe

Some cities faced with all-or-nothing medical marijuana rules are playing it safe

When it comes to weighing the options for regulating medical marijuana through the law passed this year, Dunedin city commissioners declared local governments face a "conundrum" and "a false dilemma."They said they would welcome a dispensary in the c...
Published: 11/22/17
More guns being detected at Tampa Bay area airports — and everywhere else

More guns being detected at Tampa Bay area airports — and everywhere else

TAMPA — Here’s some travel math for this traditionally heavy day for long trips: More people carrying guns plus more people flying equals more guns going to the airport.The numbers bear this out. The federal Transportation Security Administration has...
Published: 11/22/17
A year after impasse, Pasco school contract talks run more smoothly

A year after impasse, Pasco school contract talks run more smoothly

LAND O’LAKES — Representatives from the Pasco County school district and the United School Employees of Pasco sat together several times in the weeks leading to Thanksgiving break, trading contract proposals amid (mostly) amicable conversation.They c...
Published: 11/22/17

Florida Supreme Court suspends two Hillsborough lawyers

Times Staff WriterTwo Hillsborough County lawyers have been suspended from practice because of professional misconduct.The Florida Supreme Court ordered a 91-day suspension for Richard Luther Bradford of Brandon after he was found in contempt for fai...
Published: 11/22/17
Get all the Black Friday sales circulars today. Here’s how

Get all the Black Friday sales circulars today. Here’s how

The Tampa Bay Times Thanksgiving Early Bird edition, with all of the Black Friday ads and sales circulars, is available today.That’s right. You don’t have to wait until Thursday to check out the savings. Weighing nearly five pounds, the Early Bird Ed...
Published: 11/22/17
U.S. business leaders say Cuba is still open, at least to them, despite Trump’s new rules

U.S. business leaders say Cuba is still open, at least to them, despite Trump’s new rules

WASHINGTON — When the Trump administration announced new Cuba regulations, it sparked a new round of hand-wringing in Washington over a return to a posture not seen since the Cold War. But now, the American business community is quietly spreading the...
Published: 11/22/17
Here’s when stores will open on Thanksgiving and Black Friday

Here’s when stores will open on Thanksgiving and Black Friday

Although the crowds might still be unruly and the lines long, Black Friday as "The Day" is slowly waning. Steve Kirn, a University of Florida professor and executive director for the David F. Miller Center for Retailing Education & Research, said the...
Published: 11/21/17
Updated: 11/22/17