Aug 8 (Reuters) - Duke Energy Corp missed Wall Street estimates for profit in the second quarter on Tuesday, as cooler-than-normal weather in the first half of the year in regions serviced by the company weighed on customers' electricity needs for heating.
Higher interest rates also bored down on the electric and gas utility, as the hawkish stance of the U.S. Federal Reserve has made borrowing more expensive for businesses. Duke paid 23.6% more interest in the reported quarter compared with a year earlier.
Total operating expenses edged higher on higher fuel costs for electric generation, but were partially offset by lower prices for natural gas.
The Charlotte, North Carolina-based company reported profit of 91 cents per share, compared with estimates of 99 cents per share, according to Refinitiv analysts.
Duke, however, reaffirmed its adjusted 2023 earnings per share forecast of $5.55 to $5.75.
"Fundamentals of our business are strong and we are on track to deliver long-term EPS growth of 5-7% through 2027 as we invest to serve growing demand for affordable and reliable clean energy," said Duke's CEO Lynn Good.
Duke's electricity services, which serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, earned $850 million in revenue.
The company's overall revenue was $6.57 billion for the quarter ended June 30, higher than estimates of $6.16 billion from Refinitiv analysts.
(Reporting by Seher Dareen in Bengaluru; Editing by Krishna Chandra Eluri)
