Nov 6 (Reuters) - Duke Energy ( DUK ) said on Thursday
it estimates the total cost to restore facilities damaged by
Hurricanes Debby, Milton and Helene to be in the range of $2.4
billion to $2.9 billion.
Duke, the largest utility covering North and South Carolina,
recorded tens of thousands of customers left without power after
Helene ripped away thousands of miles of transmission lines and
power poles.
The company also suffered outages and infrastructure damage
post-Hurricanes Debby and Milton.
Total storm restoration costs for all three hurricanes,
including capital expenditures, are estimated to be in the range
of $2.4 billion to $2.9 billion, Duke said.
The costs will be recognized in the third and fourth
quarters of this year and may change as restoration work is
completed.
The company restored 5.5 million outages during the
"historic storm season," CEO Lynn Good said in a statement.
The electric and gas utility's third-quarter profit fell
short of Wall Street estimates on Thursday, hurt by costs
related to storm restoration and higher interest expenses.
Adjusted income at its electric utilities and infrastructure
segment fell 4.3% in the quarter from a year ago due to higher
operating and maintenance expenses, including storm costs.
Duke's electric utilities, which serve 8.4 million customers
in North Carolina, South Carolina, Florida, Indiana, Ohio and
Kentucky, collectively own 54,800 megawatts of energy capacity.
The company reaffirmed its full-year adjusted profit
forecast of $5.85-$6.10 per share, but said it was trending
toward the lower half of the range.
The Charlotte, North Carolina-based utility posted an
adjusted profit of $1.62 per share for the third quarter,
missing analysts' average estimate of $1.70, according to data
compiled by LSEG.