Coal Ash Wednesday: Duke Energy pockets $231 million from Trump's tax scam

And that's just for the last three months of 2017:

Electric Utilities and Infrastructure recognized fourth quarter 2017 segment income of $826 million, compared to $483 million in the fourth quarter of 2016. In addition to the drivers outlined below, fourth quarter 2017 results were impacted by a $231 million benefit related to the Tax Act and a $14 million after-tax charge related to regulatory settlements. These amounts were treated as special items and excluded from
adjusted earnings.

On an adjusted basis, Electric Utilities and Infrastructure recognized fourth quarter 2017 adjusted segment income of $609 million, compared to $483 million in the fourth quarter of 2016, an increase of $0.18 per share.

A couple of clarifications: That net $826 million is from all utilities, not just those actually operating in North Carolina. But that was "netted" from about $3.2 billion dollars in revenues, for the 4th Quarter alone. And one of the best ways to judge just how profitable a company is, you need to look at stockholders' dividend payments:

Ex/Eff Date Cash Amount
2/15/2018 Cash 0.89
11/16/2017 Cash 0.89
8/16/2017 Cash 0.89
5/17/2017 Cash 0.855
2/15/2017 Cash 0.855
11/16/2016 Cash 0.855
8/10/2016 Cash 0.855
5/18/2016 Cash 0.825
2/10/2016 Cash 0.825
11/10/2015 Cash 0.825
8/12/2015 Cash 0.825
5/13/2015 Cash 0.795
2/11/2015 Cash 0.795

There are just under 700 million Duke Energy stocks out there, which calculates to around $2.45 Billion they paid out to stockholders. That's just for 2017 alone. And as you can see from the quarterly dividend rates, that quarterly payout has increased by over 12% since the end of 2015.

Duke Energy is making money hand over fist, and they don't need (or especially deserve) a rate increase at all, much less one in the double digits.

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Comments

This is only part of the picture

Earnings reports are (of course) a critical measure of how well a company is doing, but they don't tell you one important factor: How much money the company has piled up in various accounts. There's one account (it's a division, really) that is particularly notable, the "new acquisitions" one, in which they stash away huge amounts of liquid assets (cash) in order to gobble up power generating facilities in the various states (and countries). I've seen that account holding as much as $38 Billion in the past, and hopefully I'll be able to get a current number in the near future.