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The Utilities sector shared some spotlight this week as investors assessed earnings reports from key players including NiSource (NI), Sempra Energy (SRE), NRG Energy (NRG) and Duke Energy (DUK).
Quarter-to-date, the utilities sector (NYSEARCA:NYSEARCA:XLU) is trading 8.4% higher, outperforming the SPY’s nearly 3% downturn.
In this week’s earnings recap, 7 tickers reported results, out of which 4 companies reported an earnings beat, 3 reported a miss. On the revenue side, 3 companies exceeded revenue estimates, while 4 companies trailed estimates.
Below are the latest quarterly reports from some of the key players, which reported results this week:
Duke Energy (DUK) reported better-than-expected Q2 adjusted earnings, citing higher rate increases and riders, stronger sales volumes, and improved weather in the period.
Sempra (SRE) missed estimates for Q2 adjusted earnings and revenues, weighed by weak results in its California segment, which accounts for at least 80% of total company revenues.
NRG Energy (NRG) reported strong second-quarter financial and operating performance, resulting in GAAP net income of $738 million and adjusted EBITDA of $935 million.
So far this quarter, 30 out of 428 companies that have reported results are from the utilities sector. At the industry level, 17 of those are electric utilities, 10 multi utilities, 1 gas utility, 1 independent power & renewable electricity producer, and 1 water utility.
Almost 76.7% of the S&P 500 Utilities sector companies that have reported results so far this quarter have recorded EPS beats, and 23.3% of companies reported a miss.
For the upcoming week, notable S&P 500 names scheduled to report results include Cisco Systems (CSCO), Applied Materials (AMAT), Tapestry (TPR), Walmart (WMT).