Shares of the Charlotte-based utility were up $1.55 to $87.89 in premarket trading Monday.
The company said the second-quarter results "reflect the initial impacts of COVID-19 on our businesses and demonstrate our ability to adapt quickly to mitigate the effects of the economic downturn."
Duke Energy reported a second-quarter loss of $802 million, or $1.13 a share, compared with earnings of $832 million, or $1.12 a share a year ago. Adjusted earnings came to $1.08 a share, beating the Zacks estimate of $1.04.
Revenue totaled $5.4 billion, down 7.7% from a year ago, and below Zack's call for $5.8 billion.
The upcoming fiscal year's earnings are expected to be between $5.05 and $5.45 a share.
During the quarter, the commercial renewables sector saw growth from new projects placed in-service, and gas utilities and infrastructure saw higher results from the Piedmont North Carolina rate case and lower operating and maintenance cost.
Last year, Duke said its subsidiary Piedmont Natural Gas reached an agreement with North Carolina consumer and industrial groups where all parties agreed to a 3% increase in rates, which is about one-third of the 9% increase Piedmont originally requested.
The company said the favorability was offset by lower results at electric utilities and infrastructure, driven by mild weather, lower volumes from commercial and industrial customers and higher depreciation on a growing asset base.
“Despite challenges the first half of 2020 has presented, we’ve demonstrated resiliency and agility, delivering solid second-quarter results and on pace to meet our 2020 financial commitments," Lynn Good, Duke Energy chair, president and CEO, said in a statement.