Duke Energy earnings hurt by mild weather - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC

Duke Energy earnings hurt by mild weather

Posted: Updated:
CHARLOTTE, N.C. (AP) -

Duke Energy, the nation's largest electric utility by market value, reports net income of $594 million in the third quarter, its first full quarter since acquiring Progress Energy.
 
Duke said Thursday it earned 85 cents per share in the quarter on revenue of $6.72 billion.
 
The Charlotte, N.C.-based company reported that it earned $1.47 per share when it excluded $457 million in deal-related costs, a $180 million increase in the costs it must pay to complete a new coal plant in Indiana and other unusual items.
 
Analysts surveyed by FactSet had expected Duke to earn an adjusted $1.44 per share on revenue of $6.79 billion.
 
Duke was allowed to charge customers higher rates in the quarter, but milder weather in its service territory reduced demand for electricity.

Copyright 2012 The Associated Press. All rights reserved.

Powered by WorldNow