Duke Energy Profit Tops Expectations On Warmer Weather
November 05 2015 - 8:30AM
Dow Jones News
Duke Energy Corp. on Thursday reported a better-than-expected
profit for its third quarter, helped by warmer weather and strong
core performance in its regulated utilities business.
Charlotte, N.C.-based Duke operates utilities that serve more
than seven million customers in the Carolinas, Florida, Indiana,
Ohio and Kentucky.
In October, Duke said it would buy Piedmont Natural Gas for $4.9
billion, as the electric utility tries to bulk up on gas assets
that offer reliable profit margins and good growth prospects.
Overall, for the quarter ended Sept. 30, Duke posted a profit of
$932 million, or $1.35 a share, compared with $1.27 billion, or
$1.80 a share, a year earlier.
Excluding special items, earnings grew to $1.47 a share from
$1.40 a share a year earlier. Analysts polled by Thomson Reuters
had expected earnings of $1.51 a share.
So far this year, strength in Duke's regulated utilities
business has helped to offset weakness abroad.
In the latest quarter, Duke's regulated utilities reported
segment income of $905 million, down from $920 million a year ago.
Profit was dented by a settlement charge. Excluding that item and
other special charges, profit grew 4.9%.
Duke said the business was helped by warmer temperatures in the
Carolinas, offset in part by the timing of planned work.
In its international energy segment, segment profit fell to $69
million from $80 million a year earlier. The business was hurt by
lower results in Latin America and a write-down in Ecuador.
Earlier this year, Duke said it completed a strategic review of
the international business and plans to continue to own and operate
it. The business has been hurt by lower volumes and drought in
Brazil.
Duke narrowed its full-year outlook to $4.55 to $4.65 from $4.55
to $4.75 a share.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 05, 2015 08:15 ET (13:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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