PNY Piedmont Natural Gas Company, Inc.

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

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(END) Dow Jones Newswires

November 05, 2015 08:15 ET (13:15 GMT)

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