Duke Energy Turns Profit of Nearly $3B
From Charlotte Observer
By Bruce Henderson
Duke Energy hit its 2013 earnings target on the strength of its merger with Progress Energy, higher customer rates and a strong finish to the year.
Profits of $2.7 billion for the year earned $3.76 a share, compared with the $1.8 billion and $3.07 a share in 2012, Duke said Tuesday.
Adjusted for one-time items, earnings were $4.35 a share, at the midpoint of Duke’s target range and ahead of analysts’ estimates. That’s up from $4.32 a year ago.
Revenue growth for the year was boosted largely by Duke’s mid-2012 merger with Progress Energy, which added territory in the eastern Carolinas and Florida.
CEO Lynn Good said five rate case settlements in Duke’s six-state territory helped the year’s earnings, along with modest (0.6 percent) but steady growth in electricity demand and better-than-expected merger savings. Nonfuel operations savings were 9 percent, beating the expected 5 to 7 percent.
For the fourth quarter, Duke’s reported earnings of 97 cents a share beat the 62 cents of a year ago. Adjusted earnings were $1, compared with 70 cents last year.
