Duke Energy 1Q earnings helped by weather, ratesMay 3, 2013 @ 4:41 am
(AP) - Duke Energy says it earned $634 million in the first quarter, helped by more typical winter weather and higher electric rates.
Duke posted earnings of 89 cents per share Friday on revenue of $5.90 billion. The company's results aren't comparable to last year because Duke hadn't completed its acquisition of Progress Energy.
Adjusted to remove merger costs and other one-time items, Duke earned $1.02 per share, a penny shy of analyst estimates.
Cooler temperatures during the first three months of the year increased demand for electricity compared with last year, which was the warmest winter on record in the U.S. Duke, based in Charlotte, N.C. also benefited from higher rates in North Carolina.
Lower wholesale power prices and higher costs at its international operations dragged earnings lower.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.