Duke Energy Profits Dip
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowDuke Energy Corp. (NYSE: DUK) is reporting a second quarter profit of $339 million, compared to $444 million from the same period a year earlier. The utility says despite the overall loss, its Indiana operations added more electric customers since the previous period in 2012. You can read the entire earnings report release by clicking here.
Aug. 7, 2013
News Release
CHARLOTTE, N.C. – Duke Energy today announced second quarter 2013 adjusted diluted EPS
of $0.87, compared to $1.02 for second quarter 2012, and reported diluted EPS of $0.48, compared to $0.99 for the same period last year.
Reported results include special items that are excluded from the company's adjusted
diluted EPS results. Special items for the second quarter 2013 primarily include $0.26 per share in charges related to a write-off of investment balances in Crystal River 3, $0.08 per share in charges related to a write-off of nuclear development costs, $0.07 per share in merger costs to achieve, and $0.04 per share in charges for litigation reserves related to the company's former investment in Crescent Resources.
On an adjusted EPS basis, U.S. Franchised Electric & Gas, the company's largest business unit, overcame milder weather to post favorable results in the second quarter of 2013 primarily due to the addition of Progress Energy’s utility operations. However, these results were offset by the impact of share dilution from the merger and lower quarterly results at both the Commercial Power and International Energy business units.
Additionally, the company reaffirmed its 2013 adjusted earnings guidance range of $4.20 to $4.45 per share and expects stronger adjusted earnings in the second half of the year as the company implements revised customer rates and continues to achieve efficiencies from the merger transaction.
“After one year, we have had tremendous success coming together as one, stronger company,” said President and CEO Lynn Good. “We're delivering on our promises to customers, shareholders and our communities. We continue making progress with our near-term priorities, positioning Duke Energy for long-term financial and operational success.
“We are on track to achieve our 2013 adjusted diluted earnings per share guidance range of $4.20 to $4.45. We are keenly focused on achieving our financial objectives, supported by realizing constructive regulatory outcomes, maximizing cost efficiencies from our merger, and optimizing the performance in all of our operations,” she said.
Source: Duke Energy Corp.