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Duke Energy Earning Jump as Demand from Industry and 2011 Forecast Profit
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Duke Energy Corp (DUK.N) reported a 23 percent jump in quarterly earnings as electricity demand from its industrial customers rose and forecast 2011 profit above Wall Street expectations, boosting it shares.
Net income rose to $427 million, or 32 cents per share, from $346 million, or 26 cents per share, a year earlier.
Excluding one-time items, earnings per share were 21 cents, lagging the 23 cents that analysts had on average forecast, according to Thomson Reuters I/B/E/S.
The shortfall was largely due to the company’s $40 million contribution to its charity Duke Energy Foundation, which reduced earnings per share by about 2 cents, Chief Financial Officer Lynn Good told Reuters.
Revenue rose 11 percent to $3.45 billion, topping the $3.16 billion analysts had expected.
The company, which announced last month that it planned to buy Progress Energy Inc (PGN.N) in a $13.7 billion deal that would create the largest U.S. power company, said it expected 2011 earnings of $1.35 to $1.40 per share, above the $1.34 forecast by analysts.
Shares of Duke rose 3.2 percent in premarket trading to $18.28.