Duke earnings hurt by mild weather

Duke reports first earnings after Progress merger; books large merger costs

Associated Press

CHARLOTTE, N.C. (AP) -- Duke Energy, the nation's largest electric utility by market value, reports net income of $594 million in the third quarter, its first full quarter since acquiring Progress Energy.

Duke said Thursday it earned 85 cents per share in the quarter on revenue of $6.72 billion.

The Charlotte, N.C.-based company reported that it earned $1.47 per share when it excluded $457 million in deal-related costs, a $180 million increase in the costs it must pay to complete a new coal plant in Indiana and other unusual items.

Analysts surveyed by FactSet had expected Duke to earn an adjusted $1.44 per share on revenue of $6.79 billion.

Duke was allowed to charge customers higher rates in the quarter, but milder weather in its service territory reduced demand for electricity.

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