Duke Energy Corporation (ticker: DUK, exchange: New York Stock Exchange (.N))
News Release -
Duke Energy Posts Strong Third Quarter Results; Increases 2010 Earnings Outlook
CHARLOTTE, N.C., Oct 28, 2010 /PRNewswire via COMTEX/ --
- Third quarter 2010 adjusted diluted earnings per share (EPS) were 51 cents, compared with 40 cents for the third quarter 2009
- Reported diluted EPS for third quarter 2010 was 51 cents, compared to 8 cents for the third quarter 2009
- Company increases 2010 adjusted diluted EPS outlook range from $1.30 - $1.35 to $1.40 - $1.45
Unusually warm summer weather throughout Duke Energy's service territories drove third quarter 2010 adjusted diluted earnings per share to 51 cents, compared to 40 cents for third quarter 2009.
Reported diluted EPS for the third quarter 2010 was 51 cents, compared to 8 cents for the same period last year.
As a result of the company's performance through its first three quarters, the 2010 adjusted diluted EPS guidance has been increased for the second time this year. The new guidance is $1.40 - $1.45, up from $1.30 - $1.35.
The Carolinas recorded the hottest third quarter since the company began keeping records in 1961. Temperatures also were significantly above normal in the Midwest.
Third quarter results were also supported by increased pricing resulting from the base-rate increases approved in 2009 in the Carolinas. Additionally, Duke Energy (NYSE: DUK) continued to experience improvement in weather-normalized sales volumes to industrial customers as compared to the prior-year quarter.
These increases were partially offset by an impairment charge related to the pending settlement agreement reached in September 2010 on the cost of the Edwardsport Integrated Gasification Combined Cycle (IGCC) Station in Indiana. Quarterly results also continued to be adversely affected by customer switching in Ohio, which has stabilized, in line with the company's expectations.
SOURCE Duke Energy