Duke Third-Quarter Profit Rises After Progress Takeover
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Duke Energy Corp. said added customers and higher rates boosted profit 26 percent in the third quarter, the first full period since its takeover of Progress Energy Inc. made it the largest U.S. utility owner.
Net income increased to $594 million, or 85 cents a share, from $472 million, or $1.06, a year earlier, Charlotte, North Carolina-based Duke said in a statement today. Excluding costs from the merger and construction of Indiana power plant, per-share profit was 3 cents more than the average of 15 analysts’ estimates compiled by Bloomberg. Sales rose 70 percent to $6.72 billion.