Duke Energy's Profit Falls 20 Percent After Spinoff
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Duke Energy Corp., owner of electric utilities in the Carolinas and U.S. Midwest, said third-quarter profit fell 20 percent, less than analysts estimated, after its January spinoff of Spectra Energy Corp., the second-largest U.S. pipeline company.
Net income fell to $607 million, or 48 cents a share, from $763 million, or 60 cents, a year earlier, Charlotte, North Carolina-based Duke said today in a statement. Sales rose 16 percent to $3.8 billion as hotter weather increased demand for electricity to run air conditioners.