Duke Energy earnings up for 2013Feb 18 - McClatchy-Tribune Regional News - Bruce Henderson The Charlotte Observer
Duke Energy said Tuesday the company hits its 2013 earnings target on the strength of its merger with Progress Energy and higher customer rates. Profits of $2.6 billion for the year, on $24.6 billion in revenue, were 50 percent higher than the compared to $1.7 billion a year earlier. Revenue growth for the year was boosted largely by Duke's 2012 merger with Progress Energy, which added territory in the eastern Carolinas and Florida. Duke reported full-year earnings of $3.76 a share, compared to $3.07 in 2012. Adjusted for one-time charges, earnings were $4.35 a share, at the midpoint of Duke's target range, up from $4.32. "Our company demonstrated tremendous focus and discipline in 2013," CEO Lynn Good said in a statement. "As a result, we achieved the mid-point in our earnings per share guidance range, increased the dividend and exceeded our original target of 5 to 7 percent in non-fuel operating and maintenance savings," achieving 9 percent. For the fourth quarter, Duke reported earnings of 97 cents a share beat the 62 cents of a year ago. Adjusted earnings were $1, compared with 70 cents last year. Lower operating and maintenance costs from a new nuclear-outage cost formula in the Carolinas and Duke's 2012 merger added 20 cents a share to fourth-quarter results. Higher rates contributed 12 cents. Duke set 2014 adjusted-earnings targets of $4.45 to $4.60 a share and extended its outlook of 4 to 6 percent average annual growth through 2016. http://www.energycentral.com/functional/news/news_detail.cfm?did=31562381& |