Earnings Preview: Duke Energy Faces Lower Demand

MARK WILLIAMS

COLUMBUS, Ohio (AP) — Power company Duke Energy Corp. is scheduled to report third-quarter earnings on Friday. The following is a summary of key developments and analysis related to the period.

OVERVIEW: Charlotte, N.C.-based Duke Energy has been hurt by lower demand for electricity during the recession. Industrial demand has been especially weak, with sales off 18.5 percent in the second quarter in the Carolinas and 20.9 percent in the Midwest.

At the same time, mild summer weather in much of the country reduced demand for air conditioning.

Duke has been slashing costs to try to offset some of the decline in demand.

Duke is one of the largest electric power companies in the United States with about 4 million customers in the Carolinas, Ohio, Kentucky and Indiana. It also has about 500,000 gas customers in Ohio and Kentucky and generates electricity in Latin America.

BY THE NUMBERS: Analysts surveyed by Thomson Reuters expect Duke to post profit of 38 cents per share on revenue of $3.8 billion.