This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Duke Energy 4Q Earnings Exceed Expectations

By JONATHAN FAHEY

NEW YORK (AP) â¿¿ With three nettlesome financial issues resolved, Duke Energy Corp. CEO Jim Rogers says the company is now ready to face a future in which homes and businesses will no longer consume increasing amounts of electricity.

Duke reported fourth-quarter earnings Wednesday that beat analyst expectations as electric rates rose and more extreme weather increased demand for power. But Rogers said underlying demand for power, not including the up-and-down effects of weather, would likely remain weak for the foreseeable future because of a slow-growing economy and efficiency programs that are making homes and businesses less energy hungry.

"The growth in demand is not going to be the same as we've experienced in the past," he said. "Our industry is going to have to change its cost structure."

Duke reported net income of $435 million, or 62 cents per share, for the fourth quarter. Adjusted to remove the effect of costs from the recent acquisition of Progress Energy and other one-time charges, Duke earned 70 cents per share. Analysts had expected the company to earn 65 cents per share on an adjusted basis.

Duke shares fell 6 cents to $68.68 in midday trading.

Duke, based in Charlotte, acquired Progress Energy in June, making it the nation's largest utility in the U.S. by market value and number of customers. The company serves 7 million electric customers in six states.

The company's results for the quarter are not directly comparable a year earlier because Progress was still independent. As a stand-alone company, Duke posted net income of $288 million in the last three months of 2011.

Performance at Duke's regulated utilities improved as a result of the addition of Progress Energy's territories in the Carolinas and Florida. Higher power prices and an income tax benefit also helped, and electricity demand was boosted by more extreme weather.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs