Duke Energy

(DUK) - Get Report

reported that its fourth-quarter income grew 36% to $331 million, or 26 cents a share, up from $243 million, or 19 cents a share, during the fourth quarter last year.

Analysts were expecting 26 cents a share from the Charlotte, N.C.-based power generator, according to Thomson Reuters.

Duke's adjusted earnings were 27 cents compared to 25 cents a year ago. Operating revenue was $3.13 billion, up from $3.03 billion a year ago.

"The increase in adjusted diluted EPS for the fourth quarter is primarily due to solid results in Duke Energy's core business segments," the company said in a press release. "Although the company's jurisdictions experienced favorable weather in the quarter compared to 2007, the positive impacts were partially offset by lower volumes due to the recession."

Duke said in its filing that its core businesses are being negatively affected by the recession. "As we enter 2009, we have put into place cost-saving measures to maintain our strong financial position in the face of continuing recession," the company said.

Shares of Duke Energy were recently moving 1% higher at $15.52 a share. Meanwhile, most of Duke's peers in the utility space are losing ground.

Dominion Resources

(D) - Get Report

was falling 1% at $36.14 a share,

Exelon

(EXC) - Get Report

was falling 2.6% at $56.19 a share, and

Reliant Energy

(RRI)

was sliding 1.5% at $5.10 a share.