NEW YORK (TheStreet) -- Shares of Duke Energy Corp (DUK) are up 2.41% to $71.52 in early market trading following the company's strong second quarter earnings, highlighted by an 80% jump in profit due to favorable weather and a lower tax rate.
The energy company reported second quarter earnings of $609 million, or 86 cents a share, compared with $339 million, or 48 cents a share in the same quarter of 2013.
Adjusted earnings per share were $1.11, higher than the 87 cents per share from a year ago, and beating the 98 cents per share estimate by analysts at Thomson Reuters.
Revenue for the quarter was up 1.2% year over year to $5.95 billion, but missed analysts estimates by $170 million.
Duke Energy raised its adjusted earnings guidance range for the full year to $4.50 to $4.65 from $4.45 to $4.60.
Separately, TheStreet Ratings team rates DUKE ENERGY CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate DUKE ENERGY CORP (DUK) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income."