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Duke Energy Q3 net income $1.27 billion

Staff writer |
Duke Energy reported its third-quarter results with net income of $1.27 billion, compared to $1.01 billion in the same period in the previous year.

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Third quarter 2014 adjusted diluted earnings per share (EPS) were $1.40, compared to $1.46 for the third quarter 2013. Reported diluted EPS for the third quarter 2014 was $1.80, compared to $1.42 for the third quarter 2013.

The company reiterated earnings guidance for the 2014 full year of $4.50 to $4.65 per share.

Regulated Utilities recognized an adjusted segment income for this past quarter of $920 million, which remained relatively flat from the previous year. Favorable weather and increased pricing in the quarter drove up earnings, but they were offset by higher depreciation and interest expense, among other things.

International Energy had an adjusted segment income of $80 million, versus the $116 million from the third quarter in 2013. The primary driver for these decreased earnings was unfavorable results in Latin America, such as lower volumes and higher purchased power costs.

Commercial Power reported an adjusted segment income for the third quarter of $51 million, up from $15 million in the previous year. The increase was due to higher results from the Midwest coal and gas generation fleets.

Duke was assessed a $477 million charge, or $0.43 per share, in the third quarter. This was a pretax reversal of a previously recognized impairment charge related to the sale of Duke’s Midwest generation business to Dynegy.

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