News Summary: Duke Energy posts solid 3Q earnings
TOP POWER: Duke Energy reported its first quarterly earnings as the nation's biggest electric utility after completing its acquisition of Progress Energy in late June. The company earned $594 million, or 85 cents per share, on revenue of $6.72 billion.
BETTER THAN EXPECTED: Duke said it earned $1.47 per share when it excluded deal-related costs and other unusual items. Analysts surveyed by FactSet had expected Duke to earn an adjusted $1.44 per share.
SLUGGISH ECONOMY: Duke's electricity sales fell on weaker demand because of milder weather and slower industrial activity. CEO Jim Rogers said that while the company remains on track to hit earnings targets, economic growth in Duke's Midwest and Southeastern service area will remain weak.