- AIG CEO Ready to Quit over Pay Constraints: Report
- Pay Caps Make it Hard for GM to Hire Execs: Whitacre
- Unemployment May Cause Loan Defaults in US: Zoellick
- US Recovery to be Weak, Erratic: Top Fed Officials
- Just 1 in 20 Plan to Buy a Home Next Year: Survey
- Bring on Tougher Regulation: S&P Owner
- Retail Earnings in Focus Ahead of Shopping Season
- Ponzi Proceeds: Bidding on Madoff's Toys
- Investments in Global Oil Projects to Fall Next Year: Shell
- Beware of 'Trampling Effect' When Market Tops: Manager
- Gold Heading to $1150: Art Hogan
- Starbucks Brews Up Growth
- Farr: An Extended Period—No Fat Lady in Sight
- More Upside if S&P Passes This Number: Market Pro
- Murdoch Lashes Out At Google
- Fighting The Flu Vaccine Critics
- Nov. 10: Unusual Volume Leaders
- Shadow Inventory Dwarfs Loan Mods
- EU fines plastics cartel euro173 million
- Bertelsmann 3rd quarter earnings rise sharply
- Sweden's Securitas Q3 profit down 19 pct
- Orthodox Jews flock to SD, support leader on trial
- Finnair appoints new CEO, president
- World Bank warns unemployment threatens US economy
- Swisscom Q3 net profit up 9 pct to 513M francs
- Ian Smith resigns as CEO of Reed Elsevier
- Hypo Real Estate posts another loss for Q3
Text Size 
COLUMBUS, Ohio - Power company Duke Energy Corp. is scheduled to report third-quarter earnings on Friday. The following is a summary of key developments and analysis related to the period.
OVERVIEW: Charlotte, N.C.-based Duke Energy has been hurt by lower demand for electricity during the recession. Industrial demand has been especially weak, with sales off 18.5 percent in the second quarter in the Carolinas and 20.9 percent in the Midwest.
At the same time, mild summer weather in much of the country reduced demand for air conditioning.
Duke has been slashing costs to try to offset some of the decline in demand.
Duke is one of the largest electric power companies in the United States with about 4 million customers in the Carolinas, Ohio, Kentucky and Indiana. It also has about 500,000 gas customers in Ohio and Kentucky and generates electricity in Latin America.
BY THE NUMBERS: Analysts surveyed by Thomson Reuters expect Duke to post profit of 38 cents per share on revenue of $3.8 billion.
ANALYST TAKE: Shelby Tucker of Oppenheimer said Duke stands to benefit in the quarter from higher rates in Ohio and easier comparisons against a year-ago quarter weighed down by storm-related charges. Still, Duke has been hurt by lower demand for power during the recession and a mild summer in the Midwest.
Tucker has a "Perform" rating with a $16 price target.
WHAT'S AHEAD: Shortly after the third quarter ended, Duke reached a tentative deal with the staff of North Carolina regulators to raise rates on its 1.8 million customers in the state by 7 percent over two years beginning Jan. 1.
Duke Energy has received $204 million in federal grants as part of a $1 billion plan to modernize its systems. Almost all of money will go toward its Midwest operations where Duke wants to install new "smart" meters at the homes of its electric and gas customers that are designed to help customers use electricity more efficiently and improve reliability.
STOCK PERFORMANCE: Duke Energy shares followed the overall markets higher during the third quarter, climbing 8 percent to finish at $15.74.
Print
Email
- Vote and suggest your own, and remember--there's a fine line between a hero and a zero.
- If you are lucky enough to have money and the time, this is a great time to see America, says CNBC's Jane Wells.
- What’s powering your microwave, fridge and computer? Part of it is fuel from Russian nuclear weapons. The NYT reports.
- One author sees lessons for you in Disney’s recent Makeover of Mickey Mouse: “Nice” doesn’t always win.
- With 123 years of history, slogans and commercials, Coca-Cola is the most recognized brand on earth.
- The opening of a virtual pet store in “World of Warcraft” could prove a cash bonanza for Activision-Blizzard.
Data is a real-time snapshot *Data is delayed at least 15 minutes