Hot summer sends Duke profits soaring
- Power company Duke Energy Corp. said that its third-quarter profit surged on a revenue boost because of unusually warm weather and higher prices, the company said.
The company earned $670 million, or 51 cents per share, up from $109 million, or 8 cents per share, during the same period a year prior. Revenue rose to $3.95 billion from $3.4 billion.
Analysts polled by Thomson Reuters expected 42 cents per share on $3.74 billion in revenue.
Looking ahead, the company boosted its full-year profit outlook to between $1.40 and $1.45 per share, from $1.30 to $1.35 per share. Analysts expect $1.34 per share.
"The key to Duke Energy's outstanding third quarter was the ability of our employees and our fleet to meet customers' energy demands during the summer's unrelenting heat," said James E. Rogers, chairman, president and CEO, in a statement.
Related News
Victims of California's mega-fire will sue electricity company
LOS ANGELES - Victims of California's most destructive wildfire have filed a lawsuit accusing Pacific Gas & Electric Co. of causing the massive blaze.
The suit filed on Tuesday in state court in California accuses the utility of failing to maintain its infrastructure and properly inspect and manage its power transmission lines.
The utility's president said earlier the company doesn't know what caused the fire, but is cooperating with the investigation by state agencies.
PG&E told state regulators last week that it experienced a problem with a transmission line in the area of the fire just before the blaze erupted.
A landowner near where…
