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
Electricity distributors warn excess solar power in network could cause blackouts, damage infrastructure
SYDNEY - With almost 1.8 million Australian homes and businesses relying on power from rooftop solar panels, there is a fight brewing over the impact of solar energy on the national electricity grid.
Electricity distributors are warning that as solar uptake continues to increase, there is a risk excess solar power could flow into the network, causing blackouts and damaging infrastructure.
But is it the network businesses that are actually at risk, as customers turn away from centrally produced electricity?
This is what three different parties have to say:
Andrew Dillon of the network industry peak body, Energy Networks Australia (ENA), told 7.30 the…
