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

TC Energy confirms Ontario pumped storage project is advancing

TORONTO - In a bid to accelerate the province's ambitions for clean economic growth, TC Energy Corporation has announced significant progress in the development of the Ontario Pumped Storage Project. The Government of Ontario in Canada has unveiled a sustainable road map aimed at achieving an emission-free electricity sector, and as part of this plan, the Ministry of Energy is set to undertake a final evaluation of the proposed Ontario Pumped Storage Project. A decision is expected to be reached by the end of the year.

Ontario Pumped Storage is a collaborative effort between TC Energy and the Saugeen Ojibway Nation.…

READ MORE
new mexico wind farm

New Mexico Governor to Sign 100% Clean Electricity Bill ‘As Quickly As Possible’

READ MORE

company-becomes-uk-second-largest-electricity-operator

Company Becomes UK's Second-Largest Electricity Operator

READ MORE

trailers in medicine hat

Electricity deal clinches $100M bitcoin mining operation in Medicine Hat

READ MORE

"Knowledge Gap" Is Contributing To On-the-job Electrical Injuries

READ MORE