Duke Energy Corp Earnings Cheat Sheet: Profit Down

S&P 500 (NYSE:SPY) component Duke Energy Corporation (NYSE:DUK) reported its results for the third quarter. Duke Energy offers electric power and gas distribution operations and other energy services in North and South America.

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Duke Energy Earnings Cheat Sheet for the Third Quarter

Results: Net income for Duke Energy Corporation fell to $472 million (35 cents per share) vs. $670 million (51 cents per share) a year earlier. This is a decline of 29.6% from the year earlier quarter.

Revenue: Rose 0.5% to $3.96 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: DUK reported adjusted net income of 50 cents per share. By that measure, the company beat the mean estimate of 47 cents per share. It fell short of the average revenue estimate of $4.06 billion.

Quoting Management: “The company had a solid third quarter, and as a result of its strong performance year to date, we are increasing our adjusted diluted earnings guidance range for the year from $1.35 – $1.40 to $1.40 – $1.45 per share,” said James E. Rogers, chairman, president and chief executive officer. “The fourth quarter will require that we maintain our focus to complete our proposed merger with Progress Energy, work to resolve our rate cases in the Carolinas, and remain on track to complete major generation facilities at Cliffside in North Carolina and Edwardsport in Indiana by their 2012 deadlines,” he added. “Yet nothing is more important than ensuring our customers continue to receive safe, reliable, cost effective energy.”

Key Stats:

Revenue has risen the past four quarters. Revenue increased 7.5% to $3.53 billion in the second quarter. The figure rose 1.9% in the first quarter from the year earlier and climbed 10.8% in the fourth quarter of the last fiscal year from the year-ago quarter.

The company has now topped analyst estimates for the last three quarters. It beat the mark by 3 cents in the second quarter and by 4 cents in the first quarter.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 22 cents a share to 21 cents over the last ninety days. For the fiscal year, the average estimate has moved up from $1.37 a share to $1.38 over the last ninety days.

Competitors to Watch: American Electric Power Co., Inc. (NYSE:AEP), Progress Energy, Inc. (NYSE:PGN), DPL Inc. (NYSE:DPL), The Southern Company (NYSE:SO), PPL Corporation (NYSE:PPL), SCANA Corporation (NYSE:SCG), TECO Energy, Inc. (NYSE:TE), FirstEnergy Corp. (NYSE:FE), ALLETE, Inc. (NYSE:ALE), and Dominion Resources, Inc. (NYSE:D).

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(Source: Xignite Financials)