Duke Energy's earnings rose 69 percent in the third quarter of 2013 but fell short of analysts' estimates as a result of lower electricity demand.
Net income in the third quarter totaled $1 billion on revenue of $6.71 billion, an increase over the same period a year ago when net income reached $594 million on revenue of $6.72 billion.
Earnings per share in the third quarter rose to $1.42 compared with 85 cents per share for the same quarter last year. Analysts expected per-share earnings to be 5 cents higher than Duke delivered.
"Our third-quarter results were supported by the constructive regulatory outcomes we achieved this year," said chief executive Lynn Good.
"We have successfully achieved the near-term priorities we established a year ago and are well-positioned to deliver on our commitments to customers, communities and investors," she said. "Our ongoing focus is to deliver on the promises we made after our merger with Progress Energy — to leverage our scale in order to maximize the efficiency of our operational and financial performance."