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Duke Energy reports increase in net income

Duke Energy's earnings rose by $123 million to $595 million in the third quarter, the first full report since the utility merged with Progress Energy in the summer.

Earnings per share fell to 85 cents in the third quarter of 2012 on revenue of $6.72 billion, compared with $1.06 per share on revenue of $3.96 billion for the same period a year ago.

Shareholder earnings were hurt by mild weather, costs related to its July merger with Progress Energy, and charges for an Indiana power plant.

Duke adjusted last year's quarterly results to reflect the one-for-three stock split that occurred just before the merger closing with Progress Energy on July 2.

"We recently celebrated the first 100 days as the new Duke Energy and are coming together as one stronger, more efficient organization," said Jim Rogers, Duke president and chief executive officer. "Our employees are focused on delivering on our merger commitments to customers, regulators and shareholders. We're off to a great start."

Duke's stock price closed Thursday at $62.56, down $7.30 from when the merger took place.

Duke Energy reports increase in net income 11/08/12 [Last modified: Thursday, November 8, 2012 6:40pm]
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