Duke Energy 1Q profit rises

AP News
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Posted: May 03, 2011 7:58 AM
Duke Energy 1Q profit rises

Duke Energy Corp. says its first quarter earnings rose almost 15 percent on strong results from its international operations and reduced corporate costs.

Duke, based in Charlotte, N.C., said Tuesday its net income rose to $511 million, or 38 cents a share, in the three months ended March 31, That's up from $445 million, or 34 cents a share, a year ago. Analysts expected earnings of 35 cents a share.

It says revenues edged up 2 percent to $3.7 billion. Analysts expected revenue of $3.8 billion.

Duke's international operations improved as a result of higher prices in Brazil and favorable exchange rates.

Its regulated utilities earned less than a year ago because of higher operating and maintenance costs and more temperate weather, which reduced demand for power.

Duke serves 4 million electric customers in North Carolina, South Carolina, Ohio, Kentucky and Indiana.