Hotter than normal weather throughout Duke’s US service territory was a primary driver behind the company’s strong quarter-over-quarter performance. US franchised electric and gas (USFE&G) and commercial power increased earnings before interest and taxes (EBIT) by $82 million and $64 million, respectively.
The company reported third quarter 2007 net income of $607 million from continuing operations, compared to $763 million in the same period in 2006.
The company also reported diluted EPS of 48 cents versus 60 cents in the previous year’s quarter, which included the results from Spectra Energy.
James Rogers, chairman, president and CEO of Duke Energy, said: In our regulated business, we met our customers’ record demand for power in the Carolinas and Midwest with superior operational performance. Our other businesses, commercial power and international, also performed exceedingly well. Based on these results, we expect our annual earnings to finish well above our 2007 employee incentive target of $1.15 ongoing diluted EPS.
