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Duke Energy reports on second quarter

August 7th, 2007 · No Comments

Duke Energy today reported diluted earnings per share (EPS) for second-quarter 2007, excluding special items and discontinued operations, were 25 cents versus 24 cents in second-quarter 2006.

The 24 cents excludes the results of the natural gas businesses, spunoff as Spectra Energy in January 2007, the results of which are now reported in Discontinued Operations.

The higher ongoing results reflect improved results at U.S. Franchised Electric and Gas and Commercial Power, primarily due to favorable weather, as well as improved results at Duke Energy International.

These results were offset by a lower contribution from Crescent Resources, which changed from a wholly owned subsidiary to an effective 50-50 joint venture in September 2006.

For the first time, quarter-over-quarter comparisons of the former Cinergy operations are included in reported results. Duke Energy merged with Cinergy in April 2006.

“We’re very pleased with the strong performance of our major business units,” said Chairman, President and Chief Executive Officer James E. Rogers. “With normal weather for the rest of the year, and our continuing focus on our operations and cost management, we expect to exceed our 2007 annual employee ongoing diluted EPS incentive target of $1.15.”

Tags: Businesses · Utilities

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