Cool, rainy weather chills Duke's Q3 results

|About: Duke Energy Corporation (DUK)|By:, SA News Editor

Duke Energy (DUK) posted lower than expected Q3 earnings primarily due to wet, cool weather in North and South Carolina that reduced demand for air conditioning.

"The third quarter is the biggest quarter for a utility," CEO Lynn Good says. "It was just unseasonably cool in the Carolinas, with a lot of rain" - the weather dented DUK's earnings by $0.09/share, Good says.

The U.S. franchised gas and electric business reported adjusted income rose 1.8% to $923M on revised customer rates, favorable retail volumes and stronger wholesale net margins; adjusted profit at the international energy segment rose 13%.

The commercial power business posted a 52% decline in adjusted earnings, mostly the result of weaker results from its renewables business and lower generation volumes from the Midwest gas generation fleet.

DUK raises the lower end of its EPS estimate for the year by $0.05 and now expects to $4.25-$4.45.