Electric power utility operator Duke Energy Corp. (DUK) on Thursday posted a 26% gain in third quarter earnings, helped by the addition of income from its July acquisition of Progress Energy.
The Charlotte, NC-based company reported third quarter net income of $594 million, or 85 cents per share, compared with $472 million, or $1.06 per share, in the year-ago period. Excluding special items, adjusted profit was $1.47 per share.
Revenue surged to $6.72 billion from $3.96 billion last year. Most of that uptick was due to its merger with Progress Energy.
On average, Wall Street analysts expected a smaller profit of $1.44 per share, albeit on higher revenue of $6.79 billion.
Looking ahead, DUK stood by its previously-announced full-year 2012 earnings forecast of $4.20 to $4.35 per share, excluding items. Analysts are looking for $4.27 per share for the year.
Duke Energy shares rose 86 cents, or +1.4%, in premarket trading Thursday.
The Bottom Line
Shares of Duke Energy (DUK) have a 4.86% dividend yield, based on last night’s closing stock price of $62.94. The stock has technical support in the $59-$60 price area. If the shares can firm up, we see overhead resistance around the $66 price level.
Duke Energy Corp. (DUK) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.