November 08, 2012 at 09:09 AM EST
Duke Energy Backs Outlook as Q3 Earnings Rise, Helped by Progress Acquisition (DUK)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here