Duke Energy Corporation has added a news release to its Investor Relations website. Title: Duke Energy Posts Strong Second Quarter Adjusted Earnings; Increases Outlook for 2010
Date(s): 8/3/10 7:04 AM
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CHARLOTTE, N.C., Aug 03, 2010 /PRNewswire via COMTEX/ --
- 2010 adjusted diluted earnings per share (EPS) outlook range increased from $1.25 - $1.30 to $1.30 - $1.35
- Second quarter 2010 adjusted diluted EPS was 34 cents, compared with 26 cents for the second quarter 2009
- Due to non-cash goodwill and other impairment charges, reported diluted net loss per share for second quarter 2010 was 17 cents, compared to diluted earnings per share of 21 cents for the second quarter 2009
Duke Energy (NYSE: DUK) today announced second quarter 2010 adjusted diluted EPS of 34 cents, compared to 26 cents for second quarter 2009. Reported diluted net loss per share for the second quarter 2010 was 17 cents, compared to diluted earnings per share of 21 cents for the same period last year.
The company has increased its 2010 adjusted diluted EPS guidance from $1.25 - $1.30 to $1.30 - $1.35 based upon its strong performance during the first half of 2010.
Reported results for the second quarter 2010 were impacted by non-cash impairment charges of approximately $660 million, primarily related to the remaining goodwill associated with non-regulated generation operations in the Midwest. These charges have no impact on the company's liquidity position and have been excluded from adjusted diluted EPS. After these charges, there is no remaining goodwill associated with the non-regulated Midwest generation operations.
Duke Energy's quarterly results were driven by temperatures that were above normal in all five of the company's service territories for each month in the second quarter. The Carolinas experienced the hottest June on record. Also, the company saw improved weather-normalized retail sales volumes as well as increased pricing.
"Our second quarter results were very strong," said James E. Rogers, chairman, president and chief executive officer. "We continue to see signs of an improving economy, particularly with our industrial load. Our results were also driven by higher than normal temperatures. Our generation and power delivery teams performed very well during this period of extreme weather.
"Based on our strong first half results and a continued focus on cost management, we are increasing our 2010 adjusted diluted EPS outlook range from $1.25 - $1.30 to $1.30 - $1.35 per share."
MEDIA CONTACT Tom Shiel Phone: 704- 382-2355 24-Hour: 800-559-3853
ANALYST CONTACT Bill Currens Phone: 704- 382-1603
SOURCE Duke Energy
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