Duke Energy Corporation has added a news release to its Investor Relations website. Title: Duke Energy Reports Full-Year and Fourth-Quarter 2008 Results Date(s): 2/5/2009 7:04:00 AM
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* Fourth quarter 2008 adjusted diluted earnings per share (EPS) were 27 cents, compared with 25 cents for the fourth quarter 2007
* Reported diluted EPS for fourth quarter 2008 was 26 cents, compared to 19 cents for the fourth quarter 2007
* Adjusted diluted EPS for 2008 was $1.21 compared to $1.23 in 2007
* Reported diluted EPS was $1.07 for 2008, compared to $1.18 in 2007
* Company sets 2009 employee incentive target of $1.20, based on adjusted diluted EPS
CHARLOTTE, N.C., Feb. 5 /PRNewswire-FirstCall/ -- Duke Energy today announced fourth quarter 2008 adjusted diluted EPS of 27 cents, compared to 25 cents for fourth quarter 2007. Reported diluted EPS for fourth quarter 2008 was 26 cents, compared to 19 cents for fourth quarter 2007.
Full-year adjusted diluted EPS was $1.21 for 2008, compared to $1.23 in 2007. Full-year reported diluted EPS was $1.07 for 2008, compared to $1.18 in 2007.
The increase in adjusted diluted EPS for the fourth quarter is primarily due to solid results in Duke Energy's core business segments. Although the company's jurisdictions experienced favorable weather in the quarter compared to 2007, the positive impacts were partially offset by lower volumes due to the recessionary environment.
The decrease in full-year adjusted diluted EPS was driven primarily by lower weather-adjusted volumes, lower results at Crescent Resources (Crescent) reflecting the downturn in the real estate market, and overall less favorable weather as compared to the prior year.
"Despite the headwinds of recession, we delivered solid results for the fourth quarter and for the entire year," said James E. Rogers, chairman, president and chief executive officer. "We said we would work hard to meet or exceed the minimum threshold of $1.20 for our employee incentive plan, and our employees delivered.
"As we enter 2009, we have put into place cost-saving measures to maintain our strong financial position in the face of the continuing recession," he added. "These measures include freezing salaries for the majority of exempt employees. We know we have more to do, so we have a cost control target among our 2009 employee incentive goals. Anticipating a continued slow economy, we are establishing an employee incentive target of $1.20 adjusted diluted earnings per share for 2009. And of course, we remain committed to maintaining our company's dividend and strong balance sheet."
Starting in the first-quarter 2008, Duke Energy began presenting adjusted earnings, which excludes the impacts of special items, extraordinary items, discontinued operations, as well as the mark-to-market impacts of economic hedges in the Commercial Power segment. Prior to the first-quarter 2008, Duke Energy presented ongoing earnings, which excluded the impacts of special items, extraordinary items and discontinued operations. For comparative purposes, ongoing earnings for prior periods have been revised to present results for all periods on the same adjusted earnings basis.
SOURCE Duke Energy
CONTACT:
MEDIA, Tom Shiel, +1-704-382-2355 24-Hour: +1-704-382-8333 ANALYSTS: Sean Trauschke, +1-980-373-7905 Web site: http://www.duke-energy.com/
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