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Friday, October 30, 2009
Duke Profits Down Sharply In 3Q
By Darryl R. Isherwood
FOXBusiness
Duke Energy Corp.’s (DUK) third-quarter profit plunged 49% on a $400 million write-down, but the energy company’s adjusted earnings beat analysts’ estimates despite electricity sales on the decline.
Duke blamed economic woes for the drop in demand, but said industrial volume has continued to stabilize, rising 11% from the second quarter.
The company reported earnings of $109 million, or 8 cents per share, down from $215 million, or 17 cents, a year ago. Absent the write-down, earnings rose to 40 cents from 33 cents.
Revenue fell 3.2% to $3.4 billion.
Analysts had predicted earnings of 38 cents on $3.8 billion.
Duke shares fell 1.6% to $15.85.
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