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Duke Energy Profit Rises 13%

By  AOG Staff Friday, 02 November 2018 06:43
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U.S. utility Duke Energy Corp reported a better-than-expected quarterly profit on Friday, helped by higher demand in its electric utilities and infrastructure business.

(Photo: Duke Energy)
(Photo: Duke Energy)

Operating revenue from that unit, which accounts for the bulk of Duke's overall business, rose 2 percent to $6.26 billion in the third quarter.

The Charlotte, North Carolina-based company has been expanding its business through investments in renewable energy and power generation stations for electric vehicles.

Net income attributable to Duke rose to $1.08 billion, or $1.51 per share, in the three months ended Sept. 30, from $954 million, or $1.36 per share, a year earlier.

The company took an $84 million after-tax impairment charge related to a settlement in the year-ago quarter.

Excluding one-time items, the company earned $1.65 per share, beating analysts' average estimate of $1.52, according to IBES data from Refinitiv.

Total operating revenue rose to $6.63 billion from $6.48 billion.

(Reporting by Debroop Roy in Bengaluru; Editing by Shinjini Ganguli)

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