Duke Energy (NYSE:DUK) is trading over a percent higher today despite reporting a 30 percent drop in third quarter net income. The company said that consumption of energy is lower than last year as consumers used less energy on air conditioners due to a cooler summer. Power usage was also significantly lower due to the effects of the economy. Duke Energy rose today as earnings topped Wall Street estimates due to increased demand from commercial and industrial customers.
The company said that for the three months which ended on September 30th it earned $472 million, or 35 cents per share, down from last years same quarter earnings of $670 million, or 51 cents per share. Excluding one time items the company’s earnings would have been 50 cents per share, topping analyst estimates by 3 cents per share.
Revenue during the period remained flat at $3.96 billion, below Wall Street’s estimates of $4.11 billion.
Duke Energy currently trades at $20.69 per share, up 1.27 percent on the day so far.
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