Duke Energy adjusted profit slips as commercial sales weak

Fri May 3, 2013 7:17am EDT

May 3 (Reuters) - Duke Energy Corp, the largest power provider in the United States, reported a drop in adjusted quarterly profit on Friday, blaming weak demand for commercial electricity.

For the first quarter, the company posted profit of $634 million, or 89 cents per share, compared with $295 million, or 65 cents per share, a year earlier.

Duke bought Progress Energy last summer for $18 billion, a deal that sharply increased its size.

Adjusting for the transaction, Duke said it earned $1.02 per share, compared with $1.13 a year earlier.