Duke Energy revenue surges, profit falls after Progress buyout

Wed Aug 7, 2013 7:15am EDT

Aug 7 (Reuters) - Duke Energy Corp, the largest electricity provider in the United States, posted a 64 percent jump in quarterly revenue, helped in part by its buyout last year of a key rival, but earnings fell.

For the second quarter, the company posted net income of $339 million, or 48 cents per share, compared with $444 million, or 99 cents per share, in the year-ago period.

The company's 2012 buyout of rival Progress Energy substantially increased the company's float.

Operating revenue rose to $5.88 billion from $3.58 billion.

Duke said it still expects to earn $4.20 to $4.45 per share this year.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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