Duke Energy posts higher profit after Progress deal

Wed Nov 6, 2013 8:05am EST

Nov 6 (Reuters) - Duke Energy Corp, the largest power provider in the United States, said on Wednesday its quarterly profit rose, a year after the buyout of rival Progress Energy.

The company posted third-quarter net income of $1 billion, or $1.42 per share, compared with $594 million, or 85 cents per share, in the year-ago period.

The company bought rival Progress Energy in the year-ago period. Excluding a charge related to the deal, and other one-time items, Duke said it earned $1.46 per share for the third quarter.

Operating revenue fell slightly to $6.71 billion.

The company cut narrowed the range of its full-year earnings forecast and now expects an adjusted profit per share of $4.25 to $4.45, versus a previous range of $4.20 to $4.45.

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