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UPDATE 1-Duke profit falls 49 percent, beats Wall St view

Fri Oct 30, 2009 7:29am EDT

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* EPS of 40 cents beat Wall St view of 38 cents

* Revenue drops 3 percent to $3.4 billion

NEW YORK, Oct 30 (Reuters) - Power company Duke Energy (DUK.N) posted a 49 percent drop in third-quarter profit as the weak economy sapped demand for electricity, but said it was on track to meet its full-year earnings target.

Net earnings fell to $109 million, or 8 cents per share, from $215 million, or 17 cents per share, a year earlier.

Excluding one-time items, earnings per share came in at 40 cents, slightly higher than the 38 cents that analysts had forecast, according to Thomson Reuters I/B/E/S.

Revenue fell 3 percent to $3.4 billion. (Reporting by Matt Daily; Editing by Lisa Von Ahn)



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