August 3, 2017 / 11:04 AM / 3 years ago

U.S. utility Duke's profit rises 35 percent

FILE PHOTO - The Duke Energy coal-fired power plant is seen from the Dan River in Eden, North Carolina, U.S. on February 19, 2014. REUTERS/Chris Keane/File Photo

(Reuters) - Duke Energy Corp (DUK.N), the biggest U.S. power company by generation capacity, reported a 35 percent jump in quarterly profit, helped by higher prices and electricity sales.

Duke also said it was on track to meet its profit forecast for the year.

The company attributed the jump in profit to higher revenue from increased prices and stronger volumes at its regulated utilities unit. The regulated utilities unit accounts for the bulk of the company’s profit.

Net income attributable to Duke rose to $686 million, or 98 cents per share in the second quarter ended June 30, from $509 million, or 74 cents per share, a year earlier.

Excluding items, the Charlotte, North Carolina-based company reported earnings of $1.01 cents per share, matching analysts’ average expectation, according to Thomson Reuters I/B/E/S.

Total operating revenue rose 7 percent to $5.56 billion.

Reporting by Muvija M in Bengaluru; Editing by Sai Sachin Ravikumar

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