Feb. 18--Duke Energy said Tuesday the company hits its 2013 earnings target on the strength of its merger with Progress Energy and higher customer rates.
Profits of $2.6 billion for the year, on $24.6 billion in revenue, were 50 percent higher than the compared to $1.7 billion a year earlier.
Revenue growth for the year was boosted largely by Duke's 2012 merger with Progress Energy, which added territory in the eastern Carolinas and Florida.
Duke reported full-year earnings of $3.76 a share, compared to $3.07 in 2012. Adjusted for one-time charges, earnings were $4.35 a share, at the midpoint of Duke's target range, up from $4.32.
"Our company demonstrated tremendous focus and discipline in 2013," CEO Lynn Good said in a statement. "As a result, we achieved the mid-point in our earnings per share guidance range, increased the dividend and exceeded our original target of 5 to 7 percent in non-fuel operating and maintenance savings," achieving 9 percent.
For the fourth quarter, Duke reported earnings of 97 cents a share beat the 62 cents of a year ago. Adjusted earnings were $1, compared with 70 cents last year.
Lower operating and maintenance costs from a new nuclear-outage cost formula in the Carolinas and Duke's 2012 merger added 20 cents a share to fourth-quarter results. Higher rates contributed 12 cents.
Duke set 2014 adjusted-earnings targets of $4.45 to $4.60 a share and extended its outlook of 4 to 6 percent average annual growth through 2016.
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