Duke Energy reported first quarter 2007 diluted EPS of $0.28 compared to $0.37 in first quarter 2006. Ongoing diluted EPS increased to $0.30 in first quarter 2007 from $0.21 in first quarter 2006, driven by additions from the Cinergy merger and improvements at International Energy, partially offset by lower results at Crescent. Special items reduced EPS by $0.03 in first quarter 2007 and included costs associated with the Cinergy merger. Discontinued operations reduced EPS by $0.01 in first quarter 2007 and $0.16 in first quarter 2006.
- Duke Energy reported ongoing diluted EPS of $0.25 for the second quarter of 2007, up from $0.24 in the second quarter of 2006. Special items reduced EPS by $0.01 in 2007.
- Improved results from the FE&G, Commercial Power, and International segments contributed to the EPS growth, offset by lower results from Crescent Resources.
- Duke Energy expects to exceed its 2007 employee incentive target of $1.15 in ongoing diluted EPS for the full year.
1) Duke Energy reported second quarter earnings of $0.28 per share but ongoing earnings of $0.43 per share, which excludes special items.
2) Key accomplishments in the quarter included closing the merger with Cinergy, announcing the sale of the commercial marketing and trading business, and announcing plans to spin off the gas business.
3) Segments like U.S. franchised electric & gas and natural gas transmission saw earnings increases due to the Cinergy merger and improved conditions.
- Duke Energy reported ongoing diluted EPS of $0.48 for 3Q07, an increase from $0.29 in 3Q06. This was driven by improved results at FE&G, Commercial Power and International Energy segments.
- The U.S. Franchised Electric & Gas segment saw a $82M increase in EBIT due to favorable weather and wholesale contribution. Commercial Power saw a $64M increase due to timing of fuel collections and favorable weather. International Energy saw a $24M increase from margins in Peru.
- Crescent Resources saw a decline from $54M to $10M in EBIT due to lower developed lot and legacy land sales. Other expenses improved by $83M
The document summarizes Duke Energy's first quarter 2006 earnings review presentation. It discusses Duke Energy and Cinergy's first quarter results, including higher ongoing earnings compared to the previous year for most business segments. It also discusses the companies' commitments to investors around growing earnings, achieving full portfolio value, and transparent communication. Key highlights are Duke Energy's continued progress exiting the DENA business and confidence in Cinergy contributing $800 million in ongoing EBIT for the remaining year.
Duke Energy reported financial results for the second quarter of 2007, with ongoing diluted EPS of $0.25 compared to $0.24 in the second quarter of 2006. Higher results were seen at U.S. Franchised Electric and Gas and Commercial Power primarily due to favorable weather. These increases were offset by lower contributions from Crescent Resources due to a change in ownership structure. The company expects to exceed its annual EPS target of $1.15 for 2007.
spectra energy 2Q_2007_SpectraEnergyEarningsfinance49
Spectra Energy reported second quarter 2007 earnings. While ongoing EPS was consistent with expectations, some business segments experienced challenges. US Transmission and Distribution results were solid, but Western Canada was affected by plant turnarounds and Field Services by weather. The company is optimistic about achieving 2007 financial goals and remains committed to delivering steady growth and attractive dividends.
This document summarizes Duke Energy's third quarter 2006 earnings review. It reports that ongoing earnings per share were $0.48, lower than the previous year but that the company remains on track to achieve its revised earnings target. Several business segments saw lower results due to factors like higher costs and weather. However, the addition of Cinergy's utilities contributed positively. The document also discusses Duke Energy's commitments to investors including growing earnings, achieving full portfolio value, and transparent communication.
Progress Energy reported quarterly ongoing earnings of $0.63 per share and GAAP net loss of $0.01 per share for Q2 2005. Key highlights included milder weather negatively impacting earnings, writing off unrecoverable 2004 storm costs, and one less planned nuclear outage. Year-to-date ongoing earnings were $1.14 per share and GAAP earnings were $0.37 per share. Progress Energy reaffirmed its 2005 ongoing earnings guidance of $2.90-$3.20 per share.
- Duke Energy reported ongoing diluted EPS of $0.25 for the second quarter of 2007, up from $0.24 in the second quarter of 2006. Special items reduced EPS by $0.01 in 2007.
- Improved results from the FE&G, Commercial Power, and International segments contributed to the EPS growth, offset by lower results from Crescent Resources.
- Duke Energy expects to exceed its 2007 employee incentive target of $1.15 in ongoing diluted EPS for the full year.
1) Duke Energy reported second quarter earnings of $0.28 per share but ongoing earnings of $0.43 per share, which excludes special items.
2) Key accomplishments in the quarter included closing the merger with Cinergy, announcing the sale of the commercial marketing and trading business, and announcing plans to spin off the gas business.
3) Segments like U.S. franchised electric & gas and natural gas transmission saw earnings increases due to the Cinergy merger and improved conditions.
- Duke Energy reported ongoing diluted EPS of $0.48 for 3Q07, an increase from $0.29 in 3Q06. This was driven by improved results at FE&G, Commercial Power and International Energy segments.
- The U.S. Franchised Electric & Gas segment saw a $82M increase in EBIT due to favorable weather and wholesale contribution. Commercial Power saw a $64M increase due to timing of fuel collections and favorable weather. International Energy saw a $24M increase from margins in Peru.
- Crescent Resources saw a decline from $54M to $10M in EBIT due to lower developed lot and legacy land sales. Other expenses improved by $83M
The document summarizes Duke Energy's first quarter 2006 earnings review presentation. It discusses Duke Energy and Cinergy's first quarter results, including higher ongoing earnings compared to the previous year for most business segments. It also discusses the companies' commitments to investors around growing earnings, achieving full portfolio value, and transparent communication. Key highlights are Duke Energy's continued progress exiting the DENA business and confidence in Cinergy contributing $800 million in ongoing EBIT for the remaining year.
Duke Energy reported financial results for the second quarter of 2007, with ongoing diluted EPS of $0.25 compared to $0.24 in the second quarter of 2006. Higher results were seen at U.S. Franchised Electric and Gas and Commercial Power primarily due to favorable weather. These increases were offset by lower contributions from Crescent Resources due to a change in ownership structure. The company expects to exceed its annual EPS target of $1.15 for 2007.
spectra energy 2Q_2007_SpectraEnergyEarningsfinance49
Spectra Energy reported second quarter 2007 earnings. While ongoing EPS was consistent with expectations, some business segments experienced challenges. US Transmission and Distribution results were solid, but Western Canada was affected by plant turnarounds and Field Services by weather. The company is optimistic about achieving 2007 financial goals and remains committed to delivering steady growth and attractive dividends.
This document summarizes Duke Energy's third quarter 2006 earnings review. It reports that ongoing earnings per share were $0.48, lower than the previous year but that the company remains on track to achieve its revised earnings target. Several business segments saw lower results due to factors like higher costs and weather. However, the addition of Cinergy's utilities contributed positively. The document also discusses Duke Energy's commitments to investors including growing earnings, achieving full portfolio value, and transparent communication.
Progress Energy reported quarterly ongoing earnings of $0.63 per share and GAAP net loss of $0.01 per share for Q2 2005. Key highlights included milder weather negatively impacting earnings, writing off unrecoverable 2004 storm costs, and one less planned nuclear outage. Year-to-date ongoing earnings were $1.14 per share and GAAP earnings were $0.37 per share. Progress Energy reaffirmed its 2005 ongoing earnings guidance of $2.90-$3.20 per share.
Duke Energy reported first quarter 2006 results, with ongoing diluted EPS of 48 cents, up from 43 cents in the prior year. Reported diluted EPS was 37 cents compared to 88 cents last year. Results improved at Franchised Electric, Natural Gas Transmission, and International Energy segments due to factors like customer growth, currency impacts, and improved prices and volumes. Duke Energy is on track to achieve its 2006 target of $1.90 in ongoing diluted EPS and remains comfortable after merging with Cinergy that it can achieve this target for the combined company.
The document summarizes Spectra Energy's first quarter 2007 earnings. Key points include:
- Ongoing earnings were up 10% from Q1 2006, though some segments were dampened by extreme weather and commodity prices.
- The company is on track to deliver 5-7% compound annual EPS growth through 2009 through $3 billion in expansion projects.
- Segments like US Transmission saw earnings growth from capital projects and cost reductions, while Field Services was down due to weather and commodity prices.
- The company reaffirmed its focus on steady growth and attractive dividends to deliver 8-10% total shareholder returns.
This document summarizes Raytheon's financial results for the fourth quarter and full year of 2008. Key points include: Raytheon reported solid financial results for Q4 and full year 2008, with record backlog of $38.9 billion; Q4 sales were $6.1 billion and adjusted EPS was $1.13; Full year sales grew 9% to $23.2 billion and adjusted EPS grew 23% to $4.06; Raytheon reaffirmed its financial guidance for 2009 and expects continued growth.
first energy 4Q 06 Consolidated Report to the Financial_Communityfinance21
This document is Consolidated Energy's quarterly report for Q4 2006. It provides an analysis of changes in EPS from Q4 2005 to Q4 2006. Normalized non-GAAP EPS increased from $0.77 to $0.84 primarily due to regulatory changes in Ohio that increased earnings. However, lower distribution deliveries and generation revenues, along with higher fuel and purchase power costs reduced earnings. Guidance for 2007 normalized non-GAAP EPS is $4.05 to $4.25.
Exelon Corporation reported strong financial results for Q4 and full year 2007. Key highlights included record-setting nuclear output and fleet capacity factors. Adjusted operating earnings for Q4 2007 were $677 million compared to $487 million in 2006, driven by higher energy margins and favorable weather. For 2008, Exelon expects adjusted operating earnings per share of $4.00-$4.40 and GAAP earnings of $3.70-$4.10 per share. The company also announced a dividend increase and new $500 million share repurchase program.
Duke Energy reported third quarter 2006 results, with ongoing diluted EPS of 48 cents, down from 56 cents in the prior year's quarter. Reported diluted EPS was 60 cents, up from 4 cents in 2005. The company remains on track to meet its 2006 ongoing EPS target after adjusting for the sale of its Commercial Marketing and Trading business. During the quarter, Duke Energy created a joint venture for its Crescent Resources business, yielding $1.4 billion in after-tax cash proceeds. Business unit results were mixed compared to the prior year, with the Franchised Electric & Gas unit up but other units such as Natural Gas Transmission down due to various factors including costs and weather.
Progress Energy reported earnings of $2.65 per share for 2001, meeting expectations. Earnings were positively impacted by its non-regulated businesses which offset the effects of mild weather and an industrial slowdown. It also received tax rulings for four synthetic fuel plants and reaffirmed its 2002 guidance of $3.90 to $4.10 per share.
Southern California Edison Company (SCE) is one of the largest electric utilities in the US, serving over 4.5 million customers in central and southern California. SCE has operated for over 117 years and is headquartered in Rosemead, California. The document provides an overview of SCE's financial performance from 1998-2002, including operating revenue, expenses, income, balance sheet information and other key metrics. It also discusses regulatory developments affecting SCE and their impact on reported results.
The document summarizes Duke Energy's financial results for the third quarter of 2005. It reports higher earnings in the company's franchised electric, natural gas transmission, and international energy segments. It also discusses the financial impacts of Duke Energy's decision to exit its North American commercial power business. Finally, it provides expectations for 2005 ongoing earnings per share and 2007 ongoing earnings following the planned merger with Cinergy.
- Aon reported a 6% increase in total revenue and 2% organic revenue growth for Q2 2008. EPS from continuing operations was $0.55.
- Adjusted EPS excluding certain items increased 25% to $0.71, driven by 2% organic revenue growth and margin expansion in brokerage.
- Aon completed sales of CICA and Sterling, generating $2.7B in after-tax proceeds and a $1.4B pretax gain.
This document provides a summary of Integrys Energy Group's first quarter 2008 earnings conference call. Key points include:
- Income from continuing operations was $136.6 million compared to $117.2 million in the first quarter of 2007.
- Earnings drivers included higher earnings from the Peoples Gas/North Shore Gas acquisition, increased electric margins at Integrys Energy Services, and favorable weather impacts.
- Guidance for diluted EPS from continuing operations in 2008 was revised to a range of $3.37 to $3.82 per share.
- Capital expenditures through 2010 are forecasted to total $1.632 billion, focused on infrastructure projects at the utility companies.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
- Bank of America reported third quarter 2008 results, with earnings impacted by the challenging economic environment and market disruptions.
- Net income was $1.2 billion, down from the prior year due to higher credit costs from housing price declines and rising unemployment.
- Results also reflected charges related to financial institution failures, cash fund support, and losses on trading positions.
- Countrywide results were included for the first time, adding $259 million to earnings. Integration is proceeding as planned.
Raytheon Reports 2004 Third Quarter Resultsfinance12
- Raytheon reported Q3 sales of $4.9 billion, up 12.7% from 2003, and earnings of $0.41 per share.
- Backlog reached a record $32.8 billion driven by strong bookings of $5.7 billion in Q3.
- Free cash flow for Q3 was $204 million including a $210 million payment for the settlement of a shareholder lawsuit.
- Guidance for 2004 was increased for GAAP EPS to $0.87-$0.92 and excludes the settlement payment.
The document provides operating and financial results for 2008 for CEMAR and Light. Key highlights include:
- Billed energy volume grew 1.4% to 9,271 GWh for the year. CEMAR's volume grew 4% while Light's was flat.
- CEMAR's energy losses were 28.2% and Light's were 20.23% in the fourth quarter.
- Consolidated net operating revenues grew 9.6% to R$2,346 million for the year. EBITDA grew 15.8% to R$784.4 million.
- The Board approved a proposed dividend payment of R$190.2 million and capital reduction of R$82.
CC Media Holdings reported its second quarter 2008 results. Revenue increased 2% to $1.83 billion due to foreign exchange movements, while expenses rose 6% to $1.19 billion including foreign exchange effects. Income before discontinued operations increased 28% to $277 million and diluted EPS rose 27% to $0.56. Radio revenue fell 6% due to weakness in advertising, while outdoor revenue rose 9% including foreign exchange effects. The company completed its acquisition of Clear Channel on July 30, 2008.
This document provides a consolidated report and financial highlights for FirstEnergy Corp for the 4th quarter of 2007. Some key points:
- Normalized non-GAAP earnings per share for Q4 2007 were $0.90 compared to $0.84 in Q4 2006.
- GAAP earnings per share for Q4 2007 were $0.88 compared to $0.85 in Q4 2006.
- Normalized non-GAAP earnings for 2007 were $4.23 per share, near the top of guidance range.
- 2008 earnings guidance range is $4.15 to $4.35 per share.
This document provides an earnings review for Duke Energy for the third quarter of 2004. It summarizes key financial highlights including EPS of $0.41 excluding special items. It reviews performance in Duke Energy's major business segments including regulated utilities, natural gas transmission, field services, and Duke Energy North America. The regulated utilities continued delivering solid earnings. Field services benefited from strong natural gas liquid prices. Duke Energy North America realized a $40 million positive impact from mark-to-market fluctuations but overall margins were lower due to decreased spark spreads.
This annual report summarizes Duke Energy's performance in 2007. It discusses how Duke Energy provided reliable energy to customers while planning to meet growing demand. It also addressed the challenge of climate change by examining plans to reduce carbon dioxide emissions in half by 2030 through replacing older coal plants and deploying cleaner technologies. The report outlines Duke Energy's five step approach to transitioning to a low-carbon future through shaping policy, pursuing technology, building projects, balancing interests, and taking a long-term view.
- Duke Energy reported higher earnings per share in 2004 compared to a loss in 2003, exceeding its debt reduction and asset sale targets for the year.
- The Natural Gas Transmission and Field Services businesses produced record results in 2004.
- Duke Energy expects higher earnings in 2005 driven by increased earnings from Field Services, lower losses from Duke Energy North America, and lower interest expenses due to debt reduction.
This document contains the prepared remarks and Q&A from Duke Energy Corporation's earnings conference call for the second quarter of 2006. Key points:
- Duke Energy reported ongoing EPS of $0.43 compared to consensus of $0.38.
- Financial results were impacted by mild weather, lower bulk power sales, and purchase accounting charges from the Cinergy merger.
- The company achieved several strategic objectives in the quarter including closing the Cinergy merger early and announcing the sale of the Commercial Marketing and Trading business.
- While some business units are performing ahead of plan, overall the company is on track to achieve its $1.90 EPS target for 2006.
Duke Energy reported earnings results for the first quarter of 2005. Key highlights included:
- Reported EPS of $0.91 compared to $0.34 in the prior year, though special items impacted results. Excluding special items, EPS was $0.44, up from $0.34.
- Regulated businesses delivered solid earnings and cash flow. DENA realized a segment EBIT loss of $56 million, an improvement from prior year. Field Services benefited from strong NGL prices. International Energy reported higher earnings on increased volumes and prices.
- Special items included gains from asset sales, mark-to-market adjustments, and insurance liability adjustments, totaling $709 million pre-
Duke Energy reported first quarter 2006 results, with ongoing diluted EPS of 48 cents, up from 43 cents in the prior year. Reported diluted EPS was 37 cents compared to 88 cents last year. Results improved at Franchised Electric, Natural Gas Transmission, and International Energy segments due to factors like customer growth, currency impacts, and improved prices and volumes. Duke Energy is on track to achieve its 2006 target of $1.90 in ongoing diluted EPS and remains comfortable after merging with Cinergy that it can achieve this target for the combined company.
The document summarizes Spectra Energy's first quarter 2007 earnings. Key points include:
- Ongoing earnings were up 10% from Q1 2006, though some segments were dampened by extreme weather and commodity prices.
- The company is on track to deliver 5-7% compound annual EPS growth through 2009 through $3 billion in expansion projects.
- Segments like US Transmission saw earnings growth from capital projects and cost reductions, while Field Services was down due to weather and commodity prices.
- The company reaffirmed its focus on steady growth and attractive dividends to deliver 8-10% total shareholder returns.
This document summarizes Raytheon's financial results for the fourth quarter and full year of 2008. Key points include: Raytheon reported solid financial results for Q4 and full year 2008, with record backlog of $38.9 billion; Q4 sales were $6.1 billion and adjusted EPS was $1.13; Full year sales grew 9% to $23.2 billion and adjusted EPS grew 23% to $4.06; Raytheon reaffirmed its financial guidance for 2009 and expects continued growth.
first energy 4Q 06 Consolidated Report to the Financial_Communityfinance21
This document is Consolidated Energy's quarterly report for Q4 2006. It provides an analysis of changes in EPS from Q4 2005 to Q4 2006. Normalized non-GAAP EPS increased from $0.77 to $0.84 primarily due to regulatory changes in Ohio that increased earnings. However, lower distribution deliveries and generation revenues, along with higher fuel and purchase power costs reduced earnings. Guidance for 2007 normalized non-GAAP EPS is $4.05 to $4.25.
Exelon Corporation reported strong financial results for Q4 and full year 2007. Key highlights included record-setting nuclear output and fleet capacity factors. Adjusted operating earnings for Q4 2007 were $677 million compared to $487 million in 2006, driven by higher energy margins and favorable weather. For 2008, Exelon expects adjusted operating earnings per share of $4.00-$4.40 and GAAP earnings of $3.70-$4.10 per share. The company also announced a dividend increase and new $500 million share repurchase program.
Duke Energy reported third quarter 2006 results, with ongoing diluted EPS of 48 cents, down from 56 cents in the prior year's quarter. Reported diluted EPS was 60 cents, up from 4 cents in 2005. The company remains on track to meet its 2006 ongoing EPS target after adjusting for the sale of its Commercial Marketing and Trading business. During the quarter, Duke Energy created a joint venture for its Crescent Resources business, yielding $1.4 billion in after-tax cash proceeds. Business unit results were mixed compared to the prior year, with the Franchised Electric & Gas unit up but other units such as Natural Gas Transmission down due to various factors including costs and weather.
Progress Energy reported earnings of $2.65 per share for 2001, meeting expectations. Earnings were positively impacted by its non-regulated businesses which offset the effects of mild weather and an industrial slowdown. It also received tax rulings for four synthetic fuel plants and reaffirmed its 2002 guidance of $3.90 to $4.10 per share.
Southern California Edison Company (SCE) is one of the largest electric utilities in the US, serving over 4.5 million customers in central and southern California. SCE has operated for over 117 years and is headquartered in Rosemead, California. The document provides an overview of SCE's financial performance from 1998-2002, including operating revenue, expenses, income, balance sheet information and other key metrics. It also discusses regulatory developments affecting SCE and their impact on reported results.
The document summarizes Duke Energy's financial results for the third quarter of 2005. It reports higher earnings in the company's franchised electric, natural gas transmission, and international energy segments. It also discusses the financial impacts of Duke Energy's decision to exit its North American commercial power business. Finally, it provides expectations for 2005 ongoing earnings per share and 2007 ongoing earnings following the planned merger with Cinergy.
- Aon reported a 6% increase in total revenue and 2% organic revenue growth for Q2 2008. EPS from continuing operations was $0.55.
- Adjusted EPS excluding certain items increased 25% to $0.71, driven by 2% organic revenue growth and margin expansion in brokerage.
- Aon completed sales of CICA and Sterling, generating $2.7B in after-tax proceeds and a $1.4B pretax gain.
This document provides a summary of Integrys Energy Group's first quarter 2008 earnings conference call. Key points include:
- Income from continuing operations was $136.6 million compared to $117.2 million in the first quarter of 2007.
- Earnings drivers included higher earnings from the Peoples Gas/North Shore Gas acquisition, increased electric margins at Integrys Energy Services, and favorable weather impacts.
- Guidance for diluted EPS from continuing operations in 2008 was revised to a range of $3.37 to $3.82 per share.
- Capital expenditures through 2010 are forecasted to total $1.632 billion, focused on infrastructure projects at the utility companies.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
- Bank of America reported third quarter 2008 results, with earnings impacted by the challenging economic environment and market disruptions.
- Net income was $1.2 billion, down from the prior year due to higher credit costs from housing price declines and rising unemployment.
- Results also reflected charges related to financial institution failures, cash fund support, and losses on trading positions.
- Countrywide results were included for the first time, adding $259 million to earnings. Integration is proceeding as planned.
Raytheon Reports 2004 Third Quarter Resultsfinance12
- Raytheon reported Q3 sales of $4.9 billion, up 12.7% from 2003, and earnings of $0.41 per share.
- Backlog reached a record $32.8 billion driven by strong bookings of $5.7 billion in Q3.
- Free cash flow for Q3 was $204 million including a $210 million payment for the settlement of a shareholder lawsuit.
- Guidance for 2004 was increased for GAAP EPS to $0.87-$0.92 and excludes the settlement payment.
The document provides operating and financial results for 2008 for CEMAR and Light. Key highlights include:
- Billed energy volume grew 1.4% to 9,271 GWh for the year. CEMAR's volume grew 4% while Light's was flat.
- CEMAR's energy losses were 28.2% and Light's were 20.23% in the fourth quarter.
- Consolidated net operating revenues grew 9.6% to R$2,346 million for the year. EBITDA grew 15.8% to R$784.4 million.
- The Board approved a proposed dividend payment of R$190.2 million and capital reduction of R$82.
CC Media Holdings reported its second quarter 2008 results. Revenue increased 2% to $1.83 billion due to foreign exchange movements, while expenses rose 6% to $1.19 billion including foreign exchange effects. Income before discontinued operations increased 28% to $277 million and diluted EPS rose 27% to $0.56. Radio revenue fell 6% due to weakness in advertising, while outdoor revenue rose 9% including foreign exchange effects. The company completed its acquisition of Clear Channel on July 30, 2008.
This document provides a consolidated report and financial highlights for FirstEnergy Corp for the 4th quarter of 2007. Some key points:
- Normalized non-GAAP earnings per share for Q4 2007 were $0.90 compared to $0.84 in Q4 2006.
- GAAP earnings per share for Q4 2007 were $0.88 compared to $0.85 in Q4 2006.
- Normalized non-GAAP earnings for 2007 were $4.23 per share, near the top of guidance range.
- 2008 earnings guidance range is $4.15 to $4.35 per share.
This document provides an earnings review for Duke Energy for the third quarter of 2004. It summarizes key financial highlights including EPS of $0.41 excluding special items. It reviews performance in Duke Energy's major business segments including regulated utilities, natural gas transmission, field services, and Duke Energy North America. The regulated utilities continued delivering solid earnings. Field services benefited from strong natural gas liquid prices. Duke Energy North America realized a $40 million positive impact from mark-to-market fluctuations but overall margins were lower due to decreased spark spreads.
This annual report summarizes Duke Energy's performance in 2007. It discusses how Duke Energy provided reliable energy to customers while planning to meet growing demand. It also addressed the challenge of climate change by examining plans to reduce carbon dioxide emissions in half by 2030 through replacing older coal plants and deploying cleaner technologies. The report outlines Duke Energy's five step approach to transitioning to a low-carbon future through shaping policy, pursuing technology, building projects, balancing interests, and taking a long-term view.
- Duke Energy reported higher earnings per share in 2004 compared to a loss in 2003, exceeding its debt reduction and asset sale targets for the year.
- The Natural Gas Transmission and Field Services businesses produced record results in 2004.
- Duke Energy expects higher earnings in 2005 driven by increased earnings from Field Services, lower losses from Duke Energy North America, and lower interest expenses due to debt reduction.
This document contains the prepared remarks and Q&A from Duke Energy Corporation's earnings conference call for the second quarter of 2006. Key points:
- Duke Energy reported ongoing EPS of $0.43 compared to consensus of $0.38.
- Financial results were impacted by mild weather, lower bulk power sales, and purchase accounting charges from the Cinergy merger.
- The company achieved several strategic objectives in the quarter including closing the Cinergy merger early and announcing the sale of the Commercial Marketing and Trading business.
- While some business units are performing ahead of plan, overall the company is on track to achieve its $1.90 EPS target for 2006.
Duke Energy reported earnings results for the first quarter of 2005. Key highlights included:
- Reported EPS of $0.91 compared to $0.34 in the prior year, though special items impacted results. Excluding special items, EPS was $0.44, up from $0.34.
- Regulated businesses delivered solid earnings and cash flow. DENA realized a segment EBIT loss of $56 million, an improvement from prior year. Field Services benefited from strong NGL prices. International Energy reported higher earnings on increased volumes and prices.
- Special items included gains from asset sales, mark-to-market adjustments, and insurance liability adjustments, totaling $709 million pre-
Duke Energy reported second quarter 2005 earnings per share of $0.33, down from $0.46 in the second quarter of 2004. Mild weather led to lower sales for the Franchised Electric and DENA segments. Field Services and International posted strong results. Despite weather impacts, Duke Energy expects to meet its 2005 EPS target of $1.60 per share due to anticipated stronger performance in the second half of the year.
Cinergy Corp. reported strong financial results for the fourth quarter and full year of 2005. Net income for Q4 2005 was $190 million compared to $146 million for Q4 2004. For the full year, net income was $490 million compared to $401 million in 2004. Earnings per share on a diluted basis were $0.95 for Q4 2005 and $2.46 for the full year, up from $0.79 and $2.18 respectively in the previous year. The improved results were driven by higher demand, solid performance in commercial businesses, and constructive regulatory recovery.
This document summarizes Duke Energy's financial performance in the 4th quarter and full year of 2006. Key points include:
- Ongoing diluted EPS for 2006 was $1.81, up from $1.73 in 2005, due to the addition of Cinergy offset by lower results at Crescent and International.
- Commercial Power results declined due to purchase accounting charges related to the Cinergy merger and losses from Midwest gas plants.
- International Energy results decreased because of lower earnings at National Methanol.
- Interest expense increased in 4Q06 primarily due to the Cinergy merger. The effective tax rate also declined due to tax settlements and other factors.
Duke Energy reported higher ongoing diluted EPS of $0.43 per share compared to $0.32 in the prior year's quarter. Revenues were lower at $4.04 billion compared to $5.27 billion due to the deconsolidation of DEFS, but this was partially offset by the addition of Cinergy's operations. Strong performances from Gas Transmission, Field Services and Crescent helped deliver solid results, and the company remains on track to achieve its 2006 EPS target.
xcel energy C5D23DB6-FFE8-47B3-9F6C-CCCE26FC3192_Q408_Presentationfinance26
This document provides an earnings presentation for a utility company for the fourth quarter and full year of 2008. It summarizes key financial metrics including EPS results, EPS changes from the prior year, drivers of changes in electric and gas margins, O&M expense changes, liquidity, 2008 accomplishments, pending regulatory filings, and 2009 earnings guidance.
xcel energy C5D23DB6-FFE8-47B3-9F6C-CCCE26FC3192_Q408_Presentationfinance26
This document provides an earnings presentation for a 2008 year-end report. Key points include:
- 2008 EPS was $1.46 compared to $1.35 in 2007. Regulated operations contributed $1.59 to EPS.
- Factors contributing to EPS growth included lower O&M expenses and higher electric and gas margins.
- The company has strong liquidity with $1.9 billion in available credit and cash.
- 2008 accomplishments included raising $2.3 billion, an S&P credit rating upgrade, and ongoing regulatory filings. 2009 EPS guidance is $1.45 to $1.55.
Spectra Energy reported ongoing earnings per share of $0.38 for the third quarter of 2007, up 32% from the third quarter of 2006. Key drivers of earnings growth included excellent results from U.S. Transmission, Distribution, and Western Canada Transmission and Processing segments. The company is confident it will achieve its 2007 financial goals and remains committed to delivering 8-10% total shareholder return through steady growth and an attractive dividend.
Spectra Energy reported second quarter 2007 net income of $196 million, down from $320 million in the second quarter of 2006. Ongoing net income, which excludes special items, was $192 million compared to $264 million in the prior year. Earnings were lower due to decreased results in the Western Canada Transmission & Processing and Field Services segments, which faced planned maintenance and power outages. However, the company remains on track to achieve its 2007 financial goals due to strong ongoing operations and continued progress on its $3 billion capital expansion program.
The document summarizes Spectra Energy's second quarter 2008 earnings review, noting that earnings exceeded expectations due to strong performance across all business segments driven by robust commodity prices. Key highlights included a 47% increase in ongoing EPS compared to the previous year and earnings contributions from major expansion projects. Management also provided forward guidance around expected dividend yield and total shareholder returns.
Duke Energy 04-29-04_PMA_DLH_1Q04_Earnings_Reviewfinance21
The document provides an earnings review for Duke Energy Corporation for the first quarter of 2004. It summarizes key financial highlights including reported EPS of $0.36 and EPS excluding special items of $0.32. It reviews performance across Duke Energy's business segments, noting solid earnings from regulated businesses and improved results from field services. It also discusses special items including a $325 million pre-tax loss from the anticipated sale of Southeast generation assets. The document indicates progress on financial plans including $200 million in debt reductions and $1.5 billion in asset sale proceeds to date.
This document provides an overview of Spectra Energy Corp's ongoing EBITDA and reconciliations for various segments for Q3 2007 compared to Q3 2006. The U.S. Transmission segment saw ongoing EBITDA increase to $296 million from $238 million the prior year. Distribution segment ongoing EBITDA rose to $82 million from $60 million. Western Canada Transmission & Processing segment ongoing EBITDA was $138 million compared to $115 million in 2006. Field Services segment ongoing EBITDA was $207 million versus $212 million. The Other segment had a ongoing EBITDA of -$8 million compared to $29 million previously.
This document summarizes Duke Energy's financial results for the fourth quarter and full year 2006. Some key points:
- 2006 ongoing EPS was $1.81, up from $1.73 in 2005, due to contributions from the Cinergy merger and tax benefits, offset by new shares issued.
- 4Q 2006 ongoing EPS was flat at $0.43 compared to 4Q 2005. Gains were offset by impacts of selling 50% of Crescent and lower Crescent earnings.
- Franchised Electric & Gas and Natural Gas Transmission saw higher earnings due to the Cinergy merger and tax benefits. Field Services, Commercial Power, and International Energy saw lower earnings.
-
The document provides an earnings review and business update for Duke Energy Corporation for the second quarter of 2004. It summarizes key financial results including EPS of $0.46 for the quarter. It highlights positive contributions from various business segments as well as progress on debt reduction goals. Special items for the quarter including settlement gains and charges are also outlined.
progress energy 2Q 02earnings release Finalfinance25
Progress Energy reported second quarter 2002 earnings per share of $0.56, or $0.83 excluding non-operating items. This was in line with guidance. Key highlights included reaching long-term rate agreements in Florida and North Carolina that stabilize rates through 2005 and 2007 respectively. For 2002, the company expects ongoing earnings between $3.90-$4.00 per share, within previous guidance despite industrial slowdowns impacting some regions.
Duke Energy reported first quarter 2003 earnings per share of $0.48, driven by favorable weather conditions and increased wholesale power sales in its franchised electric business. However, earnings were lowered by $0.25 per share from exiting proprietary trading activities at DENA and adopting new accounting standards. Duke is focused on reducing risks through asset sales, debt reduction, and exiting merchant energy to strengthen performance and meet its 2003 financial goals.
The document summarizes Spectra Energy's first quarter 2008 earnings review presentation. It highlights exceptional earnings growth in the first quarter of over 50% compared to the prior year. The company announced a share repurchase plan of up to $600 million and a proposed dividend increase. Segment results were strong across all business units due to factors like new pipeline projects, higher commodity prices, and favorable foreign exchange rates. The outlook for 2008 remains positive with expected 8% EPS growth assuming $90/barrel oil.
The document provides financial results and guidance for Xcel Energy for Q3 2008. Key points include:
- Q3 2008 EPS was $0.51 compared to $0.59 in Q3 2007. Lower electric utility margins and higher expenses contributed to the decline.
- Natural gas margins increased $8M due to base rate changes and sales growth, while electric margins declined $28M due to weather, nuclear refueling, and purchased capacity costs.
- Xcel has strong liquidity of $1.9B and recently issued debt and equity to fund growth and maintain a strong balance sheet.
- 2008 EPS guidance is $1.45-$1.50.
The document provides financial results and guidance for Xcel Energy for Q3 2008. Key points include:
- Q3 2008 EPS was $0.51 compared to $0.59 in Q3 2007. Lower electric utility margins and higher expenses contributed to the decline.
- Natural gas margins increased $8M due to base rate changes and sales growth, while electric margins declined $28M due to weather, nuclear refueling, and purchased capacity costs.
- Xcel has strong liquidity of $1.9B and recently issued debt and equity to fund growth and maintain a strong balance sheet.
- 2008 EPS guidance is $1.45-$1.50.
The document provides financial results and guidance for Xcel Energy for Q3 2008. Key points include:
- Q3 2008 EPS was $0.51 compared to $0.59 in Q3 2007. Lower electric utility margins and higher expenses contributed to the decline.
- Natural gas margins increased $8M due to base rate changes and sales growth, while electric margins declined $28M due to weather, nuclear refueling, and purchased capacity costs.
- Xcel has strong liquidity of $1.9B and recently issued debt and equity to fund growth and maintain a strong balance sheet.
- 2008 EPS guidance is $1.45-$1.50.
AES Corporation reported strong financial results for the second quarter of 2007. Revenues increased 17% to $3.3 billion due to higher prices in New York and Latin America, favorable currency trends, and contributions from new businesses. Operating cash flow increased 19% to $526 million. Diluted EPS from continuing operations was $0.41. Adjusted EPS, which excludes certain non-operational items, was also $0.41. AES acquired over 800 MW of existing and pipeline generation capacity in the US, Turkey, and China during the quarter.
Duke Energy 10-30-03_Third_Quarter_Earnings_slides_web_(revised)finance21
This document provides a summary of Duke Energy's earnings for the third quarter of 2003. It reports earnings per share of $0.51 excluding special items, compared to $0.35 in the prior year. Key drivers for the quarter included solid results from franchised electric, natural gas transmission, and international energy, but earnings were down due to unfavorable weather, lower results at DENA due to market challenges, and various one-time costs including goodwill impairments and severance costs. For the full year, earnings are expected to be in the range of $1.20 to $1.25 per share excluding special items.
John Hopper, Vice President and Treasurer of Merrill Lynch, presented at the Leveraged Finance Conference on November 14, 2006. The presentation focused on El Paso Corporation's strong financial results in the third quarter of 2006, significant progress on legacy issues, continued debt reduction, growth in the pipeline business, drilling success in exploration and production, and risk management strategies. El Paso aims to provide natural gas and related energy products in a safe, efficient, and dependable manner.
ConAgra Foods is selling its chicken business to focus on branded and value-added food items. The sale includes chicken processing operations and will generate cash for ConAgra to reinvest. ConAgra will receive Class A shares in Pilgrim's Pride, the chicken company acquiring its business, representing 7% of voting shares and 49% of equity. It can sell up to 1/3 of these shares annually but expects to reduce ownership over time based on market conditions. ConAgra will also receive notes from Pilgrim's Pride due in 2011 with a 10.5% interest rate to be paid semi-annually.
This document summarizes the Q1 FY2004 earnings results of a large packaged foods company. Key points include:
- Q1 EPS was $0.37 compared to $0.43 in Q1 FY2003, impacted by various one-time gains and losses.
- Packaged foods sales were down $168M excluding divested businesses, with a 5% volume decline.
- Several major brands saw growth, while others like Butterball declined.
- Corporate expenses increased due to litigation expenses from a past joint venture.
- The effective tax rate for FY2004 is estimated at 38%.
ConAgra Foods is selling its United Agri Products business to focus on branded and value-added products, as part of a broader strategy of divesting non-core businesses over the past year including fresh beef/pork, canned seafood, and cheese operations. The sale is expected to close by December 31, 2003 for cash and $60-75 million in preferred stock. ConAgra will retain some international UAP operations generating $250 million in annual sales, concentrated in several countries. Proceeds will be used for debt paydown and general corporate purposes including acquisitions and stock buybacks.
ConAgra Foods divested its poultry business to focus on branded, value-added foods with strong margins and growth. The $300 million cash and 25 million Pilgrim's Pride shares valued at $245 million totaled less than the poultry business' estimated $545 million book value due to the shares being valued based on past prices, not current prices. ConAgra Foods can sell up to 1/3 of the shares each year and account for shares eligible for resale within a year as securities, and other shares using cost accounting. The poultry business was previously reported in Meat Processing but is now in Discontinued Operations.
ConAgra Foods completed the divestiture of its chicken processing and crop inputs businesses, finalizing its strategy to focus on branded, value-added food opportunities. The company received $300 million in cash and 25 million shares of Pilgrim's Pride stock worth $245 million for the chicken business. ConAgra can sell up to 1/3 of the Pilgrim's Pride shares per year and will account for the shares as securities held for resale within one year or using the cost method if the eligibility for resale is over one year away. The chicken business was previously reported as part of ConAgra's Meat Processing segment but is now in Discontinued Operations.
ConAgra Foods has divested several commodity businesses and acquired branded and value-added food products to focus on higher margin businesses. The company is planning a share repurchase program using cash from strong operating cash flows and recent divestitures. ConAgra expects to continue investing in growth through acquisitions and paying down debt while deploying cash to dividends, debt repayment, and share repurchases as appropriate.
The document provides a Q&A summary of ConAgra Foods' financial results for Q2 FY04 compared to Q2 FY03. Key points include:
- Q2 FY04 diluted EPS was $0.51 compared to $0.44 in Q2 FY03, impacted by $0.04 in discontinued operations in FY04 and $0.03 in divestiture expenses in FY03.
- Sales comparability was impacted by $506M in divested fresh meat businesses in FY03 and $154M in divested canned food businesses in FY03.
- Examples of brand sales growth included Banquet, Chef Boyardee, Egg Beaters
Packaged Foods sales increased 4% excluding divestitures, with 2% volume growth. Several brands posted sales growth including Armour, Banquet, and Blue Bonnet, while others like ACT II and Butterball declined. Sales comparability was affected by $155 million in divested businesses last year. Operating profit grew 5% in Packaged Foods and 10% overall when adjusting for divested businesses and cost savings initiatives. The company is implementing cost cutting measures expected to save more than implementation costs in the future.
The document provides the quarterly and annual financial results for a company. Some key highlights include:
- Several consumer brands posted sales growth for the quarter including Banquet, Blue Bonnet, and Chef Boyardee, while others like ACT II and Eckrich saw declines.
- Total depreciation and amortization was around $93 million for the quarter and $352 million for the fiscal year.
- Capital expenditures were around $106 million for the quarter and $352 million for the fiscal year.
- Net interest expense was $80 million for the quarter and $275 million for the fiscal year.
- Corporate expenses were around $95 million for the quarter and $342 million
- Major brands in the Retail Products segment that posted sales growth included ACT II, Armour, Banquet, and Blue Bonnet. Brands that posted sales declines included Healthy Choice, Slim Jim, and Snack Pack.
- Retail volume increased 8% while foodservice volume was flat excluding divested businesses.
- Increased input costs negatively impacted operating profits in the Retail Products segment by approximately $45 million.
- Capital expenditures were approximately $105 million, reflecting increased investment in information systems.
This document contains the questions and answers from ConAgra Foods' Q2 FY2005 earnings call. Some key details include:
- Several major brands in the Retail Products segment posted sales growth, while others saw declines.
- Retail volume increased 7% and Foodservice volume decreased 1% excluding divested businesses.
- Capital expenditures increased significantly year-over-year due to investments in information systems.
- The company received proceeds from the sale of its minority interest in Swift Foods and shares of Pilgrim's Pride stock.
This document summarizes the Q3 2005 earnings results of a major food company. Some key highlights include: 1) Major brands in the Retail Products segment saw mixed sales results, with growth for brands like Chef Boyardee but declines for brands like Butterball. 2) Unit volumes declined 3% for Retail Products but increased 4% for Foodservice Products. 3) The packaged meats operations were slightly profitable but profits were over $45 million lower than the previous year. The company expects some improvement but not year-over-year profit gains for packaged meats in Q4.
This document summarizes ConAgra Foods' earnings results for fiscal year 2005 (FY05) in a question and answer format. Some key details include:
- FY05 diluted EPS was $1.23, including $0.12 in expenses that impacted comparability.
- Major brands in the Retail Products segment that saw sales growth included ACT II, Banquet, and Blue Bonnet. Brands that saw declines included Armour and Butterball.
- Retail Products volume increased 2% while Foodservice Products volume decreased 2% in Q4.
- Total depreciation and amortization was approximately $351 million for FY05 and $90 million for Q4. Capital expenditures
The document provides the questions and answers from the Q1 FY06 earnings call for ConAgra Foods. Some key details from the summary include:
- Sales grew for major brands like Butterball but declined for brands like ACT II. Retail Products volume declined 3% while Foodservice increased 4%.
- Depreciation and amortization was $89 million. Capital expenditures were $71 million and net interest expense was $68 million. Corporate expense was $73 million.
- Gross margin was 21.6% and operating margin was 10.9%. The effective tax rate for FY06 is estimated to be 36%.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
The document provides financial information from ConAgra Foods' Q3 FY06 quarterly earnings call. Some key details include:
- Retail segment sales grew 4% and Foodservice grew 1% over the prior year. Several major brands posted sales growth while others declined.
- Gross margin was 24.8% and operating margin was 12.5% for the quarter.
- Net debt was $3.6 billion, down from $4.5 billion a year prior due to debt repayment of $500 million during the quarter.
- Capital expenditures for the quarter and fiscal year-to-date were below prior year levels. Projected fiscal year expenditures are up to $400
- Major brands in the Consumer Foods segment that posted sales growth in Q4 FY06 included Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Hebrew National, and Hunt's. Brands that posted sales declines included ACT II, Banquet, Healthy Choice, Peter Pan, Slim Jim, Snack Pack, and Van Camp's.
- Consumer Foods volume declined 2% in Q4 while Food and Ingredients volume increased 1%.
- Total depreciation and amortization for Q4 was approximately $85 million and approximately $353 million for all of FY06. Capital expenditures were approximately $92 million for Q4 and $288 million for FY
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
- Consumer Foods volume increased 1% and Food and Ingredients volume increased 2% in Q1.
- Gross margin was 24.7% and operating margin was 11.7% for the quarter.
- Net debt decreased to $2.88 billion from $3.97 billion in Q1 FY06.
- Restructuring charges totaled $39 million pre-tax, impacting costs in Consumer Foods and corporate expenses.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
2. Safe Harbor Statement
Some of the statements in this document concerning future
company performance will be forward-looking within the
meanings of the securities laws. Actual results may materially
differ from those discussed in these forward-looking statements,
and you should refer to the additional information contained in
Duke Energy’s 2006 Form 10-K filed with the SEC and our other
SEC filings concerning factors that could cause those results to
be different than contemplated in today's discussion.
Reg G Disclosure
In addition, today's discussion includes certain non-GAAP
financial measures as defined under SEC Regulation G. A
reconciliation of those measures to the most directly comparable
GAAP measures is available on our Investor Relations website at
www.duke-energy.com.
2
3. Earnings Summary
1Q07 1Q06
DUK Reported Diluted Earnings per Share $ 0.28 $ 0.37
Special Items 0.03 -
Discontinued Operations (0.01) (0.16)
DUK Ongoing Diluted Earnings per Share $ 0.30 $ 0.21
Increase in ongoing earnings from:
Addition of Midwest assets at FE&G and Commercial Power
Improvements at International Energy
Offset by:
Lower results at Crescent
Issuance of new shares with Cinergy merger
Special items
Convertible debt costs associated with Spectra Energy spinoff of $(0.02) per share
Costs to achieve Cinergy merger of $(0.01) per share
Combined 1Q06 ongoing diluted EPS for Duke Energy and Cinergy of approximately
$0.25 per share
Excludes any pro forma impact for purchase accounting adjustments
3
4. U.S. Franchised Electric & Gas
Reported & Ongoing Segment EBIT ($ millions)
1Q07 1Q06
Reported Segment EBIT $ 574 $ 359
Special Items - -
Ongoing Segment EBIT $ 574 $ 359
1Q07 segment EBIT increased by $215 million over 1Q06
The addition of Cinergy’s regulated utilities in the Midwest contributed
$218 million, net of $13 million in rate reductions associated with the merger
Positive results in the Carolinas due to:
Increased demand and favorable weather
Heating degree days up three percent
~47,000 additional customers since 1Q06
DOE settlement – $26 million
Offset by $38 million in merger-related rate reductions and $17 million
decrease in BPM sales for the Carolinas
4
5. U.S. Franchised Electric & Gas (cont.)
Merger-Related Rate Reductions ($ millions)
2006 1Q07 2Q07 3Q07
Total2
Thereafter
Actual Actual Est. Est.
North Carolina $ 66 $ 29 $ 27 $6 $- $ 128
South Carolina 23 9 6 - - 39
Indiana 27 12 3 - - 42
Ohio1 14 1 - - - 15
Kentucky 2 <1 <1 <1 7 11
Total2 $ 132 $ 51 $ 37 $6 $7 $ 234
1. Excludes rate reductions recognized in 1Q06 prior to the merger, as well as
$12 million in rate reductions at Commercial Power
2. Totals may not foot due to rounding
5
6. Commercial Power
Reported & Ongoing Segment EBIT ($ millions)
1Q07 1Q06
$ (9) $ (26)
Reported Segment EBIT (Loss)
- -
Special Items
$ (9) $ (26)
Ongoing Segment EBIT (Loss)
1Q07 segment EBIT losses improved $17 million over 1Q06
Cinergy’s non-regulated generation fleet added $107 million offset by:
Purchase accounting charges of $53 million related to the merger
$40 million related to the sale of emission allowances
Costs from synfuels of $23 million (before the benefit of $26 million in
tax credits)
MTM impact of $26 million
6
7. International Energy
Reported & Ongoing Segment EBIT ($ millions)
1Q07 1Q06
Reported Segment EBIT $ 94 $ 86
Special Items - -
Ongoing Segment EBIT $ 94 $ 86
1Q07 segment EBIT increased $8 million compared to 1Q06
Increase primarily due to:
Favorable energy prices in Brazil
Positive foreign currency translation
Offset by increased fuel costs in Guatemala
7
8. Crescent Resources
Reported & Ongoing Segment EBIT ($ millions)
1Q07 1Q06
Reported Segment EBIT $2 $ 42
Special Items - -
Ongoing Segment EBIT $2 $ 42
1Q07 segment results declined compared to 1Q06 due to the following:
1Q07 results represent Duke’s effective 50% ownership
Lower lot and land sales
1Q07 includes $10 million of interest expense
8
9. Other
Reported & Ongoing EBIT ($ millions)
1Q07 1Q06
Reported EBIT (Loss) $ (84) $ (54)
Special Items 32 5
Ongoing EBIT (Loss) $ (52) $ (49)
1Q07 ongoing EBIT losses were essentially flat compared to 1Q06
Special items include:
$21 million in convertible debt charges related to the Spectra
spin-off
Cinergy merger costs-to-achieve of $11 million in 1Q07 and
$5 million in 1Q06
9
10. Other Items
Net cash balance of approximately $1.4 billion on 3/31/07
Cash, cash equivalents and short-term investments net of
commercial paper
Interest expense for the quarter was $164 million compared to
$103 million for 1Q06; increase primarily due to the Cinergy merger
Reduction in effective tax rate from 35% in 1Q06 to 23% in 1Q07
Recognition of synfuel credits
Reduction in unitary state tax rate primarily due to the spin-off
of Spectra Energy
No share repurchases in the quarter
10
11. Earnings Growth Drivers
Enhanced Cost Significant Capital
Steady Sales Growth
Reductions Reinvestment
Annual load growth Consistent focus on $9 billion in regulated
cost control CapEx through 2009
1.5% in Carolinas
Ahead of merger Current focus on
1.0% in Midwest
plan regulatory and
~65,000 new
legislative process
Substantially all of
customers
cost-saving
per year
initiatives achieved
Creation of continuous
improvement team
11
12. Regulatory and Legislative Initiatives
Nuclear Construction and Operating
Cliffside
License (COL)
Received approval for 800 MW Expect to file COL for Lee Nuclear Station
this fall
2,120 MW of new generation required in the
Carolinas by 2011
Southern Company will not participate
~1,300 MW needed in addition to Cliffside in the project
CPCN for gas-fired generation to be filed We intend to continue to pursue project
later this year
Targeting 4Q07 to file CPCN in
Responded to intervenors’ motion for
South Carolina
reconsideration
Updated cost estimate by May 31 Current target of 2016 for completion
Expect to move forward with plans to build
12
13. Regulatory and Legislative Initiatives (cont’d.)
IGCC Front-End Engineering and
Renewable Energy RFP
Design (“FEED”) Study
Filed with Indiana Commission in April Seeking bids in North Carolina for
renewable energy
$2 billion cost estimate in line
with EPRI Includes solar, wind, hydro and
biomass
Cost offset by federal, state and local
tax incentives Growing importance due to rising cost
of fossil generation and carbon
CPCN hearings begin in June constraints
Order expected in 4Q07
13
14. Regulatory and Legislative Initiatives (cont’d.)
New Generation Cost Recovery
Energy Efficiency
(Carolinas)
Filed proposal in NC to expand energy SC passed legislation
efficiency programs
Cost recovery assurance for new
The “fifth fuel” nuclear and coal
Model to create financial incentives Nuclear financing costs in rates
Save-a-watt proposal puts energy Recovery of pollution control
expenditures
efficiency on par with new
generation
NC energy bill in development stage
Proposed programs cost less than
Cost recovery assurance for new
building and operating new plants
nuclear and coal
Expect to pursue similar program in
NC agreed to recovery of reasonable
each jurisdiction
development costs for proposed nuclear
station
14
15. Regulatory and Legislative Initiatives (cont’d.)
Ohio Regulatory New Source Review
Supreme Court overturned lower court
1,500 MW currently needed
rulings regarding hourly standard
RSP expires in 2008
Case expected to return to lower
Amending proposal to extend RSP
courts
5 – 10 years
Duke will continue to defend position
that routine maintenance not subject to
Authority to buy or build generation
EPA review
New legislation may be needed
15
16. NC Rate Review
1991-2005 Cost Increase / (Decrease) – Nominal Dollars
Condition of the Cinergy merger Consumer Goods
158%
150%
Percent Change
First rate review case in 90%
110%
80%
16 years 70% 47% 43% 41% 38%
20%
30% -9%
Base rates unchanged since 1991 -10%
Electricity
Transportation
CPI
Natural Gas
Healthcare
Apparel
Gasoline
Housing
Food
Current prices are 20% below national
average
Electricity
Working to reach a settlement 18% 16%
15%
13% 12% 13%
Expect order from the Commission in 13%
Percent Change
late 2007 8%
7% 7%
8% 6%
4%
2%
3%
-1%
-2% Residential Commercial Industrial
U.S. South Atlantic North Carolina Duke Energy Carolinas
Sources: U.S. Department of Labor, Bureau of Labor Statistics, U.S. Department of Energy,
Energy Information Administration (EIA) and Edison Electric Institute
16
17. Value Proposition
Growth Annual Total Return Profile
Sales growth
15%
Cost reductions
Return on capital investments
Value 10%
Proactive regulatory strategy
2007 EPS incentive target
of $1.15 per share, based on ongoing 5%
diluted EPS
4-6% ongoing diluted EPS growth
through 2009 0%
EPS Growth Dividend TSR
70-75% dividend payout ratio; Yield *
expect dividend growth consistent with
EPS growth * Based on current dividend yield of approximately 4%
17
18.
19. Duke Energy Corporation
Non-GAAP Reconciliations
First Quarter 2007 Earnings Review
May 8, 2007
Ongoing Diluted Earnings per Share (“EPS”)
The slides and prepared remarks for Duke Energy Corporation’s (“Duke Energy”) First Quarter
2007 Earnings Review include a discussion of ongoing diluted EPS for the quarters ended March
31, 2007 and 2006. Ongoing diluted EPS is a non-GAAP financial measure as it represents
diluted EPS from continuing operations, adjusted for the per-share impact of special items.
Special items represent certain charges and credits which management believes will not be
recurring on a regular basis. The most directly comparable GAAP measure for ongoing diluted
EPS is reported diluted EPS from continuing operations which includes the impact of special
items.
Ongoing Segment and Other EBIT
The slides and prepared remarks for Duke Energy’s First Quarter 2007 Earnings Review include
a discussion of ongoing segment and Other EBIT for certain periods. Ongoing segment and
Other EBIT are non-GAAP financial measures as they represent reported segment and Other
EBIT adjusted for special items. Special items represent certain charges and credits which
management believes will not be recurring on a regular basis. The most directly comparable
GAAP measures for ongoing segment and Other EBIT are reported segment and Other EBIT,
which represent EBIT from continuing operations, including any special items. Due to the
forward-looking nature of this non-GAAP financial measure for any future periods, information
to reconcile it to the most directly comparable GAAP financial measure is not available at this
time, as management is unable to forecast special items for future periods.
2007 Employee EPS Incentive Target Measure
The slides and prepared remarks for Duke Energy’s First Quarter 2007 Earnings Review include
a reference to the company's 2007 Employee EPS incentive target of $1.15. The EPS measure
used for employee incentive bonuses is based on ongoing diluted EPS. Ongoing diluted EPS is a
non-GAAP financial measure as it represents diluted EPS from continuing operations, adjusted
for the per-share impact of special items. Special items represent certain charges and credits
which management believes will not be recurring on a regular basis. The most directly
comparable GAAP measure for ongoing diluted EPS is reported diluted EPS from continuing
operations, which includes the impact of special items. Due to the forward-looking nature of this
non-GAAP financial measure, information to reconcile it to the most directly comparable GAAP
financial measure is not available at this time, as management is unable to forecast special items
for future periods.
20. Ongoing Diluted EPS Growth Rates through 2009
The slides and prepared remarks for Duke Energy’s First Quarter 2007 Earnings Review include
a discussion of the expected range of growth in ongoing diluted EPS through 2009. These
percentages are based on anticipated ongoing diluted EPS amounts for future periods. This
ongoing diluted EPS measure is a non-GAAP financial measure as it represents diluted EPS from
continuing operations, adjusted for the impact of special items. Special items represent certain
charges and credits which management believes will not be recurring on a regular basis. The
most directly comparable GAAP measure for ongoing diluted EPS is reported diluted EPS from
continuing operations which includes the impact of special items. Due to the forward-looking
nature of ongoing diluted EPS, and related growth rates, for future periods, information to
reconcile such non-GAAP financial measure to the most directly comparable GAAP financial
measure is not available at this time, as management is unable to forecast any special items for
future periods.
21. DUKE ENERGY CORPORATION
ONGOING TO REPORTED EARNINGS RECONCILIATION
March 2006 Year-to-date
(Dollars in millions, except per-share amounts)
Special Items (Note 1)
Costs to
Ongoing Discontinued Total Reported
Achieve,
Earnings Operations Adjustments Earnings
Cinergy Merger
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
U.S. Franchised Electric and Gas $ 359 $ - $ - $ - $ 359
Commercial Power (26) - - - (26)
International Energy 86 - - - 86
Crescent 42 - - - 42
Total reportable segment EBIT 461 - - - 461
Other (49) (5) A - (5) (54)
Total reportable segment EBIT and other EBIT $ 412 $ (5) $ - $ (5) $ 407
Interest Expense (103) - - - (103)
Interest Income and Other 7 - - - 7
Income Taxes from Continuing Operations (110) 2 - 2 (108)
Discontinued Operations, net of taxes - - 155 B,C 155 155
$ 206 $ (3) $ 155 $ 152 $ 358
Net Income
$ 0.22 $ - $ 0.17 $ 0.17 $ 0.39
EARNINGS PER SHARE, BASIC
$ 0.21 $ - $ 0.16 $ 0.16 $ 0.37
EARNINGS PER SHARE, DILUTED
Note 1 - Amounts for special items are presented net of any related minority interest
A - Recorded in Operation, maintenance and other (Operating Expenses) on the Consolidated Statements of Operations.
B - Excludes Crescent discontinued operations.
C - Primarily amounts reclassified to discontinued operations due to the January 2007 spin-off of Spectra Energy, net of amounts for DENA. Recorded in Income From Discontinued Operations, net of
tax on the Consolidated Statements of Operations.
Weighted Average Shares (reported and ongoing) - in millions
Basic 928
Diluted 963
22. DUKE ENERGY CORPORATION
ONGOING TO REPORTED EARNINGS RECONCILIATION
March 2007 Year-to-date
(Dollars in millions, except per-share amounts)
Special Items (Note 1)
Costs to
Convertible Achieve,
Ongoing Debt Costs, Cinergy Discontinued Total Reported
Earnings Gas Spin-off Merger Operations Adjustments Earnings
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
U.S. Franchised Electric & Gas $ 574 $ - $ - $ - $ - $ 574
Commercial Power (9) - - - - (9)
International Energy 94 - - - - 94
Crescent 2 - - - - 2
Total reportable segment EBIT 661 - - - - 661
Other (52) (21) C (11) A - (32) (84)
Total reportable segment EBIT and other EBIT $ 609 $ (21) $ (11) $ - $ (32) $ 577
Interest Expense (164) - - - - (164)
Interest Income and Other 41 - - - - 41
Income Taxes from Continuing Operations (109) - 4 - 4 (105)
Discontinued Operations, net of taxes - - - 8 B 8 8
Total Earnings for Common $ 377 $ (21) $ (7) $ 8 $ (20) $ 357
$ 0.30 $ (0.02) $ (0.01) $ 0.01 $ 0.28
$ (0.02)
EARNINGS PER SHARE, BASIC
$ 0.30 $ (0.02) $ (0.01) $ 0.01 $ 0.28
$ (0.02)
EARNINGS PER SHARE, DILUTED
Note 1 - Amounts for special items are presented net of any related minority interest.
A - Recorded in Operation, maintenance and other (Operating Expenses) on the Consolidated Statements of Operations.
B - Recorded in Income From Discontinued Operations, net of tax on the Consolidated Statements of Operations.
C - Recorded in Other income and expenses, net (Other Income and Expenses) on the Consolidated Statements of Operations.
Weighted Average Shares (reported and ongoing) - in millions
Basic 1,257
Diluted 1,268
23. Duke Energy Corporation
Net Cash Balance Reconciliation
As of March 31, 2007
(Dollars in millions)
Cash and Cash Equivalents $570
Short-Term Investments 1,256
Subtotal 1,826
Short-term Commercial Paper Outstanding (424)
Net Cash Balance $1,402 (Approximately $1.4 billion)
Note:
The net cash balance presented is a non-GAAP financial measure as it represents the net
presentation of cash and cash equivalents, short-term investments and outstanding
commercial paper balances. The most directly comparable GAAP financial measure
for net cash is cash and cash equivalents.
24. Duke Energy Corporation
First Quarter 2006 Combined Duke Energy and Cinergy Ongoing Results
(in millions, except conversion ratio and per share amounts)
Q1 2006
Cinergy Duke Energy Total
Reported Special Items Ongoing (a) Ongoing (b) Ongoing
Segment EBIT:
U.S. Franchised Electric & Gas $167 $167 $359 $526
Commercial Power $120 $120 ($26) $94
International Energy $1 $1 $86 $87
Crescent $0 $0 $42 $42
Total Segment EBIT $288 $288 $461 $749
Other ($128) $60 (c) ($68) ($49) ($117)
Total Segment EBIT and Other EBIT $160 $220 $412 $632
Interest Expense ($84) ($84) ($103) ($187)
Interest Income and Other $19 $19 $7 $26
Income Taxes from Continuing Operations ($17) ($23) (d) ($40) ($110) ($150)
Income from Continuing Operations $78 $37 $115 $206 $321
Weighted Average Shares Outstanding - Diluted:
Average as reported by Cinergy 201 201
Merger Conversion Ratio 1.56 1.56
Duke Energy Equivalent 314 314 963 1,277
Earnings Per Share (EPS) - Diluted:
Based on Cinergy Shares $0.39 $0.57
Duke Energy Equivalent $0.25 $0.37 $0.21 $0.25
Basis of Presentation
On April 3, 2006, Duke Energy Corporation (Duke Energy) merged with Cinergy Corp. (Cinergy). Each outstanding share of Cinergy common
stock was converted into 1.56 shares of Duke Energy common stock, resulting in the issuance of approximately 313 million shares. As
Duke Energy's results for first quarter 2007 include the results of the Cinergy operations, but its results for the first quarter of 2006 exclude
Cinergy's operations, this presentation is intended to provide a measure of comparability by calculating combined ongoing diluted EPS for
Duke Energy and Cinergy for the first quarter of 2006.
The earnings measures used in this schedule are ongoing segment and Other EBIT and ongoing diluted EPS. EBIT for segment and Other
reporting purposes represents all profits from continuing operations (both operating and nonoperating), including any equity in earnings of
unconsolidated affiliates, before deducting interest and taxes, and is net of minority interest expense related to those profits. Ongoing segment
and Other EBIT are non-GAAP financial measures as they represent reported segment and Other EBIT adjusted for special items. Special items
represent certain charges and credits which management believes will not be recurring on a regular basis. The most directly comparable GAAP
measures for ongoing segment and Other EBIT are reported segment and Other EBIT, which represent EBIT from continuing operations,
including any special items. Ongoing diluted EPS is a non-GAAP financial measure as it represents reported diluted EPS from continuing
operations, adjusted for the per-share impact of special items.
This presentation is not intended to portray pro forma financial information pursuant to either the Securities and Exchange Commission's
Regulation S-X Article 11,quot;Pro Forma Financial Information,quot; or the pro forma disclosure requirements of SFAS No. 141, quot;Business
Combinations.quot; This presentation does not reflect any pro forma adjustments that might be required by either Article 11 of Regulation S-X or
SFAS No. 141, including any pro forma adjustments for the Cinergy first quarter 2006 amounts to reflect the impacts of purchase accounting.
Notes
(a) Cinergy ongoing amounts do not reflect any pro forma adjustments for purchase accounting.
(b) See the accompanying quot;Ongoing to Reported Earnings Reconciliationquot; schedule for reconciliation of the Duke Energy ongoing to reported
amounts.
(c) Represents merger and severance costs.
(d) Represents the income tax effect of the special items discussed at note (c).