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.
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.
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 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.
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.
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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.
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 $0.25 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.
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 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.
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 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.
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.
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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.
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 $0.25 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.
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 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.
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.
The document is Burlington Northern Santa Fe Corporation's second quarter 2007 investors' report. It summarizes that freight revenues increased 4% to $3.74 billion compared to second quarter 2006, but operating income decreased slightly to $841 million due to a $93 million rise in fuel expenses. Earnings per share were $1.20 compared to $1.27 in second quarter 2006. The report also provides details on financial results, operating statistics, and revenues by commodity for the quarter.
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.
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.
The document provides an overview of Pepco Holdings, Inc.'s (PHI) strategy to build shareholder value. PHI aims to increase investment in infrastructure through its Blueprint programs to modernize its electric grid. It also plans growth for its competitive energy businesses, Conectiv Energy and Pepco Energy Services. PHI expects its regulated Power Delivery business to remain the primary driver of earnings, contributing 60-70% of operating income over the planning period through infrastructure investments and favorable regulatory outcomes.
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.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2001. It includes key financial information such as earnings results for Q4 and full year 2001, operating revenues and expenses, balance sheet information, and cash flow information. Specifically, it notes that Q4 2001 earnings were $0.46 per share including workforce reduction costs, or $0.57 per share excluding those costs. For the full year, earnings were $1.87 per share including unusual items, or $2.08 per share excluding unusual items. It also highlights free cash flow of $443 million for the full year, up 3% from 2000.
- Raytheon reported strong second quarter 2007 results with EPS from continuing operations up 30% and sales up 9%.
- They completed the sale of Raytheon Aircraft Company, resulting in $2.4 billion in after-tax proceeds.
- For the full year, Raytheon increased guidance for EPS, bookings, and return on invested capital.
- Segment results were positive with Integrated Defense Systems sales up 12% and operating income up 20% compared to the second quarter of 2006.
This document is Burlington Northern Santa Fe Corporation's 2007 annual investors' report. It summarizes that BNSF achieved record quarterly and annual revenues in 2007. Fourth quarter earnings were $1.46 per share, slightly higher than the previous year. For the full year, earnings were $5.10 per share, approximately equal to 2006. BNSF exceeded $1 billion in free cash flow before dividends for 2007 and achieved $738 million after dividend payments.
- 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
Progress Energy reported its fourth quarter and full year 2003 financial results. For 2003, ongoing earnings were $3.56 per share and GAAP earnings were $3.30 per share. For Q4 2003, ongoing earnings were $0.82 per share and GAAP earnings were $0.42 per share. Progress Energy set its 2004 ongoing earnings guidance range at $3.50 to $3.65 per share. Significant events in 2003 included strong performance of the company's nuclear power plants, new franchise agreements in Florida, and receiving an emergency response award for its response to the 2002 ice storm.
Progress Energy announced first-quarter 2008 results, reporting earnings of $0.81 per share compared to $1.08 per share in the first quarter of 2007. The company reaffirmed its full-year 2008 earnings guidance of $3.05 per share, with a range of 10 cents above and below the target. Weakness in the general economy negatively impacted retail revenues, but the company secured additional wholesale revenues and cost savings to offset this. Progress Energy also continues investment and expansion plans in nuclear, renewable energy, and transmission.
progress energy 1Q 02 earnings releaseFinal_allfinance25
Progress Energy reported first quarter earnings per share of $0.62, and $0.77 excluding one-time items. A rate settlement in Florida contributed $0.10 per share in retroactive revenue. Progress Energy reaffirmed its 2002 EPS guidance of $3.90 to $4.10. Several factors including mild weather, economic conditions, and debt issuance impacted the year-over-year EPS difference of $0.11.
Raytheon Reports 2005 Third Quarter Resultsfinance12
Raytheon reported third quarter earnings for 2005. Key highlights included a 24% increase in EPS from continuing operations, 8% increase in net sales, and $702 million in free cash flow. Raytheon also updated 2005 guidance, increasing EPS expectations to $2.00-$2.05 and free cash flow to $1.6-$1.8 billion. Initial 2006 EPS guidance was given as $2.40-$2.50.
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.
The document summarizes the company's fiscal year 2007 financial results including:
- Net income increased 14% to $168.5 million primarily due to higher contribution from regulated gas distribution and transmission segments from increased throughput and rates.
- Earnings per share increased 5.5% to $1.92 per share.
- Operating expenses increased due to higher labor costs and benefits while impairment charges decreased.
- Capital expenditures totaled $327.4 million focused on regulated gas distribution and transmission systems.
Exelon Corporation and Public Service Enterprise Group held a financial conference in Hollywood, Florida. The presentation included forward-looking statements and discussed 2005 performance and 2006 outlook for both companies. For PSEG, 2005 operating earnings are estimated between $770-810 million and EPS between $3.15-$3.35. Key events for PSEG in 2005 included improved nuclear operations, favorable energy market pricing, and ongoing regulatory proceedings.
DTE Energy reported strong financial results for the first quarter of 2002, with net income of $200 million, a 44% increase over the previous year. Earnings per share increased 27% to $1.24. The results were driven by higher earnings from non-regulated businesses and the addition of DTE Energy's gas distribution business. Despite challenges like a mild winter and slow economic recovery, the company reaffirmed its full-year earnings target of $3.70 to $4.00 per share due to the diversity of its businesses.
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.
This 2007 annual report summary discusses Duke Energy's performance in 2007. Some key points:
- Duke Energy met operational and financial targets for 2007 despite weather challenges. Earnings per share increased over 2006.
- The company integrated its 2006 merger with Cinergy and completed the spinoff of its natural gas businesses.
- Duke Energy grew its renewable energy portfolio and began construction on two small hydroelectric plants in Brazil.
- The company is focused on modernizing its generation fleet to provide clean, affordable, and reliable energy while reducing carbon emissions to address climate change. Duke Energy is taking steps like building two new advanced coal plants and acquiring wind power assets.
Duke Energy reported third quarter 2003 earnings per share of $0.05 compared to $0.27 in third quarter 2002. Excluding special items, earnings per share was $0.35 compared to $0.51 the previous year. The company implemented a cost reduction plan expected to reduce annual pretax expenses by over $200 million. Duke Energy is on track to pay down $1.8 billion in debt by the end of the year and $5.5 billion by the end of 2005.
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.
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.
The document is Burlington Northern Santa Fe Corporation's second quarter 2007 investors' report. It summarizes that freight revenues increased 4% to $3.74 billion compared to second quarter 2006, but operating income decreased slightly to $841 million due to a $93 million rise in fuel expenses. Earnings per share were $1.20 compared to $1.27 in second quarter 2006. The report also provides details on financial results, operating statistics, and revenues by commodity for the quarter.
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.
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.
The document provides an overview of Pepco Holdings, Inc.'s (PHI) strategy to build shareholder value. PHI aims to increase investment in infrastructure through its Blueprint programs to modernize its electric grid. It also plans growth for its competitive energy businesses, Conectiv Energy and Pepco Energy Services. PHI expects its regulated Power Delivery business to remain the primary driver of earnings, contributing 60-70% of operating income over the planning period through infrastructure investments and favorable regulatory outcomes.
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.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2001. It includes key financial information such as earnings results for Q4 and full year 2001, operating revenues and expenses, balance sheet information, and cash flow information. Specifically, it notes that Q4 2001 earnings were $0.46 per share including workforce reduction costs, or $0.57 per share excluding those costs. For the full year, earnings were $1.87 per share including unusual items, or $2.08 per share excluding unusual items. It also highlights free cash flow of $443 million for the full year, up 3% from 2000.
- Raytheon reported strong second quarter 2007 results with EPS from continuing operations up 30% and sales up 9%.
- They completed the sale of Raytheon Aircraft Company, resulting in $2.4 billion in after-tax proceeds.
- For the full year, Raytheon increased guidance for EPS, bookings, and return on invested capital.
- Segment results were positive with Integrated Defense Systems sales up 12% and operating income up 20% compared to the second quarter of 2006.
This document is Burlington Northern Santa Fe Corporation's 2007 annual investors' report. It summarizes that BNSF achieved record quarterly and annual revenues in 2007. Fourth quarter earnings were $1.46 per share, slightly higher than the previous year. For the full year, earnings were $5.10 per share, approximately equal to 2006. BNSF exceeded $1 billion in free cash flow before dividends for 2007 and achieved $738 million after dividend payments.
- 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
Progress Energy reported its fourth quarter and full year 2003 financial results. For 2003, ongoing earnings were $3.56 per share and GAAP earnings were $3.30 per share. For Q4 2003, ongoing earnings were $0.82 per share and GAAP earnings were $0.42 per share. Progress Energy set its 2004 ongoing earnings guidance range at $3.50 to $3.65 per share. Significant events in 2003 included strong performance of the company's nuclear power plants, new franchise agreements in Florida, and receiving an emergency response award for its response to the 2002 ice storm.
Progress Energy announced first-quarter 2008 results, reporting earnings of $0.81 per share compared to $1.08 per share in the first quarter of 2007. The company reaffirmed its full-year 2008 earnings guidance of $3.05 per share, with a range of 10 cents above and below the target. Weakness in the general economy negatively impacted retail revenues, but the company secured additional wholesale revenues and cost savings to offset this. Progress Energy also continues investment and expansion plans in nuclear, renewable energy, and transmission.
progress energy 1Q 02 earnings releaseFinal_allfinance25
Progress Energy reported first quarter earnings per share of $0.62, and $0.77 excluding one-time items. A rate settlement in Florida contributed $0.10 per share in retroactive revenue. Progress Energy reaffirmed its 2002 EPS guidance of $3.90 to $4.10. Several factors including mild weather, economic conditions, and debt issuance impacted the year-over-year EPS difference of $0.11.
Raytheon Reports 2005 Third Quarter Resultsfinance12
Raytheon reported third quarter earnings for 2005. Key highlights included a 24% increase in EPS from continuing operations, 8% increase in net sales, and $702 million in free cash flow. Raytheon also updated 2005 guidance, increasing EPS expectations to $2.00-$2.05 and free cash flow to $1.6-$1.8 billion. Initial 2006 EPS guidance was given as $2.40-$2.50.
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.
The document summarizes the company's fiscal year 2007 financial results including:
- Net income increased 14% to $168.5 million primarily due to higher contribution from regulated gas distribution and transmission segments from increased throughput and rates.
- Earnings per share increased 5.5% to $1.92 per share.
- Operating expenses increased due to higher labor costs and benefits while impairment charges decreased.
- Capital expenditures totaled $327.4 million focused on regulated gas distribution and transmission systems.
Exelon Corporation and Public Service Enterprise Group held a financial conference in Hollywood, Florida. The presentation included forward-looking statements and discussed 2005 performance and 2006 outlook for both companies. For PSEG, 2005 operating earnings are estimated between $770-810 million and EPS between $3.15-$3.35. Key events for PSEG in 2005 included improved nuclear operations, favorable energy market pricing, and ongoing regulatory proceedings.
DTE Energy reported strong financial results for the first quarter of 2002, with net income of $200 million, a 44% increase over the previous year. Earnings per share increased 27% to $1.24. The results were driven by higher earnings from non-regulated businesses and the addition of DTE Energy's gas distribution business. Despite challenges like a mild winter and slow economic recovery, the company reaffirmed its full-year earnings target of $3.70 to $4.00 per share due to the diversity of its businesses.
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.
This 2007 annual report summary discusses Duke Energy's performance in 2007. Some key points:
- Duke Energy met operational and financial targets for 2007 despite weather challenges. Earnings per share increased over 2006.
- The company integrated its 2006 merger with Cinergy and completed the spinoff of its natural gas businesses.
- Duke Energy grew its renewable energy portfolio and began construction on two small hydroelectric plants in Brazil.
- The company is focused on modernizing its generation fleet to provide clean, affordable, and reliable energy while reducing carbon emissions to address climate change. Duke Energy is taking steps like building two new advanced coal plants and acquiring wind power assets.
Duke Energy reported third quarter 2003 earnings per share of $0.05 compared to $0.27 in third quarter 2002. Excluding special items, earnings per share was $0.35 compared to $0.51 the previous year. The company implemented a cost reduction plan expected to reduce annual pretax expenses by over $200 million. Duke Energy is on track to pay down $1.8 billion in debt by the end of the year and $5.5 billion by the end of 2005.
- The document is a proxy statement from Duke Energy Corporation announcing their annual shareholder meeting on May 8, 2008.
- Shareholders will vote on electing directors, ratifying Deloitte & Touche LLP as the independent public accountant, and approving an amended executive short-term incentive plan.
- The proxy statement provides details on the voting process, the board of director nominees, and the items that will be voted on at the annual meeting.
- The document is a proxy statement from Duke Energy Corporation announcing their annual shareholder meeting on May 8, 2008.
- Shareholders will vote on electing directors, ratifying Deloitte & Touche LLP as the independent auditor, and approving an amended executive compensation plan.
- 11 candidates are up for election to Duke Energy's Board of Directors. Brief biographies of each candidate are provided.
Duke Energy 4Q/03_Transcript_and_QA_-Finalfinance21
Duke Energy held an earnings call to discuss its financial results for Q4 2003 and the full year. The company reported a net loss of $1.48 per share for 2003, which included $2.76 in special items. Most business segments met their targets except for Franchised Electric, which saw lower earnings due to higher costs. Duke Energy's largest loss was primarily driven by asset impairments and other special charges related to its DENA business. Management provided additional details on special items to help analysts understand the company's ongoing earnings performance excluding these one-time charges.
Progress Energy reported first-quarter 2007 earnings of $1.08 per share, up from $0.18 per share in the prior year period. Ongoing earnings were $0.80 per share compared to $0.50 per share last year, driven by lower taxes and expenses. Core ongoing earnings excluding coal and synthetic fuels were $0.61 per share versus $0.46 per share. The company reaffirmed its 2007 ongoing earnings guidance of $2.70 to $2.90 per share and sees non-core earnings of $0.30 to $0.40 per share from synthetic fuels.
Progress Energy announces its 2007 second-quarter results. It reported a GAAP loss of $0.75 per share compared to a loss of $0.19 per share for the same period last year, due to losses from exiting its merchant energy segment. However, its core ongoing earnings were $0.59 per share compared to $0.47 per share last year, due to lower interest expense and income taxes. It reaffirmed its 2007 core ongoing earnings guidance of $2.70 to $2.90 per share. Its core businesses of electric utilities continued to perform well in the second quarter.
Spectra Energy reported third quarter 2007 results with ongoing net income of $240 million, up 32% from the prior year. Key highlights included strong performance from US Transmission and Distribution businesses, as well as progress on their $3 billion 2007-2009 capital investment program with $625-650 million expected to be completed by the end of 2007. Management remains confident in meeting 2007 financial goals and delivering steady growth and attractive dividends.
Progress Energy reported a net loss of $0.19 per share for Q2 2006, compared to a net loss of $0.01 per share in Q2 2005. Ongoing earnings were $0.32 per share in Q2 2006, down from $0.63 per share in Q2 2005. Core ongoing earnings were $0.43 per share in Q2 2006, down from $0.53 per share in Q2 2005. Progress Energy also announced the sale of its natural gas assets for $1.2 billion and reaffirmed its 2006 ongoing earnings guidance.
Spectra Energy reported strong financial results for the fourth quarter and full year of 2007. Fourth quarter net income was $291 million, up 14% from the prior year, and full year net income was $957 million. The company exceeded its earnings per share target for employees of $1.40 by earning $1.51 per share. All of the company's business segments experienced increased earnings compared to the previous year. Spectra Energy also invested $1 billion in growth projects that will fuel future revenue and earnings increases. Management is confident that the company's momentum will continue into 2008.
The document is a transcript from Duke Energy's first quarter 2007 earnings conference call.
- Duke Energy reported first quarter 2007 ongoing diluted EPS of $0.30, up from $0.21 in the prior year quarter. Results exceeded internal plans.
- Key drivers included the addition of Cinergy's regulated Midwest assets, improved results at Duke Energy International, and continued strong performance from core regulated businesses.
- Segment results were positively impacted by customer growth, favorable weather, a DOE settlement, and synergies from the Cinergy merger, partially offset by rate reductions related to merger approval requirements.
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.
duke energy 2Q/07_Earnings_Call_Transcript_-_Finalfinance21
This transcript summarizes a Duke Energy earnings call for the second quarter of 2007:
1) Duke Energy reported ongoing diluted earnings per share of $0.25 for Q2 2007, up from $0.24 in Q2 2006, driven by improved results across its major business segments.
2) The U.S. Franchised Electric and Gas segment saw higher earnings due to favorable weather and increased wholesale volumes, partially offset by higher costs and rate reductions.
3) Duke Energy is on track to exceed its 2007 employee earnings target of $1.15 per share and expects Q3 to be its strongest quarter due to seasonal factors.
Progress Energy announces third quarter 2007 results. Core ongoing earnings per share were $1.21 compared to $1.06 for the same period last year due to favorable weather, lower taxes, and increased wholesale sales. Non-core ongoing losses were $0.07 per share compared to earnings of $0.03 last year. The company reaffirms 2007 core ongoing earnings guidance of $2.70 to $2.90 per share.
Progress Energy announced its 2008 second-quarter results, reporting GAAP earnings of $0.79 per share compared to a loss of $0.75 per share in the previous year. Ongoing earnings were $0.77 per share compared to $0.56 per share last year. The company reaffirmed its 2008 ongoing earnings guidance of $3.05 per share, with a range of 10 cents above and below the target. Progress Energy saw increased wholesale revenues and AFUDC equity contributions in the second quarter compared to the previous year. The company also received approval for two new nuclear reactors in Florida and submitted a license application to the Nuclear Regulatory Commission.
Progress Energy reported lower earnings in Q4 2007 and full year 2007 compared to the same periods in 2006, primarily due to divestitures. For Q4, core ongoing earnings were $0.40 per share compared to $0.59 last year, with higher O&M expenses partially offsetting factors. For full year, core ongoing earnings were $2.81 per share compared to $2.63 last year, helped by lower taxes and favorable weather partially offset by higher O&M. Progress Energy reaffirmed its 2008 ongoing earnings target of $3.05 per share, within a range of 10 cents.
DTE Energy reported a loss for the second quarter of 2006 compared to a profit in the same period in 2005. Operating earnings, which exclude non-recurring items, were down slightly from the prior year. The company maintained its full-year 2006 earnings guidance despite pressure from high oil prices impacting its synfuel operations. Capital investment projects across its utility and non-utility businesses remained on track.
DTE Energy reported a loss for the second quarter of 2006 compared to earnings in the same period in 2005. Operating earnings excluding special items were nearly break-even, with higher earnings from the electric utility offset by losses in other segments due to oil hedging costs and falling natural gas prices. Despite the quarterly loss, DTE maintained its full-year 2006 earnings guidance. Capital investment continued across all business segments to improve operations and support growth.
DTE Energy announced its first quarter 2007 earnings. Reported earnings were $134 million compared to $136 million in the first quarter of 2006. Operating earnings, which exclude non-recurring items, were $149 million compared to $171 million in the prior year. The primary drivers of the decline were a temporary rate reduction at Detroit Edison and increased costs from a January ice storm. DTE Energy maintained its 2007 earnings guidance and cash flow from operations increased 8% from the prior year.
DTE Energy reported first quarter 2007 earnings of $134 million, down slightly from $136 million in first quarter 2006. Operating earnings were $149 million in first quarter 2007, down from $171 million in the prior year period. The company reiterated its full year 2007 operating earnings guidance. DTE Energy saw increased earnings at its gas utility segment due to colder weather, while earnings declined at its electric utility due to a rate reduction and higher storm costs. The company is pursuing plans to restructure its non-utility businesses and return value to shareholders through stock buybacks.
air products & chemicals Q3 fy 08 earnings releasefinance26
- Air Products reported fiscal Q3 EPS from continuing operations of $1.32, an 18% increase over the prior year. Total revenues increased 16% to $2.8 billion due to higher volumes and pricing.
- Operating income increased 9% to $382 million, excluding a $237 million impairment charge for its U.S. Healthcare business. Several business segments saw increased sales and operating income.
- For Q4, the company anticipates EPS growth of 19-23% over the prior year, reflecting continued strong performance.
air products & chemicals fy 08 q2 earningsfinance26
- Air Products reported a 40% increase in quarterly EPS to $1.43 per share and a 38% increase in net income to $314 million for its fiscal second quarter.
- Revenues increased 13% to $2.6 billion due to higher volumes in Tonnage Gases and Electronics and Performance Materials as well as higher pricing in Merchant Gases.
- Based on strong first half performance, Air Products raised its full year EPS guidance to a range of $4.95 to $5.05 per share, representing 18-20% annual growth.
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.
Smurfit-Stone Container Corporation reported improved financial results for both the fourth quarter and full year of 2007 compared to 2006. The company exceeded its strategic initiatives target of $420 million in savings for 2007. Higher average prices, operational improvements, and cost savings drove the increased earnings. Smurfit-Stone expects further year-over-year profit growth in the first quarter and full year of 2008.
Progress Energy reported first quarter 2006 earnings of $0.18 per share, down from $0.38 per share in the first quarter of 2005. Core ongoing earnings were $0.45 per share, lower than the $0.53 per share in the prior year due to unfavorable weather and higher costs, partially offset by increased sales. Non-core ongoing earnings increased to $0.06 per share due to prior year reversals and gains on sales. The company reaffirmed 2006 core ongoing earnings guidance of $2.45 to $2.65 per share but did not provide guidance for non-core earnings due to uncertainty around synthetic fuel tax credits. Recent developments included the successful resolution of an IRS audit and
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%.
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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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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.
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duke energy 20/07/08/0701f
1. NEWS RELEASE
Duke Energy Corporation
P.O. Box 1009
Charlotte, NC 28201-1009
August 7, 2007 MEDIA CONTACT Mark Craft
Phone: 704-382-7364 or
513-419-5943
24-Hour: 704-382-8333
ANALYST CONTACT Sean Trauschke
Phone: 980-373-7905
Duke Energy Reports Second-Quarter 2007 Results
• Ongoing diluted earnings per share (EPS) of 25 cents versus 24 cents in
the prior year’s quarter.
- Combined ongoing results at Franchised Electric and Gas,
Commercial Power and International improved 7 cents, compared
to the prior-year quarter. These results were offset by a lower
contribution from Crescent.
• Reported diluted EPS of 23 cents versus 28 cents in the previous year’s
quarter, which included Spectra Energy.
• Company expects to exceed annual employee ongoing diluted EPS
incentive target of $1.15.
CHARLOTTE, N.C. – Duke Energy today reported ongoing diluted earnings per
share (EPS) of 25 cents for second-quarter 2007, which excludes special items and
discontinued operations, versus 24 cents in second-quarter 2006.
The 24 cents excludes the results of the natural gas businesses, spun off as Spectra
Energy in January 2007, the results of which are now reported in Discontinued
Operations.
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2. -2-
The higher ongoing results reflect improved results at U.S. Franchised Electric and
Gas and Commercial Power, primarily due to favorable weather, as well as
improved results at Duke Energy International. These segments had combined
higher earnings of 7 cents in diluted EPS on an ongoing basis and 11 cents on a
reported basis.
These results were offset by a lower contribution from Crescent Resources, which
changed from a wholly owned subsidiary to an effective 50-50 joint venture in
September 2006.
The company reported second-quarter 2007 diluted EPS of 23 cents, or $293 million
in net income, compared to 28 cents diluted EPS in second-quarter 2006, or $355
million in net income. For the first time, quarter-over-quarter comparisons of the
former Cinergy operations are included in reported results. Duke Energy merged
with Cinergy in April 2006.
Reported earnings for second-quarter 2007 exclude the results for the natural gas
businesses that were spun off as Spectra Energy.
“We’re very pleased with the strong performance of our major business units,” said
Chairman, President and Chief Executive Officer James E. Rogers. “With normal
weather for the rest of the year, and our continuing focus on our operations and cost
management, we expect to exceed our 2007 annual employee ongoing diluted EPS
incentive target of $1.15.”
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3. -3-
Special items affecting Duke Energy’s diluted EPS for the quarter include:
2Q2007 2Q2006
Pre-Tax Tax EPS EPS
(In millions, except per-share amounts) Amount Effect Impact Impact
Second-quarter 2007
• Costs to achieve Cinergy merger $(12) $4 -- --
• IT severance costs $(12) $4 $(0.01) --
Second-quarter 2006
• Impairment of Campeche investment $(55) -- -- $(0.04)
• Costs to achieve Cinergy merger $(74) $26 -- $(0.04)
Total diluted EPS impact $(0.01) $(0.08)
Reconciliation of reported to ongoing diluted EPS for the quarter:
2Q2007 2Q2006
EPS EPS
Diluted EPS from continuing operations, as reported $0.24 $0.16
Diluted EPS from discontinued operations, as reported $(0.01) $0.12
Diluted EPS, as reported $0.23 $0.28
Adjustments to reported EPS:
• Diluted EPS from discontinued operations $0.01 $(0.12)
• Diluted EPS impact of special items $0.01 $0.08
Diluted EPS, ongoing $0.25 $0.24
BUSINESS UNIT RESULTS
U.S. Franchised Electric and Gas
U.S. Franchised Electric and Gas (USFE&G) reported second-quarter 2007
segment EBIT from continuing operations of $452 million, compared to $351 million
in the prior year. The EBIT increase over the prior year’s quarter was due primarily
to favorable weather, lower purchased power and additional long-term wholesale
contracts.
Second-quarter 2006 results were lower, due to an $18 million charge related to an
order issued by the North Carolina Utilities Commission (NCUC) to change the
calculation of bulk power marketing profits, and a $12 million charge related to
community donations, also required by the NCUC for approval of the 2006 Cinergy
merger.
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4. -4-
Regional growth continued to increase USFE&G’s total customer base in second-
quarter 2007. Approximately 47,000 new customers were added in the Carolinas
since the second quarter of 2006, a 2 percent increase. Approximately 17,000 new
customers were added in the Midwest in that same time period, a 1 percent
increase.
The second-quarter 2007 EBIT increase was partially offset by higher operation and
maintenance costs, driven primarily by plant outages and storm costs, and $22
million more in merger-related rate reductions than in the prior year’s quarter. Those
rate reductions ended in the second quarter of 2007 with the exception of the
smaller Kentucky jurisdiction, which was to be spread over five years.
Year-to-date segment EBIT from continuing operations for USFE&G was $1,026
million, compared to $710 million in 2006.
Commercial Power
For second-quarter 2007, Commercial Power reported segment EBIT of $35 million
from continuing operations, compared to $20 million in the prior year’s quarter.
Commercial Power results were higher due to increased retail demand resulting
largely from favorable weather, as well as higher mark-to-market gains due to
economic hedges.
This contribution was partially offset by higher operation and maintenance costs
mainly due to plant outages and costs associated with increased synfuel production.
Year-to-date segment EBIT from continuing operations for Commercial Power was
$26 million, compared to a loss of $7 million in 2006.
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5. -5-
Duke Energy International
For the second quarter of 2007, Duke Energy International (DEI), reported segment
EBIT from continuing operations of approximately $97 million, compared to $24
million in last year’s second quarter.
DEI’s improved results for the quarter were driven primarily by higher margins in
Latin America, and lower power purchases due to an unplanned outage last year in
Peru. Last year’s second-quarter results included a $55 million impairment charge
associated with an equity investment in the Campeche facility in Mexico.
Year-to-date segment EBIT from continuing operations for DEI was $191 million,
compared with $110 million in 2006.
Crescent Resources
Crescent Resources reported second-quarter 2007 segment EBIT from continuing
operations of $17 million, compared to $174 million in the previous year’s quarter.
Last year’s second-quarter results included an $81 million gain on the sale of
properties at Potomac Yard in northern Virginia, and a $52 million gain on a land
sale at Lake Keowee in South Carolina during the quarter.
Lower current-year results also reflect the September 2006 change from 100
percent ownership to an effective 50-50 joint venture, and lower residential
developed-lot sales.
Year-to-date segment EBIT from continuing operations for Crescent Resources was
$19 million, compared with $216 million in 2006.
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6. -6-
Other
Other primarily includes costs associated with corporate governance, merger costs-
to-achieve, and Duke Energy’s captive insurance company, Bison Insurance Co.
Ltd.
Other reported a second-quarter 2007 EBIT loss from continuing operations of $66
million, compared to a loss of $151 million in the prior year’s quarter. The reduced
losses were primarily due to lower merger costs, as well as lower corporate
governance costs. These favorable variances were partially offset by severance
costs.
Year-to-date EBIT loss from continuing operations for Other was $150 million,
compared with a $204 million EBIT loss from continuing operations in 2006.
Discontinued Operations
In second-quarter 2007, Discontinued Operations had a net-of-tax loss of $10
million, compared to a second-quarter 2006 after-tax income of $159 million. The
2006 results include after-tax earnings of approximately $237 million related to Duke
Energy’s natural gas businesses, which were spun off to shareholders in January
2007.
Year to date, Discontinued Operations posted a net-of-tax loss of $2 million,
compared with after-tax income of $314 million in 2006.
INTEREST EXPENSE
Interest expense was $160 million for second-quarter 2007, compared to $185
million for the second quarter of 2006. The $25 million decrease was due primarily to
debt reductions and refinancing activities.
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7. -7-
Interest expense was $324 million for year-to-date 2007, compared to $288 million
for year-to-date 2006. The increase was primarily due to the debt assumed as a
result of the merger with Cinergy in April 2006.
INCOME TAX EXPENSE
Second-quarter 2007 income tax expense from continuing operations was
$119 million, compared to $51 million in second-quarter 2006. The effective tax rate
for the quarter increased to 28 percent from 21 percent in the prior year quarter. The
increase was primarily due to favorable merger-related adjustments to state income
taxes of approximately $40 million recorded in the prior-year quarter, partially offset
by the recognition of synfuel credits of approximately $23 million recorded in the
current-year quarter.
Year-to-date income tax expense from continuing operations was $224 million
compared to $159 million in 2006.
NON-GAAP FINANCIAL MEASURES
The primary performance measure used by management to evaluate segment
performance is segment EBIT from continuing operations, which at the segment
level 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 the minority interest expense related to
those profits. Management believes segment EBIT from continuing operations,
which is the GAAP measure used to report segment results, is a good indicator of
each segment’s operating performance as it represents the results of our ownership
interests in continuing operations without regard to financing methods or capital
structures.
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8. -8-
Duke Energy’s management uses ongoing diluted EPS, which is a non-GAAP
financial measure as it represents diluted EPS from continuing operations, adjusted
for the impact of special items, as a measure to evaluate operations of the company.
Special items represent certain charges and credits, which management believes
will not be recurring on a regular basis. Management believes that the presentation
of ongoing diluted EPS provides useful information to investors, as it allows them to
more accurately compare the company’s ongoing performance across periods.
Ongoing diluted EPS is also used as a basis for employee incentive bonuses.
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 for future periods,
information to reconcile such non-GAAP financial measures to the most directly
comparable GAAP financial measure is not available at this time as the company is
unable to forecast any special items for future periods.
Duke Energy also uses ongoing segment (including ongoing equity earnings for
Crescent Resources) and Other EBIT, including diluted-EPS-equivalent amounts, as
a measure of historical and anticipated future segment and other performance.
When used for future periods, ongoing segment and Other EBIT may also include
any amounts that may be reported as discontinued operations. Ongoing segment
and Other EBIT are non-GAAP financial measures as they represent reported
segment and Other EBIT adjusted for special items. Management believes that the
presentation of ongoing segment and Other EBIT provides useful information to
investors, as it allows them to more accurately compare a segment’s or Other’s
ongoing performance across all periods. The most directly comparable GAAP
measure for ongoing segment or Other EBIT is reported segment or Other EBIT,
which represents EBIT from continuing operations, including any special items. Due
to the forward-looking nature of any forecasted ongoing segment or Other EBIT and
- more -
9. -9-
any related growth rates for future periods, information to reconcile these non-GAAP
financial measures to the most directly comparable GAAP financial measures is not
available at this time as the company is unable to forecast any special items or any
amounts that may be reported as discontinued operations for future periods.
Duke Energy, one of the largest electric power companies in the United States,
supplies and delivers energy to approximately 4 million U.S. customers. The
company has nearly 37,000 megawatts of electric generating capacity in the
Midwest and the Carolinas, and natural gas distribution services in Ohio and
Kentucky. In addition, Duke Energy has more than 4,000 megawatts of electric
generation in Latin America, and is a joint-venture partner in a U.S. real estate
company.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on
the New York Stock Exchange under the symbol DUK. More information about the
company is available on the Internet at: http://www.duke-energy.com.
An earnings conference call for analysts is scheduled for 10 a.m. today. The
conference call can be accessed via the investors' section of Duke Energy’s Web
site, or by dialing (800) 475-3716 in the United States or (719) 457-2728 outside the
United States. The confirmation code is 4333620. Please call in five to 10 minutes
prior to the scheduled start time. A replay of the conference call will be available until
midnight ET, Aug. 16, 2007, by dialing (888) 203-1112 with a confirmation code of
4333620. The international replay number is (719) 457-0820, confirmation code
4333620. A replay and transcript also will be available by accessing the investors'
section of the company’s Web site.
The presentation may include certain non-GAAP financial measures as defined
under SEC rules. In such event, a reconciliation of those measures to the most
- more -
10. - 10 -
directly comparable GAAP measures will be available on our investor relations Web
site at: http://www.dukeenergy.com/investors/publications/gaap-reconciliation.asp.
Forward-looking statement
This release includes forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Forward-looking statements are based on management’s beliefs and
assumptions. These forward-looking statements are identified by terms and phrases
such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,”
“could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” and similar
expressions. Forward-looking statements involve risks and uncertainties that may
cause actual results to be materially different from the results predicted. Factors that
could cause actual results to differ materially from those indicated in any forward-
looking statement include, but are not limited to: State, federal and foreign legislative
and regulatory initiatives, including costs of compliance with existing and future
environmental requirements; state, federal and foreign legislation and regulatory
initiatives that affect cost and investment recovery, or have an impact on rate
structures; costs and effects of legal and administrative proceedings, settlements,
investigations and claims; industrial, commercial and residential growth in Duke
Energy Corporation’s (Duke Energy) service territories; additional competition in
electric markets and continued industry consolidation; political and regulatory
uncertainty in other countries in which Duke Energy conducts business; the
influence of weather and other natural phenomena on Duke Energy operations,
including the economic, operational and other effects of hurricanes, ice storms and
tornadoes; the timing and extent of changes in commodity prices, interest rates and
foreign currency exchange rates; unscheduled generation outages, unusual
maintenance or repairs and electric transmission system constraints; the results of
financing efforts, including Duke Energy’s ability to obtain financing on favorable
terms, which can be affected by various factors, including Duke Energy’s credit
ratings and general economic conditions; declines in the market prices of equity
- more -
11. - 11 -
securities and resultant cash funding requirements for Duke Energy’s defined benefit
pension plans; the level of credit worthiness of counterparties to Duke Energy’s
transactions; employee workforce factors, including the potential inability to attract
and retain key personnel; growth in opportunities for Duke Energy’s business units,
including the timing and success of efforts to develop domestic and international
power and other projects; the performance of electric generation and of projects
undertaken by Duke Energy’s non-regulated businesses; the effect of accounting
pronouncements issued periodically by accounting standard-setting bodies; and the
ability to successfully complete merger, acquisition or divestiture plans. In light of
these risks, uncertainties and assumptions, the events described in the forward-
looking statements might not occur or might occur to a different extent or at a
different time than Duke Energy has described. Duke Energy undertakes no
obligation to publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
###
12. JUNE 2007
QUARTERLY HIGHLIGHTS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(In millions, except per share amounts and where noted) 2007 2006 2007 (a) 2006 (a)
COMMON STOCK DATA
Earnings Per Share (from continuing operations)
Basic $ 0.24 $ 0.16 $ 0.52 $ 0.37
Diluted $ 0.24 $ 0.16 $ 0.51 $ 0.36
(Loss) Earnings Per Share (from discontinued operations)
Basic $ (0.01) $ 0.13 $ - $ 0.29
Diluted $ (0.01) $ 0.12 $ - $ 0.28
Earnings Per Share
Basic $ 0.23 $ 0.29 $ 0.52 $ 0.66
Diluted $ 0.23 $ 0.28 $ 0.51 $ 0.64
Dividends Per Share $ 0.43 $ 0.63 $ 0.64 $ 0.94
Weighted-Average Shares Outstanding
Basic 1,260 1,238 1,259 1,083
Diluted 1,267 1,259 1,267 1,111
INCOME
Operating Revenues $ 3,044 $ 2,903 $ 6,131 $ 4,523
Total Reportable Segment EBIT 601 569 1,262 1,029
Other EBIT (66) (151) (150) (204)
Interest Expense (160) (185) (324) (288)
Interest Income and Other (b) 47 14 88 21
Income Tax Expense from Continuing Operations (119) (51) (224) (159)
(Loss) Income from Discontinued Operations, net of tax (10) 159 (2) 314
Net Income $ 293 $ 355 $ 650 $ 713
CAPITALIZATION
Total Common Equity 63% 54%
Minority Interests 0% 1%
Total Debt 37% 45%
Total Debt $ 11,961 $ 21,217
Book Value Per Share $ 16.21 $ 20.50
Actual Shares Outstanding 1,260 1,252
CAPITAL AND INVESTMENT EXPENDITURES
U.S. Franchised Electric and Gas $ 666 $ 562 $ 1,334 $ 902
Natural Gas Transmission - 145 - 270
Commercial Power 145 71 235 71
International Energy 13 7 24 32
Crescent (c) - 149 - 412
Other 30 17 70 98
Total Capital and Investment Expenditures $ 854 $ 951 $ 1,663 $ 1,785
EBIT BY BUSINESS SEGMENT
U.S. Franchised Electric and Gas $ 452 $ 351 $ 1,026 $ 710
Commercial Power 35 20 26 (7)
International Energy 97 24 191 110
Crescent 17 174 19 216
Total reportable segment EBIT 601 569 1,262 1,029
Other EBIT (66) (151) (150) (204)
Interest expense (160) (185) (324) (288)
Interest Income and Other (b) 47 14 88 21
Consolidated income from continuing operations before income taxes $ 422 $ 247 $ 876 $ 558
(a) Results of legacy Cinergy operations are included in Duke Energy's results of operations from April 1, 2006
and thereafter. Additionally, on January 2, 2007, Duke Energy completed the spin-off of its natural gas businesses to
shareholders and, accordingly, prior period results of the natural gas businesses, including Duke Energy's 50% ownership interest in DCP Midstream (formerly DEFS),
are reflected in discontinued operations. On September 7, 2006, Duke Energy deconsolidated Crescent and subsequently accounts
for its investment in Crescent using the equity method of accounting. Results of operations for the three and six months ended June 30, 2007 include
Duke Energy's 50% equity in earnings of Crescent whereas the results for the three and six months ended June 30, 2006 include 100% of Crescent's earnings
as Crescent was a wholly owned subsidiary of Duke Energy.
(b) Other includes foreign currency transaction gains and losses and additional minority interest not allocated to the segment results.
(c) Amounts include capital expenditures for residential real estate included in operating cash flows of $0 million and $125 million for the three months
ended June 30, 2007 and 2006, respectively, and $0 million and $240 million for the six months ended June 30, 2007 and 2006, respectively.
Note: Certain prior period amounts have been reclassified due to discontinued operations and segment asset transfers.
12
13. JUNE 2007
QUARTERLY HIGHLIGHTS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(In millions, except where noted) 2007 2006 2007 2006
U.S. FRANCHISED ELECTRIC AND GAS (a)
Operating Revenues $ 2,249 $ 2,130 $ 4,648 $ 3,422
Operating Expenses 1,812 1,791 3,647 2,729
Gains on Sales of Other Assets and Other, net 1 2 1 2
Other Income and Expenses, net 14 10 24 15
EBIT $ 452 $ 351 $ 1,026 $ 710
Depreciation and Amortization $ 363 $ 358 $ 724 $ 590
Duke Energy Carolinas GWh sales 20,870 19,944 42,412 40,524
Duke Energy Midwest GWh sales 15,396 14,803 31,808 14,803
Net Proportional MW Capacity in Operation 27,590 26,772
COMMERCIAL POWER (a)
Operating Revenues $ 529 $ 447 $ 961 $ 463
Operating Expenses 501 436 937 477
Losses on Sales of Other Assets and Other, net - (5) (11) (5)
Other Income and Expenses, net 7 14 13 12
EBIT $ 35 $ 20 $ 26 $ (7)
Depreciation and Amortization $ 55 $ 55 $ 104 $ 69
Actual Plant Production, GWh 5,123 5,363 10,998 5,380
Net Proportional MW Capacity in Operation 8,100 8,600
INTERNATIONAL ENERGY
Operating Revenues $ 261 $ 245 $ 506 $ 472
Operating Expenses 185 231 350 385
Other Income and Expenses, net 26 11 45 30
Minority Interest Expense 5 1 10 7
EBIT $ 97 $ 24 $ 191 $ 110
Depreciation and Amortization $ 20 $ 18 $ 38 $ 35
Sales, GWh 4,000 5,021 8,654 9,817
Proportional MW Capacity in Operation 3,940 3,919
CRESCENT (b)
Operating Revenues $ - $ 85 $ - $ 156
Operating Expenses - 60 - 121
Gains on Sales of Investments in Commercial and Multi-Family Real Estate - 145 - 171
Other Income and Expenses, net - 5 - 13
Equity in Earnings of Unconsolidated Affiliates 17 - 19 -
Minority Interest Expense - 1 - 3
EBIT $ 17 $ 174 $ 19 $ 216
OTHER (a)
Operating Revenues $ 55 $ 39 $ 91 $ 76
Operating Expenses 134 184 234 291
Losses on Sales of Other Assets and Other, net (1) (3) (1) (3)
Other Income and Expenses, net 12 (6) (9) 7
Minority Interest Benefit (2) (3) (3) (7)
EBIT $ (66) $ (151) $ (150) $ (204)
Depreciation and Amortization $ 13 $ 13 $ 26 $ 23
(a) Includes the results of operations for legacy Cinergy from April 1, 2006 and thereafter.
(b) Crescent results for the three and six months ended June 30, 2007 represent Duke Energy's 50% equity in earnings for its
investment in Crescent. Results for the three and six months ended June 30, 2006 represent 100% of Crescent's earnings
as Crescent was a wholly owned subsidiary of Duke Energy until September 7, 2006.
13
14. DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per-share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
Operating Revenues $ 3,044 $ 2,903 $ 6,131 $ 4,523
Operating Expenses 2,583 2,668 5,093 3,950
Gains on Sales of Investments in Commercial and Multi-Family Real Estate - 145 - 171
Gains (Losses) on Sales of Other Assets and Other, net 1 (7) (10) (7)
Operating Income 462 373 1,028 737
Other Income and Expenses, net 121 62 175 115
Interest Expense 160 185 324 288
Minority Interest Expense 1 3 3 6
Income From Continuing Operations Before Income Taxes 422 247 876 558
Income Tax Expense from Continuing Operations 119 51 224 159
Income From Continuing Operations 303 196 652 399
(Loss) Income From Discontinued Operations, net of tax (10) 159 (2) 314
Net Income $ 293 $ 355 $ 650 $ 713
Common Stock Data
Weighted-average shares outstanding
1,260 1,238 1,259 1,083
Basic
1,267 1,259 1,267 1,111
Diluted
Earnings per share (from continuing operations)
$ 0.24 $ 0.16 $ 0.52 $ 0.37
Basic
$ 0.24 $ 0.16 $ 0.51 $ 0.36
Diluted
(Loss) Earnings per share (from discontinued operations)
$ (0.01) $ 0.13 $ - $ 0.29
Basic
$ (0.01) $ 0.12 $ - $ 0.28
Diluted
Earnings per share
$ 0.23 $ 0.29 $ 0.52 $ 0.66
Basic
$ 0.23 $ 0.28 $ 0.51 $ 0.64
Diluted
Dividends per share $ 0.43 $ 0.63 $ 0.64 $ 0.94
14
15. DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions)
June 30, December 31,
2007 2006
ASSETS
Current Assets $ 5,029 $ 7,047
Investments and Other Assets 10,941 16,074
Net Property, Plant and Equipment 29,799 41,447
Regulatory Assets and Deferred Debits 2,679 4,132
Total Assets $ 48,448 $ 68,700
LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
Current Liabilities $ 5,014 $ 6,613
Long-term Debt 9,965 18,118
Deferred Credits and Other Liabilities 12,857 17,062
Minority Interests 191 805
Common Stockholders' Equity 20,421 26,102
Total Liabilities and Common Stockholders' Equity $ 48,448 $ 68,700
15
16. DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Six Months Ended
June 30,
2007 2006
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 650 $ 713
Adjustments to reconcile net income to net cash provided by
operating activities: 782 731
Net cash provided by operating activities 1,432 1,444
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash (used in) provided by investing activities (1,181) 467
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash used in financing activities (588) (1,670)
Net (decrease) increase in cash and cash equivalents (337) 241
Cash and cash equivalents at beginning of period 948 511
Cash and cash equivalents at end of period $ 611 $ 752
16
17. Duke Energy Carolinas
Quarterly Highlights
Supplemental Franchised Electric Information
Quarter To Date Year To Date
June 30, June 30,
% %
2007 2006 Inc.(Dec.) 2007 2006 Inc.(Dec.)
GWH Sales
Residential 5,593 5,348 4.6% 12,719 11,960 6.3%
General Service 6,547 6,227 5.1% 12,778 12,043 6.1%
Industrial - Textile 1,336 1,542 (13.4%) 2,580 2,930 (12.0%)
Industrial - Other 4,742 4,739 0.1% 9,050 9,088 (0.4%)
Total Industrial 6,078 6,281 (3.2%) 11,630 12,018 (3.2%)
Other Energy Sales 69 67 3.4% 138 134 2.9%
Regular Resale 363 353 3.0% 733 710 3.3%
Total Regular Sales Billed 18,650 18,276 2.0% 37,998 36,865 3.1%
Special Sales (A) 1,420 1,035 37.2% 3,521 2,952 19.3%
Total Electric Sales 20,070 19,311 3.9% 41,519 39,817 4.3%
Unbilled Sales 507 346 46.6% 233 66 252.7%
Total Electric Sales - Carolinas 20,577 19,657 4.7% 41,752 39,883 4.7%
Nantahala Electric Sales 293 287 1.9% 660 641 3.0%
Total Consolidated Electric Sales - Carolinas 20,870 19,944 4.6% 42,412 40,524 4.7%
Average Number of Customers
Residential 1,911,850 1,871,293 2.2% 1,907,745 1,867,226 2.2%
General Service 321,458 316,343 1.6% 320,367 315,384 1.6%
Industrial - Textile 726 761 (4.6%) 733 765 (4.2%)
Industrial - Other 6,528 6,614 (1.3%) 6,538 6,629 (1.4%)
Total Industrial 7,254 7,375 (1.6%) 7,271 7,394 (1.7%)
Other Energy Sales 13,403 13,127 2.1% 13,375 13,059 2.4%
Regular Resale 15 15 0.0% 15 15 0.0%
Total Regular Sales 2,253,980 2,208,153 2.1% 2,248,773 2,203,078 2.1%
Special Sales (A) 37 29 27.6% 36 28 28.6%
Total Electric Sales - Carolinas 2,254,017 2,208,182 2.1% 2,248,809 2,203,106 2.1%
Nantahala Electric Sales 71,302 69,741 2.2% 71,028 69,456 2.3%
Total Avg Number of Customers - Carolinas 2,325,319 2,277,923 2.1% 2,319,837 2,272,562 2.1%
(A) Excludes sales to Nantahala Power and Light Company
Heating and Cooling Degree Days
Actual
Heating Degree Days 262 169 54.7% 1,861 1,721 8.1%
Cooling Degree Days 507 463 9.6% 537 469 14.6%
Variance from Normal
Heating Degree Days 9.9% (24.2%) n/a (5.9%) (10.0%) n/a
Cooling Degree Days 9.8% (0.9%) n/a 15.3% (0.4%) n/a
17
18. Duke Energy - Midwest
Quarterly Highlights
Supplemental Franchised Electric Information
Quarter To Date Year To Date
June 30, June 30,
% %
2007 2006 Inc.(Dec.) 2007 2006 Inc.(Dec.)
GWH Sales
Residential 3,854 3,528 9.2% 9,201 8,364 10.0%
General Service 4,490 4,157 8.0% 8,861 8,321 6.5%
Industrial 4,632 4,586 1.0% 9,012 9,090 (0.9%)
Other Energy Sales 43 45 (4.4%) 87 90 (3.3%)
Total Regular Electric Sales Billed 13,019 12,316 5.7% 27,161 25,865 5.0%
Special Sales 1,932 2,054 (5.9%) 4,564 3,531 29.3%
Total Electric Sales Billed - Midwest 14,951 14,370 4.0% 31,725 29,396 7.9%
Unbilled Sales 445 433 2.8% 83 4 -
Total Electric Sales - Midwest 15,396 14,803 4.0% 31,808 29,400 8.2%
Average Number of Customers
Residential 1,398,052 1,386,627 0.8% 1,401,093 1,388,814 0.9%
General Service 183,580 181,984 0.9% 183,313 181,799 0.8%
Industrial 5,666 5,764 (1.7%) 5,669 5,779 (1.9%)
Other Energy 3,783 3,518 7.5% 3,752 3,452 8.7%
Total Regular Sales 1,591,081 1,577,893 0.8% 1,593,827 1,579,844 0.9%
Special Sales 35 30 16.7% 30 30 0.0%
Total Avg Number Electric Customers - Midwest 1,591,116 1,577,923 0.8% 1,593,857 1,579,874 0.9%
Heating and Cooling Degree Days*
Actual
Heating Degree Days 304 187 62.6% 2,475 2,009 23.2%
Cooling Degree Days 444 265 67.5% 459 265 73.2%
Variance from Normal
Heating Degree Days 18.8% (27.8%) n/a 4.2% (15.9%) n/a
Cooling Degree Days 51.5% (7.3%) n/a 55.1% (8.0%) n/a
* Reflects HDD and CDD for Duke Energy - Indiana, Duke Energy - Ohio and Duke Energy - Kentucky
18
19. DUKE ENERGY CORPORATION
ONGOING TO REPORTED EARNINGS RECONCILIATION
June 2006 Quarter-to-date
(Dollars in millions, except per-share amounts)
Special Items (Note 1)
Costs to Impairment of
Ongoing Achieve, Cinergy Campeche Discontinued Total Reported
Earnings Merger Investment Operations Adjustments Earnings
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
U.S. Franchised Electric and Gas $ 351 $ - $ - $ - $ - $ 351
Commercial Power 20 - - - - 20
International Energy 79 - (55) B - (55) 24
Crescent 174 - - - - 174
Total reportable segment EBIT 624 - (55) - (55) 569
Other (77) (74) A - - (74) (151)
Total reportable segment EBIT and Other EBIT $ 547 $ (74) $ (55) $ - $ (129) $ 418
Interest Expense (185) - - - - (185)
Interest Income and Other 14 - - - - 14
Income Taxes from Continuing Operations (77) 26 - - 26 (51)
Discontinued Operations, net of taxes - - - 159 C,D 159 159
Net Income $ 299 $ (48) $ (55) $ 159 $ 56 $ 355
$ 0.24 $ (0.04) $ (0.04) $ 0.13 $ 0.05 $ 0.29
EARNINGS PER SHARE, BASIC
$ 0.24 $ (0.04) $ (0.04) $ 0.12 $ 0.04 $ 0.28
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 - $38 million recorded in Operation, maintenance and other (Operating Expenses) and $17 million recorded in Losses on sales and impairments of equity
investments (Other Income and Expenses) on the Consolidated Statements of Operations.
C - Excludes Crescent discontinued operations.
D - Primarily amounts reclassified to discontinued operations due to the January 2007 spin-off of Spectra Energy, net of amounts for DENA.
Recorded in (Loss) Income From Discontinued Operations, net of tax on the Consolidated Statements of Operations.
Weighted Average Shares (reported and ongoing) - in millions
Basic 1,238
Diluted 1,259
19
20. DUKE ENERGY CORPORATION
ONGOING TO REPORTED EARNINGS RECONCILIATION
June 2006 Year-to-date
(Dollars in millions, except per-share amounts)
Special Items (Note 1)
Costs to Impairment of
Ongoing Achieve, Campeche Discontinued Total Reported
Earnings Cinergy Merger Investment Operations Adjustments Earnings
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
U.S. Franchised Electric and Gas $ 710 $ - $ - $ - $ - $ 710
Commercial Power (7) - - - - (7)
International Energy 165 - (55) B - (55) 110
Crescent 216 - - - - 216
Total reportable segment EBIT 1,084 - (55) - (55) 1,029
Other (126) (78) A - - (78) (204)
Total reportable segment EBIT and Other EBIT $ 958 $ (78) $ (55) $ - $ (133) $ 825
Interest Expense (288) - - - - (288)
Interest Income and Other 21 - - - - 21
Income Taxes from Continuing Operations (186) 27 - - 27 (159)
Discontinued Operations, net of taxes - - - 314 C,D 314 314
Net Income $ 505 $ (51) $ (55) $ 314 $ 208 $ 713
$ 0.47 $ (0.05) $ (0.05) $ 0.29 $ 0.19 $ 0.66
EARNINGS PER SHARE, BASIC
$ 0.46 $ (0.05) $ (0.05) $ 0.28 $ 0.18 $ 0.64
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 - $38 million recorded in Operation, maintenance and other (Operating Expenses) and $17 million recorded in Losses on sales and impairments of equity
investments (Other Income and Expenses) on the Consolidated Statements of Operations.
C - Excludes Crescent discontinued operations.
D - Primarily amounts reclassified to discontinued operations due to the January 2007 spin-off of Spectra Energy, net of amounts for DENA. Recorded in (Loss) Income From
Discontinued Operations, net of tax on the Consolidated Statements of Operations.
Weighted Average Shares (reported and ongoing) - in millions
Basic 1,083
Diluted 1,111
20
21. DUKE ENERGY CORPORATION
ONGOING TO REPORTED EARNINGS RECONCILIATION
June 2007 Quarter-to-date
(Dollars in millions, except per-share amounts)
Special Items (Note 1)
Costs to
Ongoing Achieve, Cinergy IT Severance Discontinued Total Reported
Earnings Merger Costs Operations Adjustments Earnings
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
U.S. Franchised Electric and Gas $ 452 $ - $ - $ - $ - $ 452
Commercial Power 35 - - - - 35
International Energy 97 - - - - 97
Crescent 17 - - - - 17
Total reportable segment EBIT 601 - - - - 601
Other (42) (12) A (12) A - (24) (66)
Total reportable segment and Other EBIT $ 559 $ (12) $ (12) $ - $ (24) $ 535
Interest Expense (160) - - - - (160)
Interest Income and Other 47 - - - - 47
Income Taxes from Continuing Operations (127) 4 4 - 8 (119)
Discontinued Operations, net of taxes - - - (10) B (10) (10)
Net Income $ 319 $ (8) $ (8) $ (10) $ (26) $ 293
$ 0.25 $ (0.01) $ (0.01) $ 0.23
$ - $ (0.02)
EARNINGS PER SHARE, BASIC
$ 0.25 $ (0.01) $ (0.01) $ 0.23
$ - $ (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 (Loss) Income From Discontinued Operations, net of tax on the Consolidated Statements of Operations.
Weighted Average Shares (reported and ongoing) - in millions
Basic 1,260
Diluted 1,267
21
22. DUKE ENERGY CORPORATION
ONGOING TO REPORTED EARNINGS RECONCILIATION
June 2007 Year-to-date
(Dollars in millions, except per-share amounts)
Special Items (Note 1)
Costs to
Convertible Achieve,
Ongoing Debt Costs, Gas Cinergy IT Severance Discontinued Total Reported
Earnings Spin-off Merger Costs Operations Adjustments Earnings
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
U.S. Franchised Electric and Gas $ 1,026 $ - $ - $ - $ - $ - $ 1,026
Commercial Power 26 - - - - - 26
International Energy 191 - - - - - 191
Crescent 19 - - - - - 19
Total reportable segment EBIT 1,262 - - - - - 1,262
Other (94) (21) B (23) A (12) A - (56) (150)
Total reportable segment and Other EBIT $ 1,168 $ (21) $ (23) $ (12) $ - $ (56) $ 1,112
Interest Expense (324) - - - - - (324)
Interest Income and Other 88 - - - - - 88
Income Taxes from Continuing Operations (236) - 8 4 - 12 (224)
Discontinued Operations, net of taxes - - - - (2) C (2) (2)
Net Income $ 696 $ (21) $ (15) $ (8) $ (2) $ (46) $ 650
$ 0.56 $ (0.02) $ (0.01) $ (0.01) $ 0.52
$ - $ (0.04)
EARNINGS PER SHARE, BASIC
$ 0.55 $ (0.02) $ (0.01) $ (0.01) $ 0.51
$ - $ (0.04)
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 Other income and expenses, net (Other Income and Expenses, net) on the Consolidated Statements of Operations.
C - Recorded in (Loss) Income From Discontinued Operations, net of tax on the Consolidated Statements of Operations.
Weighted Average Shares (reported and ongoing) - in millions
Basic 1,259
Diluted 1,267
22
23. Duke Energy Corporation
Reported and Ongoing Segment EBIT - EPS Equivalents
Second Quarter 2007 vs. 2006
(in millions, except per-share amounts)
Reported Ongoing
2Q 2Q Tax EPS 2Q 2Q Tax EPS
Segment 2007 2006 Difference Effect Impact 2007 2006 Difference Effect Impact
U.S. Franchised Electric and Gas $ 452 $ 351 $ 101 $ (39) $0.05 $ 452 $ 351 $ 101 $ (39) $ 0.05
Commercial Power 35 20 15 (6) 0.01 35 20 15 (6) 0.01
International Energy 97 24 73 (5) (b) 0.05 97 79 (a) 18 (5) 0.01
Subtotal 584 395 189 0.11 584 450 134 0.07
Crescent 17 174 (157) 58 (0.08) 17 174 (157) 58 (0.08)
Total Reportable Segments $ 601 $ 569 $ 32 $0.03 $ 601 $ 624 $ (23) $ (0.01)
Notes
(a) Different between reported amount of $24 million and ongoing amount of $79 million represents 2006 impairment of Campeche investment of $55 million.
(b) Tax effect reflects non-deductibility of $55 million Campeche impairment discussed in note (a) above.
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