Duke Energy reported second quarter 2003 earnings per share of $0.46, including $0.16 from asset sales. Performance was impacted by cooler weather reducing electricity demand. Total first half 2003 earnings were $0.71 per share, including a $0.18 accounting change charge. Duke exceeded its $1.5 billion asset sale target and expects full-year earnings between $1.35-$1.60 per share.
Duke Energy reported strong financial results in the second quarter of 2004. Net income was $432 million, or $0.46 per share, matching the previous year's results. Excluding special items, ongoing earnings per share were $0.42 compared to $0.30 in 2003. Several of Duke Energy's business units performed well, including Duke Energy Field Services and Crescent Resources which both posted significant increases in earnings compared to the previous year. Duke Energy continued progress on meeting financial targets such as debt reduction and asset sales.
Progress Energy reported third quarter 2004 ongoing earnings of $1.01 per share compared to $1.28 per share in the third quarter of 2003. GAAP earnings were $1.25 per share compared to $1.33 per share. Earnings from core utility businesses were strong but offset by lower synthetic fuel production tax credits. Hurricane damage restoration costs totaled $379 million. Progress Energy reaffirmed 2004 ongoing earnings guidance of $2.95 to $3.10 per share and announced developments in an IRS audit of synthetic fuel tax credits.
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 reported 2004 ongoing earnings of $3.06 per share and GAAP earnings of $3.13 per share. For the fourth quarter, ongoing earnings were $0.62 per share and GAAP earnings were $0.80 per share. For 2005, ongoing earnings guidance was set at $2.90 to $3.20 per share. Key drivers for 2005 earnings included customer growth and usage offset by higher O&M costs and the sale of Progress Rail. Significant events in 2004 included hurricane impacts, regulatory filings, and asset sales.
Progress Energy reported third quarter ongoing earnings of $1.28 per share and year-to-date ongoing earnings of $2.74 per share. Earnings were lowered due to unfavorable weather and a slow economic recovery, prompting a reduction in 2003 earnings guidance to $3.50 to $3.60 per share. Additionally, the IRS rejected challenges to Progress Energy's Colona synthetic fuels facility, bringing the tax audit closer to resolution. Progress Energy also announced several asset sales and operational updates across its business segments.
This document is Burlington Northern Santa Fe Corporation's annual investors' report for 2005. Some key points:
- BNSF achieved record quarterly and annual revenue and earnings per share in 2005. Fourth quarter earnings were $1.13 per share, up 24% from 2004. Annual earnings were a record $4.01 per share.
- Freight revenues for the fourth quarter of 2005 increased 18% to $3.45 billion compared to 2004. For the full year, freight revenues increased 17% to $12.6 billion.
- Operating income for the fourth quarter was $800 million, up 20% from 2004. For 2005, operating income increased 73% to $2.92
Duke Energy reported lower earnings in Q1 2004 compared to Q1 2003. Earnings per share were $0.36 compared to $0.25 the prior year. Ongoing earnings per share excluding special items were $0.32 compared to $0.42. Several business units experienced lower earnings including Franchised Electric, Natural Gas Transmission and Duke Energy North America which was impacted by mark-to-market losses. However, Field Services more than doubled its earnings and the company exceeded its asset sales target for the year.
Burlington Northern Santa Fe reported earnings of $0.54 per share for the second quarter of 2003, up slightly from $0.51 per share in the second quarter of 2002. Freight revenues increased 3.7% to $2.26 billion due to a 4.6% rise in shipments handled. However, operating income was flat at $412 million as fuel expenses increased $56 million compared to the previous year. The company also repurchased 2 million shares during the quarter as part of its share buyback program.
Duke Energy reported strong financial results in the second quarter of 2004. Net income was $432 million, or $0.46 per share, matching the previous year's results. Excluding special items, ongoing earnings per share were $0.42 compared to $0.30 in 2003. Several of Duke Energy's business units performed well, including Duke Energy Field Services and Crescent Resources which both posted significant increases in earnings compared to the previous year. Duke Energy continued progress on meeting financial targets such as debt reduction and asset sales.
Progress Energy reported third quarter 2004 ongoing earnings of $1.01 per share compared to $1.28 per share in the third quarter of 2003. GAAP earnings were $1.25 per share compared to $1.33 per share. Earnings from core utility businesses were strong but offset by lower synthetic fuel production tax credits. Hurricane damage restoration costs totaled $379 million. Progress Energy reaffirmed 2004 ongoing earnings guidance of $2.95 to $3.10 per share and announced developments in an IRS audit of synthetic fuel tax credits.
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 reported 2004 ongoing earnings of $3.06 per share and GAAP earnings of $3.13 per share. For the fourth quarter, ongoing earnings were $0.62 per share and GAAP earnings were $0.80 per share. For 2005, ongoing earnings guidance was set at $2.90 to $3.20 per share. Key drivers for 2005 earnings included customer growth and usage offset by higher O&M costs and the sale of Progress Rail. Significant events in 2004 included hurricane impacts, regulatory filings, and asset sales.
Progress Energy reported third quarter ongoing earnings of $1.28 per share and year-to-date ongoing earnings of $2.74 per share. Earnings were lowered due to unfavorable weather and a slow economic recovery, prompting a reduction in 2003 earnings guidance to $3.50 to $3.60 per share. Additionally, the IRS rejected challenges to Progress Energy's Colona synthetic fuels facility, bringing the tax audit closer to resolution. Progress Energy also announced several asset sales and operational updates across its business segments.
This document is Burlington Northern Santa Fe Corporation's annual investors' report for 2005. Some key points:
- BNSF achieved record quarterly and annual revenue and earnings per share in 2005. Fourth quarter earnings were $1.13 per share, up 24% from 2004. Annual earnings were a record $4.01 per share.
- Freight revenues for the fourth quarter of 2005 increased 18% to $3.45 billion compared to 2004. For the full year, freight revenues increased 17% to $12.6 billion.
- Operating income for the fourth quarter was $800 million, up 20% from 2004. For 2005, operating income increased 73% to $2.92
Duke Energy reported lower earnings in Q1 2004 compared to Q1 2003. Earnings per share were $0.36 compared to $0.25 the prior year. Ongoing earnings per share excluding special items were $0.32 compared to $0.42. Several business units experienced lower earnings including Franchised Electric, Natural Gas Transmission and Duke Energy North America which was impacted by mark-to-market losses. However, Field Services more than doubled its earnings and the company exceeded its asset sales target for the year.
Burlington Northern Santa Fe reported earnings of $0.54 per share for the second quarter of 2003, up slightly from $0.51 per share in the second quarter of 2002. Freight revenues increased 3.7% to $2.26 billion due to a 4.6% rise in shipments handled. However, operating income was flat at $412 million as fuel expenses increased $56 million compared to the previous year. The company also repurchased 2 million shares during the quarter as part of its share buyback program.
1) Burlington Northern Santa Fe Corporation reported earnings of $0.40 per share for the first quarter of 2003, before a cumulative effect adjustment of $0.10 per share for a change in accounting principle.
2) Freight revenues increased 3% to $2.2 billion compared to the first quarter of 2002, while operating expenses rose $103 million to $1.89 billion due to a $90 million increase in fuel costs.
3) Operating income was $346 million for the quarter, down from $380 million in the prior year due to higher fuel costs, and the operating ratio rose to 84.3% from 82.2% in 2002.
Burlington Northern Santa Fe reported record second quarter earnings in 2004, with EPS of $0.67, up 24% from the second quarter of 2003. Freight revenues increased 17% to a record $2.64 billion, driven by a 2% average price increase and record volumes. Operating income increased 23% to $508 million while the operating ratio improved to 80.7%. The company also announced a 13% increase in its quarterly dividend.
This document provides an overview and analysis of Sempra Energy's financial condition and results of operations for 2004. Key points include:
- Net income increased 37.9% to $895 million in 2004 due to improved results at Sempra Commodities and Sempra Generation.
- Major events in 2004 that impacted financial results included acquisitions, LNG business development, California energy crisis litigation, and regulatory decisions affecting utility rates.
- The California Utilities division saw higher natural gas revenues and costs due to rising gas prices, while electric revenues declined slightly as fuel and purchase costs rose.
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.
DTE Energy reported strong financial results for 2001. Operating earnings excluding merger and restructuring charges were $536 million compared to $484 million in 2000, an increase of 10.7%. Overall earnings were $332 million compared to $468 million in 2000, reflecting merger-related charges. Non-regulated energy businesses exceeded their earnings target, contributing $162 million in net income. Looking ahead, DTE Energy expects its compound annual earnings growth rate to increase to between 6-8% by 2005 and provided earnings guidance of $3.70 to $4.00 per share for 2002.
Burlington Northern Santa Fe Corporation reported record third quarter 2004 revenues of $2.74 billion, a 16% increase over 2003. Operating expenses increased due to a $465 million charge to update estimates for asbestos and environmental liabilities. Net income was $2 million compared to $203 million in 2003. Freight volumes increased 12% across consumer, industrial, coal, and agricultural products.
SCANA Corporation reported consolidated earnings of $114 million for the first quarter of 2009, comparable to earnings of $109 million in the first quarter of 2008. Earnings were positively impacted by lower operating and maintenance expenses and favorable weather, offsetting factors such as lower natural gas margins. By business line, South Carolina Electric & Gas earned $62 million, PSNC Energy earned $30 million, and SCANA Energy earned $22 million. The company affirmed its guidance for 2009 earnings between $2.65 to $2.95 per share.
Progress Energy reported solid financial results for the second quarter of 2004, with ongoing earnings of $0.79 per share and GAAP earnings of $0.63 per share. For the year to date, ongoing earnings were $1.43 per share and GAAP earnings were $1.08 per share. The company reaffirmed its 2004 ongoing earnings guidance of $3.50 to $3.65 per share. Key drivers of the financial performance included favorable weather, customer growth, and lower retail revenue sharing accruals, partially offset by a decrease in wholesale sales.
- Burlington Northern Santa Fe (BNSF) reported third quarter 2008 earnings of $2.00 per diluted share, up from $1.48 per diluted share in third quarter 2007.
- Freight revenues increased 21% to $4.77 billion compared to third quarter 2007, driven by improved yields and higher fuel surcharges of $570 million from increased fuel prices.
- Operating expenses were $3.70 billion compared to $3.07 billion in third quarter 2007, with fuel expenses rising $501 million due to higher fuel prices.
- BNSF operates one of the largest rail networks in North America and transports a variety of commodities and goods.
Burlington Northern Santa Fe reported third quarter 2003 earnings of $0.55 per share, an 8% increase over third quarter 2002 earnings of $0.51 per share. Freight revenues increased 4% to a record $2.37 billion due to strong volumes in consumer products and industrial products. Operating expenses increased 4% due to a 21% rise in fuel costs. Operating income rose 3% to $430 million and the operating ratio was 81.8% compared to 81.6% in the prior year.
DTE Energy reported third quarter earnings of $0.96 per share, up from $0.51 per share in the third quarter of 2001, excluding merger and restructuring expenses. Year-to-date earnings increased 30% compared to 2001. The company's regulated utility operations performed well due to higher residential sales from increased cooling demand and lower fuel costs. Non-regulated businesses such as energy services also contributed significantly to earnings. DTE Energy reaffirmed its guidance for 2002 earnings of $3.75-$3.95 per share and 2003 earnings of $3.90-$4.10 per share, expecting continued challenges from the economy but benefits from cost controls.
Progress Energy reported second quarter 2003 ongoing earnings of $0.67 per share compared to $0.84 per share in the second quarter of 2002. For the first half of 2003, ongoing earnings were $1.46 per share compared to $1.56 per share for the same period last year. The company reaffirmed its 2003 ongoing earnings guidance of $3.60 to $3.80 per share. Unfavorable weather, higher costs, and share dilution contributed to the decrease in earnings compared to last year. Progress Energy's utility businesses saw increased revenues from customer growth and usage that were offset by the factors above.
Burlington Northern Santa Fe reported earnings of $0.51 per share for Q2 2002, up slightly from $0.50 per share in Q2 2001. Freight revenues were $2.18 billion, down 3% from the previous year, with declines in coal, agricultural products, and industrial products offsetting growth in consumer products. Operating expenses decreased 2% despite lower fuel prices, helping maintain the operating ratio at 81.4%. The company also repurchased 4.2 million shares during the quarter.
The document provides a summary of Sempra Energy's 2003 financial report. It discusses key events in 2003 including favorable tax resolutions, contract decisions, and regulatory proceedings. It provides an overview of Sempra Energy and its business units, including the California Utilities (SoCalGas and SDG&E), Sempra Energy Global Enterprises, and Sempra Energy Financial. The summary discusses operating results, factors affecting comparisons between 2002 and 2003, ratemaking for the California Utilities, natural gas and electric revenues and costs, and volumes and revenues by customer class for the California Utilities.
Duke Energy reported second quarter 2005 earnings per share of $0.33, down from $0.46 in the second quarter of 2004. Mild weather led to lower sales for the Franchised Electric and DENA segments. Field Services and International posted strong results. Despite weather impacts, Duke Energy expects to meet its 2005 EPS target of $1.60 per share due to anticipated stronger performance in the second half of the year.
Burlington Northern Santa Fe reported record quarterly revenue and earnings per share for Q2 2005. Freight revenues increased 15% compared to Q2 2004, reaching a record $3.04 billion. Operating income increased 40% to a record $710 million while the operating ratio improved to 76.7% from 80.7% in Q2 2004. The board also approved an 18% increase in the quarterly dividend to $0.20 per share.
Progress Energy reported earnings of $2.65 per share for 2001, meeting expectations. Earnings were positively impacted by its non-regulated businesses which offset the effects of mild weather and an industrial slowdown. It also received tax rulings for four synthetic fuel plants and reaffirmed its 2002 guidance of $3.90 to $4.10 per share.
Raytheon Reports 2004 Second Quarter Resultsfinance12
Raytheon reported second quarter earnings for 2004. Revenues increased 11% to $4.9 billion due to growth across several business segments. However, earnings per share were $0.22 due to one-time charges related to settling a class action lawsuit and retiring debt. Excluding these charges, earnings per share were $0.35. Free cash flow increased to $818 million compared to the prior year. Looking ahead, Raytheon expects full year revenues of $20 billion and earnings per share between $0.79-0.89 or $1.30-1.40 excluding the class action settlement charges.
CMC has extensive experience executing large IT projects for Indian Railways. Key projects include IMPRESS for computerized passenger reservation, FOIS for freight management, and ARTS for unreserved ticketing. These projects required developing robust, scalable solutions; implementing across thousands of remote locations; and ensuring high uptime. CMC successfully delivered complex turnkey projects for Indian Railways on time by developing secure, reliable systems using multiple technology platforms.
- Total expenses for Duke Energy North America were $325 million for the first half of 2004, driven by operations and maintenance costs of $161 million and depreciation of $86 million.
- Reported segment EBIT was negative $596 million due to special items including a $361 million loss on the sale of southeast generation assets and $105 million settlement related to the western energy market.
- Reconciliations between quarterly reports and additional financial disclosures show reclassifications between various expense categories but no changes to the overall EBIT amounts.
Duke Energy held an earnings conference call to discuss its first quarter 2005 results. The call included prepared remarks from Duke Energy's Chairman and CEO, Group VP and CFO, and President and COO. They reported earnings of $0.91 per share including special items, and ongoing earnings of $0.44 per share, up nearly 30% from the prior year. Business unit highlights included strong results from Field Services, International Energy, and Crescent Resources. DENA reported a smaller loss than the prior year. The executives provided an outlook for the remainder of 2005 and discussed the impact of recent transactions involving Duke Energy's ownership in Field Services.
Cinergy Corp. reported strong earnings for the third quarter of 2005, with adjusted earnings per share reaching a record high of $0.97. Earnings were driven by favorable weather conditions, cost reductions across the company, and contributions from commercial businesses capitalizing on commodity market movements. Cinergy increased its full-year 2005 adjusted earnings guidance to a range of $2.60 to $2.75 per share. The company also continues to make progress on regulatory approvals for its proposed merger with Duke Energy.
1) Burlington Northern Santa Fe Corporation reported earnings of $0.40 per share for the first quarter of 2003, before a cumulative effect adjustment of $0.10 per share for a change in accounting principle.
2) Freight revenues increased 3% to $2.2 billion compared to the first quarter of 2002, while operating expenses rose $103 million to $1.89 billion due to a $90 million increase in fuel costs.
3) Operating income was $346 million for the quarter, down from $380 million in the prior year due to higher fuel costs, and the operating ratio rose to 84.3% from 82.2% in 2002.
Burlington Northern Santa Fe reported record second quarter earnings in 2004, with EPS of $0.67, up 24% from the second quarter of 2003. Freight revenues increased 17% to a record $2.64 billion, driven by a 2% average price increase and record volumes. Operating income increased 23% to $508 million while the operating ratio improved to 80.7%. The company also announced a 13% increase in its quarterly dividend.
This document provides an overview and analysis of Sempra Energy's financial condition and results of operations for 2004. Key points include:
- Net income increased 37.9% to $895 million in 2004 due to improved results at Sempra Commodities and Sempra Generation.
- Major events in 2004 that impacted financial results included acquisitions, LNG business development, California energy crisis litigation, and regulatory decisions affecting utility rates.
- The California Utilities division saw higher natural gas revenues and costs due to rising gas prices, while electric revenues declined slightly as fuel and purchase costs rose.
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.
DTE Energy reported strong financial results for 2001. Operating earnings excluding merger and restructuring charges were $536 million compared to $484 million in 2000, an increase of 10.7%. Overall earnings were $332 million compared to $468 million in 2000, reflecting merger-related charges. Non-regulated energy businesses exceeded their earnings target, contributing $162 million in net income. Looking ahead, DTE Energy expects its compound annual earnings growth rate to increase to between 6-8% by 2005 and provided earnings guidance of $3.70 to $4.00 per share for 2002.
Burlington Northern Santa Fe Corporation reported record third quarter 2004 revenues of $2.74 billion, a 16% increase over 2003. Operating expenses increased due to a $465 million charge to update estimates for asbestos and environmental liabilities. Net income was $2 million compared to $203 million in 2003. Freight volumes increased 12% across consumer, industrial, coal, and agricultural products.
SCANA Corporation reported consolidated earnings of $114 million for the first quarter of 2009, comparable to earnings of $109 million in the first quarter of 2008. Earnings were positively impacted by lower operating and maintenance expenses and favorable weather, offsetting factors such as lower natural gas margins. By business line, South Carolina Electric & Gas earned $62 million, PSNC Energy earned $30 million, and SCANA Energy earned $22 million. The company affirmed its guidance for 2009 earnings between $2.65 to $2.95 per share.
Progress Energy reported solid financial results for the second quarter of 2004, with ongoing earnings of $0.79 per share and GAAP earnings of $0.63 per share. For the year to date, ongoing earnings were $1.43 per share and GAAP earnings were $1.08 per share. The company reaffirmed its 2004 ongoing earnings guidance of $3.50 to $3.65 per share. Key drivers of the financial performance included favorable weather, customer growth, and lower retail revenue sharing accruals, partially offset by a decrease in wholesale sales.
- Burlington Northern Santa Fe (BNSF) reported third quarter 2008 earnings of $2.00 per diluted share, up from $1.48 per diluted share in third quarter 2007.
- Freight revenues increased 21% to $4.77 billion compared to third quarter 2007, driven by improved yields and higher fuel surcharges of $570 million from increased fuel prices.
- Operating expenses were $3.70 billion compared to $3.07 billion in third quarter 2007, with fuel expenses rising $501 million due to higher fuel prices.
- BNSF operates one of the largest rail networks in North America and transports a variety of commodities and goods.
Burlington Northern Santa Fe reported third quarter 2003 earnings of $0.55 per share, an 8% increase over third quarter 2002 earnings of $0.51 per share. Freight revenues increased 4% to a record $2.37 billion due to strong volumes in consumer products and industrial products. Operating expenses increased 4% due to a 21% rise in fuel costs. Operating income rose 3% to $430 million and the operating ratio was 81.8% compared to 81.6% in the prior year.
DTE Energy reported third quarter earnings of $0.96 per share, up from $0.51 per share in the third quarter of 2001, excluding merger and restructuring expenses. Year-to-date earnings increased 30% compared to 2001. The company's regulated utility operations performed well due to higher residential sales from increased cooling demand and lower fuel costs. Non-regulated businesses such as energy services also contributed significantly to earnings. DTE Energy reaffirmed its guidance for 2002 earnings of $3.75-$3.95 per share and 2003 earnings of $3.90-$4.10 per share, expecting continued challenges from the economy but benefits from cost controls.
Progress Energy reported second quarter 2003 ongoing earnings of $0.67 per share compared to $0.84 per share in the second quarter of 2002. For the first half of 2003, ongoing earnings were $1.46 per share compared to $1.56 per share for the same period last year. The company reaffirmed its 2003 ongoing earnings guidance of $3.60 to $3.80 per share. Unfavorable weather, higher costs, and share dilution contributed to the decrease in earnings compared to last year. Progress Energy's utility businesses saw increased revenues from customer growth and usage that were offset by the factors above.
Burlington Northern Santa Fe reported earnings of $0.51 per share for Q2 2002, up slightly from $0.50 per share in Q2 2001. Freight revenues were $2.18 billion, down 3% from the previous year, with declines in coal, agricultural products, and industrial products offsetting growth in consumer products. Operating expenses decreased 2% despite lower fuel prices, helping maintain the operating ratio at 81.4%. The company also repurchased 4.2 million shares during the quarter.
The document provides a summary of Sempra Energy's 2003 financial report. It discusses key events in 2003 including favorable tax resolutions, contract decisions, and regulatory proceedings. It provides an overview of Sempra Energy and its business units, including the California Utilities (SoCalGas and SDG&E), Sempra Energy Global Enterprises, and Sempra Energy Financial. The summary discusses operating results, factors affecting comparisons between 2002 and 2003, ratemaking for the California Utilities, natural gas and electric revenues and costs, and volumes and revenues by customer class for the California Utilities.
Duke Energy reported second quarter 2005 earnings per share of $0.33, down from $0.46 in the second quarter of 2004. Mild weather led to lower sales for the Franchised Electric and DENA segments. Field Services and International posted strong results. Despite weather impacts, Duke Energy expects to meet its 2005 EPS target of $1.60 per share due to anticipated stronger performance in the second half of the year.
Burlington Northern Santa Fe reported record quarterly revenue and earnings per share for Q2 2005. Freight revenues increased 15% compared to Q2 2004, reaching a record $3.04 billion. Operating income increased 40% to a record $710 million while the operating ratio improved to 76.7% from 80.7% in Q2 2004. The board also approved an 18% increase in the quarterly dividend to $0.20 per share.
Progress Energy reported earnings of $2.65 per share for 2001, meeting expectations. Earnings were positively impacted by its non-regulated businesses which offset the effects of mild weather and an industrial slowdown. It also received tax rulings for four synthetic fuel plants and reaffirmed its 2002 guidance of $3.90 to $4.10 per share.
Raytheon Reports 2004 Second Quarter Resultsfinance12
Raytheon reported second quarter earnings for 2004. Revenues increased 11% to $4.9 billion due to growth across several business segments. However, earnings per share were $0.22 due to one-time charges related to settling a class action lawsuit and retiring debt. Excluding these charges, earnings per share were $0.35. Free cash flow increased to $818 million compared to the prior year. Looking ahead, Raytheon expects full year revenues of $20 billion and earnings per share between $0.79-0.89 or $1.30-1.40 excluding the class action settlement charges.
CMC has extensive experience executing large IT projects for Indian Railways. Key projects include IMPRESS for computerized passenger reservation, FOIS for freight management, and ARTS for unreserved ticketing. These projects required developing robust, scalable solutions; implementing across thousands of remote locations; and ensuring high uptime. CMC successfully delivered complex turnkey projects for Indian Railways on time by developing secure, reliable systems using multiple technology platforms.
- Total expenses for Duke Energy North America were $325 million for the first half of 2004, driven by operations and maintenance costs of $161 million and depreciation of $86 million.
- Reported segment EBIT was negative $596 million due to special items including a $361 million loss on the sale of southeast generation assets and $105 million settlement related to the western energy market.
- Reconciliations between quarterly reports and additional financial disclosures show reclassifications between various expense categories but no changes to the overall EBIT amounts.
Duke Energy held an earnings conference call to discuss its first quarter 2005 results. The call included prepared remarks from Duke Energy's Chairman and CEO, Group VP and CFO, and President and COO. They reported earnings of $0.91 per share including special items, and ongoing earnings of $0.44 per share, up nearly 30% from the prior year. Business unit highlights included strong results from Field Services, International Energy, and Crescent Resources. DENA reported a smaller loss than the prior year. The executives provided an outlook for the remainder of 2005 and discussed the impact of recent transactions involving Duke Energy's ownership in Field Services.
Cinergy Corp. reported strong earnings for the third quarter of 2005, with adjusted earnings per share reaching a record high of $0.97. Earnings were driven by favorable weather conditions, cost reductions across the company, and contributions from commercial businesses capitalizing on commodity market movements. Cinergy increased its full-year 2005 adjusted earnings guidance to a range of $2.60 to $2.75 per share. The company also continues to make progress on regulatory approvals for its proposed merger with Duke Energy.
Duke Energy reported financial results for the full year and fourth quarter of 2003. Key highlights include:
1) Regulated utilities and field services showed strong operational and financial performance, while merchant operations produced a loss.
2) Duke Energy exceeded its targets for non-strategic asset sales of over $2 billion and debt reduction of $2.2 billion.
3) Special pre-tax charges of $3.4 billion were taken in the fourth quarter to reduce exposure to merchant generation and international businesses.
4) Annual dividend was maintained at $1.10 per share and debt reduction between $3.5-4 billion is expected in 2004 to strengthen the company's financial position.
The document provides an earnings review for 2004 and outlook for 2005 from Duke Energy Corporation. Some key points:
- 2004 ongoing earnings per share were $1.38, exceeding the target of $1.20. Several business units performed well while DENA losses were lower than expected.
- Goals for 2005 include ongoing earnings per share of $1.60, ongoing segment EBIT growth across most business units, and further reducing debt and risks.
- DENA is expected to post a $150 million ongoing segment EBIT loss for 2005 as it focuses on defining a sustainable long-term business model.
Duke Energy reported ongoing earnings of $818 million for the second quarter of 2004, excluding special items. However, including special items, reported earnings were $835 million. Special items included a $17 million gain primarily due to a California settlement and asset sale gains, partially offset by impairment charges. Segment earnings were lower than ongoing earnings primarily due to mild weather and higher planned maintenance costs, but were partially offset by higher bulk power sales and customer growth.
Duke Energy reported higher earnings per share in the first quarter of 2005 compared to the previous year. Earnings per share were $0.91 versus $0.34 in 2004, driven by gains from the sale of assets in the Field Services business and improved performance across most business units. Interest expense was lower due to debt reduction efforts. Duke Energy will hold an earnings call to discuss the results and outlook further.
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.
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.
progress energy 3Q 02.earnings.release.andfinancialsfinance25
- Progress Energy reported ongoing quarterly earnings of $1.53 per share and GAAP earnings of $0.71 per share. It expects 2002 ongoing earnings to be within its target range of $3.90 to $4.00 per share.
- It announced an agreement to sell NCNG to Piedmont Natural Gas for $425 million, which will be used to pay down debt.
- For 2003, it expects 3% earnings growth over 2002 through cost management, sales growth at its electric utilities, and additional revenues from its non-regulated business.
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 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.
Progress Energy reported strong financial results for the first quarter of 2003. They reported ongoing earnings of $0.79 per share and GAAP earnings of $0.89 per share. Additionally, they acquired 195 billion cubic feet of natural gas reserves and agreed to acquire a full-requirements power supply agreement. The company saw increased earnings due to favorable weather, customer growth and lower interest expenses, though earnings were partially offset by a rate reduction in Florida.
energy future holindings TXU_Q4_2003_Earnings_Packfinance29
TXU reported strong financial results for 2003, delivering earnings of $715 million compared to $160 million in 2002. Net income for 2003 was $560 million compared to a net loss of $4.232 billion in 2002. For the fourth quarter of 2003, earnings were $66 million compared to a loss of $547 million in the same period of 2002. All business segments contributed increased earnings, with the Energy segment delivering $493 million for the full year compared to $319 million in 2002. Management expects to deliver 2004 earnings of $2.15 per share.
energy future holindings TXU_Q3_2003_Earnings_Packfinance29
TXU reported improved financial results for the third quarter and first nine months of 2003 compared to the same periods in 2002. Third quarter earnings from continuing operations increased 15% to $368 million, or $1.01 per share, due to higher contribution margins and lower costs across all business segments. For the first nine months, earnings from continuing operations were $650 million, or $1.82 per share. TXU expects full-year 2003 earnings from continuing operations to be around $2.00 per share.
Duke Energy reported first quarter 2003 earnings per share of $0.48, driven by favorable weather conditions and increased wholesale power sales in its franchised electric business. However, earnings were lowered by $0.25 per share from exiting proprietary trading activities at DENA and adopting new accounting standards. Duke is focused on reducing risks through asset sales, debt reduction, and exiting merchant energy to strengthen performance and meet its 2003 financial goals.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were $93 million compared to $176 million in 2003. Operating earnings were also down, at $69 million versus $114 million the year before. The decline was largely due to lower revenues at Detroit Edison from mild weather and customers switching to electric choice programs. However, DTE Energy expects regulatory proceedings to improve the financial outlook for its utility businesses and continued strong performance from non-regulated operations.
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.
Suncor Energy Inc. reported record financial results for the second quarter of 2022, driven by higher oil prices and increased production. Adjusted funds from operations increased to $5.345 billion, exceeding the prior quarterly record. Net earnings increased to $3.996 billion. Upstream production increased to 720,200 boe/d due to higher output from Syncrude and Fort Hills. Refinery throughput also rose with utilization at 84% as turnarounds were completed. Suncor returned a record $3.2 billion to shareholders through dividends and share repurchases, the highest in company history.
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.
TXU reported better than expected earnings for the first quarter of 2003, with earnings from continuing operations of $101 million (exceeding the target of $0.20 per share). Full year 2003 guidance remains at $1.95 to $2.05 per share. Earnings were higher than expected due to increased contributions from the North America Energy Delivery segment and cost reductions, though partially offset by higher fuel costs and interest expenses. TXU has also accomplished debt reduction and cost cutting objectives to strengthen its financial position.
DTE Energy reported strong third quarter 2006 earnings of $188 million compared to $4 million in third quarter 2005. Operating earnings, which exclude non-recurring items, were $255 million in third quarter 2006 compared to $5 million in third quarter 2005. All of DTE Energy's business segments experienced increased operating earnings except for Gas Utility which typically has a seasonal loss in the third quarter. DTE Energy tightened its full year 2006 operating earnings guidance excluding synthetic fuels to be between $2.42 to $2.53 per share.
DTE Energy reported strong third quarter 2006 earnings of $188 million compared to $4 million in third quarter 2005. Operating earnings, which exclude non-recurring items, were $255 million in third quarter 2006 compared to $5 million in third quarter 2005. All of DTE Energy's business segments experienced increased operating earnings except for Gas Utility which typically has a seasonal loss in the third quarter. DTE Energy tightened its full year 2006 operating earnings guidance excluding synthetic fuels to be between $2.42 to $2.53 per share.
DTE Energy reported second quarter 2007 earnings of $385 million, up from a loss of $33 million in the second quarter of 2006. Operating earnings were $101 million for the quarter, an increase from an operating loss of $1 million in the prior year. The sale of the company's Antrim Shale gas exploration business and increased non-utility earnings contributed to the earnings growth. DTE Energy also reported year-to-date cash flow from operations of approximately $998 million, a 12% increase from the previous year. The company reiterated its 2007 operating earnings guidance excluding synthetic fuel of $450-485 million and including synthetic fuel of $150-215 million.
DTE Energy reported second quarter 2007 earnings of $385 million, up from a loss of $33 million in the second quarter of 2006. Operating earnings were $101 million for the quarter, an increase from an operating loss of $1 million in the prior year. The sale of the company's Antrim Shale gas business and increased non-utility earnings contributed to the earnings growth. DTE Energy also reported year-to-date cash flow from operations of approximately $998 million, a 12% increase from the previous year. The company reiterated its 2007 operating earnings guidance excluding synthetic fuel of $450-485 million and including synthetic fuel of $150-215 million.
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%.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
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.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
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1. July 30, 2003 MEDIA CONTACT: Terry Francisco
Phone: 704/373-6680
24-Hour: 704/382-8333
ANALYST CONTACT: Greg Ebel
Phone: 704/382-8118
DUKE ENERGY REPORTS SECOND QUARTER 2003 RESULTS
• EPS of 46 cents includes 16 cents of gains from asset sales
• Sound performance from regulated businesses
• Quarterly results include improved performances from Duke Energy
International and Field Services
• Company surpasses 2003 goal of $1.5 billion in gross proceeds from
asset sales, including $280 million of assumed debt
CHARLOTTE, N.C. – Duke Energy reported second quarter 2003 earnings of 46
cents per share, or $424 million in net income, compared to 57 cents per share, or
$474 million net income in second quarter 2002.
This quarter’s results included $237 million of pre-tax gains on sales of equity
investments and assets, or 16 cents per share, compared with $61 million in pre-tax
gains for second quarter 2002, or 4 cents per share.
For the first half of 2003, Duke Energy earned 71 cents per share, or $649 million in
net income, which included a first quarter 18 cent, or $162 million, after-tax charge
for the cumulative effect of a change in accounting principles. Before the effect of
this change in accounting principles, Duke Energy earned 89 cents, or $811 million
in net income, in the first half of 2003. The company earned $1.05 a share, or $856
million in net income, in the first half of 2002.
2. quot;We are executing on the strategic directives we laid out in January and operating
our businesses with discipline and efficiency,quot; said Richard B. Priory, chairman and
chief executive officer. “2003 is proving to be another challenging year with a
weak merchant energy sector and a sluggish economy. Despite these challenges,
we still believe we will achieve full year 2003 results in the range of $1.35 -- $1.60
earnings per share (EPS) before a charge for the cumulative effect of a previously
announced change in accounting principles.
“Our strategic divestitures have bolstered cash flow without drawing from the
lifeblood of the company,” Priory said. “Duke Energy is becoming a leaner, stronger
and more agile competitor, backed by large, profitable, regulated businesses with
predictable cash flows and earnings.”
BUSINESS UNIT RESULTS
Consolidated Earnings before Interest and Taxes (EBIT) was $1.02 billion, which
included $237 million in pre-tax gains on sales of equity investments and assets,
compared with $1.06 billion in second quarter 2002, which included $61 million in
pre-tax gains from asset sales. For the first half of 2003, EBIT was $1.99 billion, an
increase of 9 percent over EBIT for the first six months of 2002. Below is a
reconciliation of EBIT to net income:
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
($ in Millions ) 6/30/03 6/30/02 6/30/03 6/30/02
EBIT, as defined below $1,020 $1,057 $1,994 $1,827
Cumulative effect of
change in accounting
principles, net of tax ---- ---- 162 ----
Income taxes 195 247 390 405
Minority Interest 60 62 112 94
Interest expense 341 274 681 472
Net income $424 $474 $649 $856
2
3. Franchised Electric
Second quarter 2003 EBIT from Franchised Electric was $316 million, compared to
second quarter 2002 EBIT of $388 million. Results were primarily affected by
significantly cooler than normal weather during the quarter. In second quarter 2003,
cooling degree days were 30 percent below average. By comparison, cooling
degree days in second quarter 2002 were 22 percent above average. Additionally,
results were lower due to higher depreciation and amortization costs of $26 million,
primarily related to the North Carolina 2002 clean air legislation. Those reductions
were partially offset by increased plant efficiency and slightly higher wholesale
power sales.
Year-to-date EBIT for Franchised Electric was $770 million, compared with $772
million in 2002.
Natural Gas Transmission
The Duke Energy Natural Gas Transmission (DEGT) segment reported second
quarter 2003 EBIT of $306 million, compared to $313 million in second quarter
2002. Results included a pre-tax gain of $31 million from the sale of DEGT’s
ownership interest in Alliance pipeline/Aux Sable processing plant. Second quarter
2002 results included a $27 million success fee associated with the completion of
the Gulfstream Natural Gas System LLC, a 50-percent joint venture of DEGT.
During the quarter, Gulfstream signed a 23-year agreement with Florida Power &
Light Company (FPL) in which Gulfstream will provide up to 350 million cubic feet
per day of firm natural gas transportation service to FPL for its Martin and Manatee
power plant expansions beginning in 2005. With this agreement, Gulfstream will
increase its pipeline capacity contracted to 65 percent with an average contract
term of 21 years. Placed into service last year, Gulfstream is currently a 581-mile
pipeline system with the capacity to deliver 1.1 billion cubic feet of natural gas each
day to serve Florida’s growing energy needs.
3
4. Year-to-date EBIT for DEGT was $729 million, compared with $579 million in 2002.
Duke Energy North America
Duke Energy North America (DENA) reported EBIT of $211 million in second
quarter 2003, compared to EBIT of $196 million in second quarter 2002. Results for
the second quarter included a pre-tax gain of $175 million from the sale of DENA’s
ownership interest in American Ref-Fuel. Second quarter 2002 results included a
$46 million increase from the appreciation of the fair value of the mark-to-market
portfolio as a result of applying improved and standardized valuation modeling
techniques to all North American regions. Lower operating results in second quarter
2003 were due to decreased spark spreads, a reduction in mark-to-market
earnings, and higher depreciation expenses related to the addition of 2,535
megawatts of new capacity.
Year-to-date EBIT for DENA was $234 million, compared with $250 million in 2002.
International Energy
For second quarter 2003, Duke Energy International (DEI) reported EBIT of $111
million, nearly doubling second quarter 2002 EBIT of $57 million. This quarter’s
performance was positively impacted by improved gas marketing results in Europe
and cost-reduction efforts. Results for the quarter were also positively impacted by
$37 million related to a favorable regulatory audit in Brazil and early termination of a
natural gas sales contract. These results were partially offset by the change in the
values of the Brazilian real and the Mexican peso against the U.S. dollar, from the
second quarter of last year.
Year-to-date EBIT for DEI was $165 million, compared with $114 million in 2002.
4
5. Field Services
The Field Services business segment, which represents Duke Energy's 70-percent
interest in Duke Energy Field Services (DEFS), reported second quarter 2003 EBIT
of $76 million compared to $41 million in second quarter 2002. The effects of higher
natural gas prices and hedging results related to the price movements of natural
gas liquids (NGL) offset the favorable impact of higher NGL prices during the
period. Results were positively impacted by a pre-tax gain on sale of assets of $18
million and a pre-tax gain on sale of TEPPCO class B units of $11 million. In
second quarter 2002, results were negatively impacted by $13 million due to
increased reserves primarily related to imbalances with customers and suppliers
and a storage inventory write-down charge.
Year-to-date EBIT in 2003 for Field Services was $109 million compared to $76
million in 2002.
Other Operations
Other Operations, including Crescent Resources, DukeNet Communications, Duke
Capital Partners, Duke/Fluor Daniel (D/FD), Duke Energy Merchants and Energy
Delivery Services, reported EBIT of $18 million in second quarter 2003, compared
to EBIT of $128 million in second quarter 2002.
Results were affected by reduced results at D/FD and Duke Capital Partners.
D/FD’s second quarter 2002 results were positively impacted by the completion of
10 plants. Second quarter 2002 results from Other Operations also benefited from
$68 million in pre-tax gains on the sales of water operations, the former Duke
Engineering & Services business and Duke Energy Merchants’ interest in Canadian
88, offset by a pre-tax loss of $7 million due to the sale of DukeSolutions.
Year-to-date EBIT in 2003 for Other Operations was negative $8 million compared
to $145 million in positive EBIT in 2002.
5
6. On July 9, Duke Energy and Fluor Corporation announced that D/FD, a partnership
between affiliates of the two companies, will be dissolved. The partners will wind
down the business over the next two years.
INTEREST EXPENSE
Interest expense was $341 million for second quarter 2003, compared to $274
million for second quarter 2002. The increase was primarily due to reduced
capitalized interest at DENA resulting from significantly lower plant construction
activity in 2003.
CASH FLOW
For the six months ending June 30, 2003, cash flow from operations was $1.9
billion, compared to $1.5 billion for the first six months ending June 30, 2002. In
2003, Duke Energy expects cash flow from operations, which includes ongoing real
estate sales at Crescent Resources, combined with proceeds from divestitures at
other business units, to more than adequately fund capital expenditures of
approximately $3 billion and the approximately $1 billion needed to fund the $1.10
per share dividend.
Earlier this month the company announced that it had surpassed its 2003 goal of
realizing more than $1.5 billion in gross proceeds from asset sales, including $280
million in assumed debt. Proceeds in excess of the amounts needed to help fund
capital expenditures and pay the dividend will be available to pay down debt. The
company believes it will pay down approximately $1.8 billion in debt and trust
preferred securities this year and $5.5 billion in debt and trust preferred securities
by the end of 2005.
6
7. LIQUIDITY AND CAPITAL RESOURCES
Duke Energy's consolidated capital structure as of June 30, 2003, including short-
term debt, was 55 percent debt, 37 percent common equity, 4 percent minority
interests and 4 percent preferred securities.
Under various credit facilities, Duke Energy, Duke Capital and other subsidiaries
had the ability to borrow up to $4.7 billion as of June 30, 2003. The companies had
borrowings and letters of credit outstanding under these programs of approximately
$1.6 billion as of June 30, 2003, resulting in unused capacity of approximately
$3.1 billion. The company also had approximately $1.5 billion in cash and cash
equivalents as of June 30, 2003.
ADDITIONAL INFORMATION
Additional information, including EPS reconciliation data and a schedule for Duke
Energy Field Services gas volume and margin by contract type, can be obtained at
Duke Energy’s second quarter 2003 earnings information Web site at:
http://www.duke-energy.com/investors/earnings/.
FINANCIAL MEASURES
The primary performance measure used by management to evaluate segment
performance is EBIT, which at the segment level represents all profits (both
operating and non-operating) before deducting interest and taxes, and is net of the
minority interest expense related to those profits. Management believes EBIT is a
good indicator of each segment’s operating performance as it represents the results
of our ownership interests in operations without regard to financing methods or
capital structures.
7
8. On a consolidated basis, EBIT is also used as one of the measures to assess
performance and represents the combination of operating income and other income
and expenses as presented on the consolidated statements of income. The use of
EBIT as one of the performance measures on a consolidated basis follows the use
of EBIT for assessing segment performance, and we believe EBIT is used by our
investors as a supplemental financial measure in the evaluation of our consolidated
results of operations.
EBIT should not be considered an alternative to, or more meaningful than, net
income, operating income or cash flow as determined in accordance with generally
accepted accounting principles (GAAP). Duke Energy’s EBIT may not be
comparable to a similarly titled measure of another company.
Duke Energy is a diversified multinational energy company with an integrated
network of energy assets and expertise. The company manages a dynamic portfolio
of natural gas and electric supply, delivery and trading businesses – meeting the
energy needs of customers throughout North America and in key markets around
the world. Duke Energy, headquartered in Charlotte, N.C., 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: www.duke-
energy.com.
An earnings conference call for analysts is scheduled for 10 a.m. ET today. The
conference call can be accessed via the investors' section of Duke Energy’s Web
site or by dialing 800/946-0786 in the United States or 719/457-2662 outside the
United States. The confirmation code is 159448. Please call in five to 10 minutes
prior to the scheduled start time. A replay of the conference call will be available by
dialing 888/203-1112 with a confirmation code of 159448. The international replay
number is 719/457-0820, confirmation code 159448. A replay and transcript also
will be available by accessing the investors' section of the company’s Web site. The
8
9. presentation may include certain non-GAAP financial measures as defined under
SEC rules. In such event, a reconciliation of those measures to the most directly
comparable GAAP measures will be available on our investor relations Web site at:
www.duke-energy.com/investors/financial/gaap.
This document 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. Although Duke Energy believes that its expectations are based on
reasonable assumptions, it can give no assurance that its goals will be achieved.
Important factors that could cause actual results to differ materially from those in
the forward-looking statements herein include legislative and regulatory
developments; the outcomes of litigation and regulatory proceedings or inquiries;
general economic conditions, including any potential effects arising from terrorist
attacks and any consequential hostilities or other hostilities; the effectiveness of the
company's risk management and internal controls systems; the timing and extent of
changes in commodity prices for oil, natural gas, coal, electricity and interest rates;
the extent of success in connecting natural gas supplies to gathering and
processing systems and in connecting and expanding natural gas and electric
markets; the performance of electric generation, pipeline and natural gas
processing facilities; the timing and success of efforts to develop domestic and
international power, pipeline, gathering, processing and other infrastructure
projects; conditions of the capital markets and equity markets during the periods
covered by the forward-looking statements; and other factors discussed in Duke
Energy's filings with the Securities and Exchange Commission.
9
10. JUNE 2003
QUARTERLY HIGHLIGHTS
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(In millions, except where noted) 2003 2002 2003 2002
COMMON STOCK DATA
Earnings Per Share (before cumulative effect of change in accounting principles)
Basic $ 0.46 $ 0.57 $ 0.89 $ 1.05
Diluted $ 0.46 $ 0.56 $ 0.89 $ 1.04
Earnings Per Share
Basic $ 0.46 $ 0.57 $ 0.71 $ 1.05
Diluted $ 0.46 $ 0.56 $ 0.71 $ 1.04
Dividends Per Share $ 0.550 $ 0.550 $ 0.825 $ 0.825
Weighted-Average Shares Outstanding
Basic 902 831 899 809
Diluted 903 834 900 813
INCOME
Operating Revenues $ 5,268 $ 3,873 $ 11,573 $ 7,181
Earnings Before Interest and Taxes (EBIT) 1,020 1,057 1,994 1,827
Interest Expense 341 274 681 472
Minority Interest Expense (a) 60 62 112 94
Income Taxes 195 247 390 405
Cumulative Effect of Change in Accounting Principles, net of tax and minority interest - - (162) -
Net Income 424 474 649 856
Dividends and Premiums on Redemptions of Preferred and Preference Stock 7 4 10 7
Earnings Available for Common Stockholders $ 417 $ 470 $ 639 $ 849
CAPITALIZATION
Common Equity 37% 36%
Preferred Stock 1% 1%
Trust Preferred Securities 3% 3%
Total Common Equity and Preferred Securities 41% 40%
Minority Interest 4% 7%
Total Debt 55% 53%
Fixed Charges Coverage, using SEC guidelines 2.6 2.7
Total Debt $ 22,766 $ 22,010
Book Value Per Share $ 17.38 $ 17.89
Actual Shares Outstanding 904 832
CAPITAL AND INVESTMENT EXPENDITURES
Franchised Electric $ 310 $ 323 $ 486 $ 567
Natural Gas Transmission (b) 233 253 431 2,290
Field Services 31 74 62 184
Duke Energy North America 97 785 257 1,521
International Energy 18 136 43 217
Other Operations (c) 79 171 148 305
Other (43) (36) 3 -
Cash acquired in acquisitions - - - (77)
Total Capital and Investment Expenditures $ 725 $ 1,706 $ 1,430 $ 5,007
EBIT BY BUSINESS SEGMENT
Franchised Electric $ 316 $ 388 $ 770 $ 772
Natural Gas Transmission 306 313 729 579
Field Services 76 41 109 76
Duke Energy North America 211 196 234 250
International Energy 111 57 165 114
Other Operations (c) 18 128 (8) 145
Other (80) (131) (111) (238)
Total Segment and Other EBIT 958 992 1,888 1,698
EBIT Attributable to:
Minority Interests 46 42 92 56
Third Party Interest Income 8 15 11 56
Foreign Currency Remeasurement Gain 8 8 3 17
Total EBIT $ 1,020 $ 1,057 $ 1,994 $ 1,827
(a) Includes financing expenses related to securities of subsidiaries of $28 million and $35 million for the three months ended June 30, 2003 and 2002, respectively,
and $55 million and $70 million for the six months ended June 30, 2003 and 2002, respectively.
(b) 2002 six months ended amount includes $1.7 billion (net of cash acquired) paid to Westcoast Energy shareholders related to the acquisition.
(c) Beginning in 2003, Other Energy Services and Duke Ventures were combined into Other Operations.
10
11. JUNE 2003
QUARTERLY HIGHLIGHTS
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(In millions, except where noted) 2003 2002 2003 2002
FRANCHISED ELECTRIC
Operating Revenues $ 1,110 $ 1,162 $ 2,361 $ 2,275
Operating Expenses 809 790 1,622 1,536
Gain on Sale of Assets - - 1 -
Other Income 15 16 30 33
EBIT $ 316 $ 388 $ 770 $ 772
Sales, GWh 19,415 20,418 41,458 39,939
NATURAL GAS TRANSMISSION
Operating Revenues $ 692 $ 621 $ 1,660 $ 1,071
Operating Expenses 421 361 988 579
Gain on Sale of Assets - - 1 -
Other Income (a) 45 62 79 99
Minority Interest Expense 10 9 23 12
EBIT $ 306 $ 313 $ 729 $ 579
Proportional Throughput, TBtu 742 702 1,824 1,372
FIELD SERVICES
Operating Revenues $ 1,924 $ 1,376 $ 4,377 $ 2,510
Operating Expenses 1,861 1,333 4,268 2,432
Gain on Sale of Assets 26 - 26 -
Other Income (b) 24 11 39 19
Minority Interest Expense 37 13 65 21
EBIT $ 76 $ 41 $ 109 $ 76
Natural Gas Gathered and Processed/Transported, TBtu/day 7.9 8.4 7.9 8.4
Natural Gas Liquids Production, MBbl/d 361.5 392.0 368.3 390.4
Average Natural Gas Price per MMBtu $ 5.41 $ 3.40 $ 6.00 $ 2.86
Average Natural Gas Liquids Price per Gallon $ 0.49 $ 0.37 $ 0.54 $ 0.34
DUKE ENERGY NORTH AMERICA
Operating Revenues $ 962 $ 409 $ 2,358 $ 667
Operating Expenses 945 220 2,327 420
Other Income (c) 187 21 196 16
Minority Interest (Benefit) Expense (7) 14 (7) 13
EBIT $ 211 $ 196 $ 234 $ 250
Actual Plant Production, GWh (d) 4,510 4,704 9,620 8,571
Proportional MW Capacity in Operation 15,206 12,671
INTERNATIONAL ENERGY
Operating Revenues $ 366 $ 219 $ 748 $ 508
Operating Expenses 266 179 597 414
Other Income 16 23 24 31
Minority Interest Expense 5 6 10 11
EBIT $ 111 $ 57 $ 165 $ 114
Sales, GWh 5,318 5,014 10,077 9,946
Proportional MW Capacity in Operation 4,887 4,971
Proportional Maximum Pipeline Capacity in Operation, MMcf/d 363 363
OTHER OPERATIONS
Operating Revenues $ 435 $ 159 $ 991 $ 347
Operating Expenses 425 140 1,014 309
(Loss) Gain on Sale of Assets (8) 61 (20) 46
Other Income 17 48 36 60
Minority Interest Expense (Benefit) 1 - 1 (1)
EBIT $ 18 $ 128 $ (8) $ 145
(a) For 2003, other income includes approximately $31 million gain on sale of the Alliance/Aux Sable equity investment.
(b) For 2003, other income includes approximately $11 million gain on sale of Teppco Class B shares.
(c) For 2003, other income includes approximately $175 million gain on sale of the American Ref-Fuel Company equity investment.
(d) Represents 100% of GWh.
11
12. CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In millions, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
Operating Revenues
Sales of natural gas and petroleum products $ 2,980 $ 1,191 $ 7,065 $ 2,172
Generation, transmission and distribution of electricity 1,492 1,582 3,234 3,169
Transportation and storage of natural gas 415 447 832 773
Trading and marketing net margin (loss) 63 425 (27) 669
Other 318 228 469 398
Total operating revenues 5,268 3,873 11,573 7,181
Operating Expenses
Natural gas and petroleum products purchased 2,642 1,245 6,174 2,139
Fuel used in electric generation 261 312 698 627
Net interchange and purchased power 118 122 243 230
Operation and maintenance 963 823 1,681 1,660
Depreciation and amortization 454 397 903 741
Property and other taxes 134 132 275 259
Total operating expenses 4,572 3,031 9,974 5,656
Gain on Sale of Other Assets, net 18 61 8 46
Operating Income 714 903 1,607 1,571
Other Income and Expenses
Equity in earnings of unconsolidated affiliates 16 100 50 109
Gain on sale of equity investments 219 - 233 14
Other income and expenses, net 71 54 104 133
Total other income and expenses 306 154 387 256
Interest Expense 341 274 681 472
Minority Interest Expense 60 62 112 94
Earnings Before Income Taxes 619 721 1,201 1,261
Income Taxes 195 247 390 405
Income Before Cumulative Effect of Change in Accounting Principles 424 474 811 856
Cumulative Effect of Change in Accounting Principles, net of tax and minority interest - - (162) -
Net Income 424 474 649 856
Dividends and Premiums on Redemptions of Preferred and Preference Stock 7 4 10 7
Earnings Available For Common Stockholders $ 417 $ 470 $ 639 $ 849
Common Stock Data
Weighted-average shares outstanding 902 831 899 809
Earnings per share (before cumulative effect of change in accounting principles)
Basic $ 0.46 $ 0.57 $ 0.89 $ 1.05
Diluted $ 0.46 $ 0.56 $ 0.89 $ 1.04
Earnings per share
Basic $ 0.46 $ 0.57 $ 0.71 $ 1.05
Diluted $ 0.46 $ 0.56 $ 0.71 $ 1.04
Dividends per share $ 0.550 $ 0.550 $ 0.825 $ 0.825
12
13. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Six Months Ended
June 30,
2003 2002
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 649 $ 856
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization (including amortization of nuclear fuel) 972 789
Cumulative effect of change in accounting principles 162 -
Net realized and unrealized mark-to-market and hedging transactions (42) (27)
Gains on sale of equity investments and other assets, net (241) (60)
Changes in working capital and other 388 (12)
Net cash provided by operating activities 1,888 1,546
CASH FLOWS FROM INVESTING ACTIVITIES
Capital and investment expenditures, net (1,430) (3,300)
Acquisition of Westcoast Energy Inc., net of cash acquired - (1,707)
Proceeds from the sale of equity investments and other assets
and collections on notes receivable 1,279 267
Other (51) 93
Net cash used in investing activities (202) (4,647)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
Issuance of long-term debt 1,707 2,743
Issuance of common stock and the exercise of stock options 150 211
Payments for the redemption of long-term debt and guaranteed
preferred beneficial interests, and net change in notes payable
and commercial paper (2,387) 165
Dividends paid (524) (459)
Other (7) 238
Net cash (used in) provided by financing activities (1,061) 2,898
Net increase (decrease) in cash and cash equivalents 625 (203)
Cash and cash equivalents at beginning of period 857 290
Cash and cash equivalents at end of period $ 1,482 $ 87
13
14. CONSOLIDATED BALANCE SHEETS
(In millions)
June 30,
2003 December 31,
(Unaudited) 2002
ASSETS
Current Assets
Cash and cash equivalents $ 1,482 $ 857
Receivables 6,111 6,766
Inventory 1,179 1,134
Unrealized gains on mark-to-market and hedging transactions 2,601 2,144
Other 1,162 952
Total current assets 12,535 11,853
Investments and Other Assets
Investments in unconsolidated affiliates 1,625 2,066
Nuclear decommissioning trust funds 803 708
Goodwill, net of accumulated amortization 3,747 3,747
Notes receivable 535 589
Unrealized gains on mark-to-market and hedging transactions 3,168 2,480
Other 1,717 1,645
Total investments and other assets 11,595 11,235
Property, Plant and Equipment
Cost 50,953 48,677
Less accumulated depreciation and amortization 13,219 12,458
Net property, plant and equipment 37,734 36,219
Regulatory Assets and Deferred Debits
Deferred debt expense 256 263
Regulatory asset related to income taxes 1,022 936
Other 1,036 460
Total regulatory assets and deferred debits 2,314 1,659
Total Assets $ 64,178 $ 60,966
14
15. CONSOLIDATED BALANCE SHEETS
(In millions)
June 30,
2003 December 31,
(Unaudited) 2002
LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 5,259 $ 5,590
Notes payable and commercial paper 737 915
Taxes accrued 653 156
Interest accrued 332 310
Current maturities of long-term debt and preferred stock 936 1,331
Unrealized losses on mark-to-market and hedging transactions 2,164 1,918
Other 1,820 1,770
Total current liabilities 11,901 11,990
Long-term Debt 21,095 20,221
Deferred Credits and Other Liabilities
Deferred income taxes 5,157 4,834
Investment tax credit 171 176
Unrealized losses on mark-to-market and hedging transactions 2,195 1,548
Other 4,744 3,784
Total deferred credits and other liabilities 12,267 10,342
Commitments and Contingencies
Guaranteed Preferred Beneficial Interests in Subordinated
Notes of Duke Energy Corporation or Subsidiaries 1,166 1,408
Minority Interests 1,884 1,904
Preferred and Preference Stock
Preferred and preference stock with sinking fund requirements 23 23
Preferred and preference stock without sinking fund requirements 134 134
Total preferred and preference stock 157 157
Common Stockholders' Equity
Common stock, no par, 2 billion shares authorized; 904 million and 895 million
shares outstanding as of June 30, 2003 and December 31, 2002, respectively 9,389 9,236
Retained earnings 6,314 6,417
Accumulated other comprehensive income (loss) 5 (709)
Total common stockholders' equity 15,708 14,944
Total Liabilities and Common Stockholders' Equity $ 64,178 $ 60,966
15
16. Supplemental Disclosures
Quarter Ended June 30, 2003
Duke Energy Corporation
2Q03
$ 0.3
Mark-to-market Portfolio (in billions)
Daily Value at Risk (DvaR) (in millions)
95% Confidence Level, One-Day Holding Period, Two-Tailed
$ 13
Average for the Period
Duke Energy North America
(in millions unless stated otherwise) Q-T-D June 30, 2003
Proprietary Structured Owned
Merchant Energy Gross Margin Trading Contracts Assets Total
Mark-to-market gross margin $ 10 $ 59 $ - $ 69
Accrual gross margin (loss) n/a (38) 185 147
Total Gross Margin $ 10 $ 21 $ 185 216
Reconciliation to Segment EBIT:
Plant depreciation (58)
Plant operating and maintenance expenses (72)
General and administrative and other expenses (50)
Gain on sale of American Ref-Fuel 175
$ 211
DENA Segment EBIT
Owned Assets - Merchant Plant Production
2003 * 2004 2005
and Hedging Information
Estimated available production (millions of MWh) 47 99 108
Combined cycle 38 80 86
Peaker units 9 19 22
Estimated production (millions of MWh) 16 34 37
Combined cycle 15 32 35
Peaker units 1 2 2
Hedges
Estimated production hedged 93% 85% 68%
$ 50 $ 44 $ 39
Average price hedged ($/MWh)
* Information for 2003 is for the remainder of the year only (July - December).
16
17. Supplemental Disclosures
Quarter Ended June 30, 2003
Duke Energy North America (continued)
(in millions)
Maturity/Source of Fair Value of Over Total
Energy Contract Net Assets 2003 2004 2005 2006 2007 5 Years Fair Value
Proprietary Trading
Actively quoted prices and other external sources $ 65 $ 116 $ - $ (1) $ - $ 6 $ 186
Modeled 9 18 11 20 (1) (7) 50
$ 74 $ 134 $ 11 $ 19 $ (1) $ (1) $ 236
Structured Contracts
Actively quoted prices and other external sources $ 73 $ 14 $ 19 $ 3 $ (1) $ (1) $ 107
Modeled (18) (40) (31) 29 34 71 45
$ 55 $ (26) $ (12) $ 32 $ 33 $ 70 $ 152
Owned Assets
Actively quoted prices and other external sources $ 290 $ 355 $ 149 $ 8 $ - $ - $ 802
Modeled - - 78 161 124 223 586
$ 290 $ 355 $ 227 $ 169 $ 124 $ 223 $ 1,388
$ 1,776
Total Fair Value of Energy Contract Net Assets *
* Total Fair Value of Energy Contract Net Assets represents the combination of amounts presented as assets and liabilities related
to unrealized gains or losses on mark-to-market and hedging transactions for Duke Energy North America.
Terms of Reference
Estimated Available Production
Represents the amount of electric power capable of being generated from owned merchant assets, after adjusting for scheduled maintenance
and outage factors. For simple cycle facilities, only peak demand periods were included in this calculation.
Estimated Production
Represents the amount of power expected to be sold in a future period. This figure is based on economic projections modeled by
Duke Energy personnel.
Estimated Production Hedged
Represents the portion of estimated production which has been sold.
Owned Assets
Represents activity around energy assets owned or leased, including hedges of power sales and fuel purchase requirements and
tolls, transmission, transportations and storage contracts that hedge owned assets. Normal purchases and sales associated
with such assets are included in the Merchant Energy Gross Margin table, yet excluded from the Maturity/Sources of Fair Value of
Energy Contract Net Assets table. Economic hedges of Owned Assets that do not meet hedge accounting standards will still be
classified as Owned Assets in the Merchant Energy Gross Margin table.
Proprietary Trading
Standardized contracts entered into to take a market view, capture market price changes or put capital at risk.
Structured Contracts
Non-standard contracts not associated with owned or leased assets and involving significant tailoring of terms to meet customer
needs, and associated hedges. This category includes tolls, transmission contracts, transportation contracts and storage contracts,
except those that hedge Owned Assets. Economic hedges of Structured Contracts that do not meet hedge accounting standards
will still be classified as Structured Contracts in the Merchant Energy Gross Margin table.
17