Duke earning soar on lower merger costs, other write-offs, but miss estimates on mild weather

Duke Energy’s net income rose 69 per cent on lower merger costs, but the company’s results were still weaker than investors had hoped as milder summer weather reduced electric demand.

Duke posted third quarter net income of $1 billion Wednesday on revenue of $6.71 billion. That’s , up from net income of $594 million on revenue of $6.72 billion last year.

The company earned $1.42 per share. Adjusted to remove the effects of one-time costs, the company earned $1.46 per share. That’s a nickel below what analysts surveyed by FactSet had expected on average.

In last year’s third quarter, Duke incurred $630 million in costs associated with its merger with Progress Energy and overruns at a new coal plant in Indiana.