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Source: PRESS RELEASE, 8/2/12
• Second quarter 2012 adjusted diluted earnings per share (EPS) were $1.02,
compared to 99 cents for the second quarter 2011
• Reported diluted EPS for second quarter 2012 was 99 cents, compared to
98 cents for the second quarter 2011
• Duke Energy remains on track to achieve its 2012 adjusted diluted EPS
guidance range of $4.20 to $4.35 per share for the combined company
• Duke Energy financial results for the second quarter 2012 are on a standalone
basis and do not include Progress Energy’s results
Duke Energy today announced second quarter 2012 adjusted diluted EPS of $1.02, compared to 99 cents for second quarter 2011, and reported diluted EPS of 99 cents, compared to 98 cents for the same period last year.
Current year and prior year EPS amounts have been adjusted to reflect the one-forthree reverse stock split which was completed immediately prior to closing the merger with Progress Energy on July 2, 2012.
In connection with the merger, Progress Energy has become a wholly owned direct subsidiary of Duke Energy.
As a result, the Duke Energy financial results for the second quarter 2012 are on a stand-alone basis and do not include Progress Energy’s results. Progress Energy results for the second quarter 2012 are contained in a separate news release. The financial results of Progress Energy will be included in Duke Energy’s consolidated results beginning with third quarter 2012.
Higher second quarter results were driven by revised customer rates in the Carolinas and lower storm restoration costs in U.S. Franchised Electric & Gas. These results were partially offset by less favorable weather, higher financing costs, and increased depreciation expense as a result of higher rate base investment levels. As expected, International Energy’s results were below prior year primarily due to lower earnings in Central America and unfavorable foreign exchange rates.
The company remains on track to achieve its 2012 adjusted earnings guidance range of $4.20 to $4.35 per share for the combined company, as adjusted for the one-for-three reverse stock split.
“Now that the merger has closed, our focus is on integrating these two great companies and continuing to deliver on our commitments to our 7.1 million customers,” said Jim Rogers, chairman, president and CEO. “The benefits of this merger to our customers, employees, communities and investors are compelling and we have a talented team of employees working aggressively to achieve them.”
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