By Patrick Thomas
Duke Energy Corp.'s (DUK) profit rose in its third quarter, beating Wall Street estimates, as revenue grew roughly 5% from a year earlier.
The Charlotte, N.C., utility company reported a profit of $1.33 billion, or $1.82 a share, compared with $1.08 billion, or $1.51 a share, a year ago.
The company reported adjusted earnings of $1.79 a share. Analysts polled by FactSet were expecting earnings of $1.69 a share, or $1.68 a share on an adjusted basis.
The company said its adjusted results were driven by growth from investments in its electric and gas utilities business, favorable weather, and lower operation and maintenance expenses.
Operating revenue rose to $6.94 billion from $6.63 billion a year earlier. Analysts had expected $7.17 billion of revenue in the quarter.
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