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Monday, February 15, 2010
News / Biz Energy use down, income up. What?
Posted By Rhiannon Fionn-Bowman on Mon, Feb 15, 2010 at 11:46 AM
When the bottomline's on the line, you can always make your staff work harder for less — or fire them. Right Duke Energy? Hey, whatever makes the shareholder's happy ... isn't that the corporate mantra?
Duke Energy Corp. reports fourth-quarter net income of $348 million, or 26 cents per diluted share, performing better than analysts had projected.The company called it a strong quarter despite the recession, which has cut the use of electrical power during the past year.
“When we were able to beat the fourth quarter of last year, when we are were able to beat our … earnings target of $1.20 by 2 cents, I was really pleased with our performance,” says Chief Executive Jim Rogers.
He says the company reduced its operating costs by more than the $150 million target Duke executives had set. And Duke hit some of the best operational marks in its history, even though pay increases were frozen.
“So I think our people really worked hard and pulled together,” Rogers says. “When our demand was so much less than what we had forecast, I think in some ways it was heroic to hit those numbers.”
Revenue for the fourth quarter dropped to $3.11 billion from $3.13 billion a year earlier. Still, net income exceeded the $330 million Duke made in the fourth quarter of 2008.
Fourth-quarter earnings per share equaled the 26 cents from a year ago. And the results were better than the average of 25 cents per diluted share forecast by analysts.
Read the rest of this Charlotte Business Journal article, by John Downey, here.
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