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Duke Energy boosted by increased sales and cost savings

Friday, November 4, 2016 7:25
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Increased electricity sales and cost savings efforts helped Duke Energy Corp (NYSE: DUK) post better-than- expected third quarter results.

Shares in New York nudged higher as the firm said it was now minded to move to the high end of its original 2016 adjusted diluted earnings guidance  of between $4.50  and $4.70 per share.

That excludes fourth-quarter costs associated with Hurricane Matthew.

Third quarter diluted earnings per share (EPS) came in at $1.70 compared to $1.35 for the third quarter of 2015.

In the three months to September 30, income from its regulated utilities business, which sells electricity at fixed prices, rose 32.6% to US $1.2bn.

Duke Energy president and chief executive Lynn Good told investors:  “We delivered strong financial results again this quarter underpinned by solid operational performance and reached pivotal milestones in transitioning our business portfolio.

“The recent closing of our Piedmont Natural Gas acquisition, complemented by the announced sale of our international business, advances our portfolio transition and positions us as a premier regulated energy company.”

Shares added 1.41% to stand at US$79.06.

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