Electric Utilities

Duke Energy Corp.

Duke Energy's <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DUK)") else Response.Write("(NYSE: DUK)") end if %> recent acquisition of Pan Energy for more than $7 billion will not immediately add to earnings, but should eventually double Duke's EPS growth rate from 4.7% to just over 9% a year. The combined operations will make Duke one of the largest oil and electricity companies in the country. The company anticipates being a major player in the power plant business, with strong experience in managing nuclear operations.

Latest Financials

Second quarter 1997 earnings were $0.43 cents per share, down from the $0.62 per share pro forma results of Duke Power Co. and PanEnergy Corp. for the same period in 1996. "Overall electric sales dropped 3.5% for the quarter," said Richard J. Osborne, Duke Energy's executive vice president and chief financial officer. "That, plus $70.4 million in one-time merger-related costs, accounted for the difference between the two years' quarters."

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