Duke Energy 2Q earnings up, Progress Energy slips

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CHARLOTTE, N.C. (AP) — Duke Energy is reporting that net income rose 2 percent in the second quarter on higher electric rates and lower storm restoration costs.

Duke said Thursday that it earned $444 million, or 99 cents per share, on revenue of $3.58 billion in the quarter. Last year the company earned $435 million, or 98 cents per share on revenue $3.53 billion.

Adjusted to eliminate the effect of a recent stock split and merger costs, Duke earned $1.02 per share. Analysts expected Duke to earn 97 cents per share.

Duke reported results for Progress Energy, which it acquired July 2, separately. Progress's net income fell 64 percent on higher operating costs due to an extended outage at a nuclear reactor in Florida.

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