Duke Energy posts 2Q loss

[August 03, 2010]  NEW YORK (AP) -- Power company Duke Energy Corp. says it posted a loss in the second quarter after booking $660 million in special charges related to a write-down of company assets.

But its adjusted earnings and revenue beat Wall Street expectations and the Charlotte, N.C., company is raising its earnings forecast for the year.

Duke Energy reported a net loss of $222 million, or 17 cents per share, for the three months ended June 30. That compares with net income of $276 million, or 21 cents per share, a year ago.

Excluding special items, Duke said it would have earned 34 cents per share. Analysts expected earnings of 28 cents per share.

It says revenue increased 13 percent to $3.9 billion. Analysts expected $3.1 billion.

Duke increased its earnings forecast for the year to between $1.30 and $1.35 per share, up from $1.25 and $1.30 per share.

[Associated Press; By CHRIS KAHN]

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