CHARLOTTE, N.C. (AP) — Duke Energy is reporting a 58 percent jump in fourth-quarter profit after raising its rates and getting a strong performance from its Brazilian operations.
Duke earned $688 million, or 97 cents per share. That’s up from $435 million, or 62 cents per share, in the same quarter the year before.
Excluding one-time charges, the company posted net income of $1 per share Tuesday, topping Wall Street expectations by a nickel.
Profits at the company’s regulated utilities increased 22 percent to $607 million, helped by rate increases and lower operating and maintenance expenses.
For 2014, the Charlotte, N.C., power provider expects to post an adjusted profit of $4.45 to $4.60 per share. Analysts expect a profit of $4.57 per share.