CHARLOTTE, N.C. (AP) — Duke Energy's second-quarter profit fell more than 6 percent due to unfavorable weather conditions, but its adjusted earnings beat Wall Street expectations.
The electric utility also said Thursday that its $4.9 billion acquisition of Piedmont Natural Gas is on track. The deal is expected to close by the end of the year.
Duke Energy reported net income of $509 million, or 74 cents per share, in the three months ending June 30, compared with $543 million, or 78 cents per share, in the same quarter a year before.
Earnings, adjusted for asset impairment costs and costs related to mergers and acquisitions, came to $1.07 per share. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.
Revenue fell 2 percent to $5.48 billion in the period.
The Charlotte, North Carolina, company said it expects full-year earnings in the range of $4.50 to $4.70 per share. Analysts expected earnings of $4.60 per share, according to FactSet.
Shares of Duke Energy Corp. slipped 16 cents to $84.99 in afternoon trading Thursday. They are up 19 percent so far in 2016.