Britton Law, P.A.
Free Consultation For Injury Cases
Due to precautions related to COVID-19, remote consultations via teleconferencing, Facetime or Skype are available. Please contact our office to discuss if this option is appropriate for your situation. Let’s all stay healthy and safe.

Acquisition increases Duke Energy's fourth quarter revenues

For the quarter that ended Dec. 31, 2012, Duke Energy reported a net income of $435 million, or $0.62 per share on a diluted basis. These results include the impact of the Charlotte-based company's acquisition of Progress Energy, which more than doubled the net income of its United States Franchised Electric and Gas Division. As a result of the merger, Duke has been in the process of establishing a business entity that is larger and offers five utilities to more than seven million customers in six different states.

The growth in Duke's Electric and Gas division helped to offset revenue decreases in other business lines. Earnings were also impacted by the $91 million cost of completing the Progress Energy merger. Acquisition costs reduced earnings per share by $0.06.

The fourth quarter earnings were also impacted by Duke Energy's settlement with North Carolina regulatory agencies, including the $17 million charge to earnings for a cost recovery settlement for the Edwardsport Integrated Gasification Combined Cycle Station. As part of these settlements, Jim Rogers, the chief executive officer of Duke Energy, will retire at the end of this year.

Duke Energy's acquisition of Progress Energy is an example of a business adapting to a changing environment and growing its business through acquisition and consolidation. Business mergers and acquisitions, including the creation of new corporate entities, can have significant impact on a company's revenues. A corporate attorney with transactional experience as well as experience in forming corporations and other types of business entities may be an invaluable asset as a business responds to an ever-changing business landscape.

Source:Fox Business, "Duke Energy 4Q Gains Fueled by Acquisition", Matthew Rocco, Feb. 13, 2013

No Comments

Leave a comment
Comment Information

Send Us An Email. We’ll Listen.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Britton Law, P.A.
2850 Village Drive, Suite 206
Fayetteville, NC 28304

Toll Free: 888-811-9738
Phone: 910-401-3356
Fayetteville Law Office Map

Britton Law, P.A. Office

Call Our Law Firm:

910-401-3356 ~or~ 888-811-9738
Acquisition increases Duke Energy's fourth quarter revenues | Britton Law, P.A.