Electric and gas utility operator Duke Energy Corporation ( DUK ) on Thursday said its fourth quarter profit surged 23% from last year on higher revenue.
The Charlotte, NC-based company reported fourth quarter net income of $427 million, or 32 cents per share, compared with $346 million, or 26 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 21 cents per share.
Revenue rose 11% from last year to $3.45 billion.
On average, Wall Street analysts expected a higher adjusted profit of 23 cents per share, albeit on lower revenue of $3.15 billion.
Looking ahead, the company forecast full-year 2011 earnings to range from $1.35 to $1.40 per share, which would beat analysts' current estimates of $1.33 per share.
Duke Energy shares rose 53 cents, or +3%, in premarket trading Thursday.
The Bottom Line
We have been recommending Duke Energy ( DUK ) since Dec.1, 2009, when the stock was trading at $16.68. The company has a 5.54% dividend yield, based on last night's closing stock price of $17.70.
Duke Energy Corporation ( DUK ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.