Dive Summary:

• Despite improved revenue from its electric and gas operations, Duke Energy Corp.’s second-quarter earnings dropped by 24% due to one-time nuclear charges, higher operational costs and a weakening commercial power business, the utility reported Wednesday.
• The Charlotte, North Carolina-based company expects a $295 million charge from the February retirement of the Crystal River nuclear plant in Fla. and a $65 million charge from the August cancelation of the new Levy County reactor in Fla. Other losses include operating and maintenance expenses which jumped by 74% and weak results from Duke’s Midwest coal and gas fleets.
• But Duke says its outlook will improve later this year as it implements new customer rates and yields cost savings from the Progress Energy merger.

From the article:

“Duke Energy reported a profit of $339 million, or 48 cents a share, down from $444 million, or 99 cents a share, a year earlier. Excluding Crystal River-related charges, merger-related expenses, nuclear-development cost write-downs and other items, adjusted earnings were down at 87 cents from $1.02.”