2004 Earnings

Year-End 2004

Paul Anderson, Duke Energy chairman and chief executive officer, said it best: "In 2004, we regained control of our destiny." On Feb. 2, the company reported year-end basic earnings of $1.59 per share.

"We maintained our dividend, exceeded our goals in reducing debt and asset sales and improved our merchant operation. We exceeded the 2004 targets and finished the year in the driver’s seat. As we move into 2005, we will build on those accomplishments and continue to fine-tune our portfolio."

In 2004, the company saw a vastly improved balance sheet, a firm dividend yield and more than 25 percent total shareholder return from 2003. A strong focus on fundamentals and performance helped Duke Energy get where it is today. This focus will guide the company forward through 2005 and beyond. If you are wondering where and how to invest in energy, now is the time to take another look at Duke Energy.

Fourth Quarter 2004

Duke Energy today reported 2004 basic earnings per share (EPS) of $1.59, or $1.49 billion in net income, compared to a loss of ($1.48) per share in 2003, or a $1.32 billion loss. On a fully diluted basis, 2004 earnings were $1.54 per share, compared to a loss of ($1.48) in 2003. Ongoing basic EPS for 2004, which excludes special items, was $1.38 versus $1.28 in 2003. An earnings conference call for analyst is scheduled for 10 a.m. ET on Wednesday, November 3.

Third Quarter 2004

Duke Energy reported net income in the third quarter of 2004 of $389 million, or $0.41 per share, compared to net income of $49 million, or $0.05 per share in the third quarter of 2003. Excluding special items, ongoing third quarter earnings per share (EPS) were $0.38 versus $0.35 in the prior year's quarter. An earnings conference call for analysts is scheduled for 10 a.m. ET on Wednesday, November 3.

Second Quarter 2004

Duke Energy reported net income in the second quarter of 2004 of $432 million, or $0.46 per share, compared to net income of $424 million, or $0.46 per share in the second quarter of 2003. An earnings conference call for analysts is scheduled for 10 a.m. ET on Thursday, July 29.

First Quarter 2004

Duke Energy reported net income in the first quarter of 2004 of $334 million, or $0.36 per share, compared to net income of $225 million, or $0.25 per share in the first quarter of 2003.