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Financial Highlightsa

(In millions, except per-share amounts)   2008     2007     2006     2005     2004  
Statement of Operations                              
Total operating revenues $ 13,207   $ 12,720   $ 10,607   $ 6,906   $ 6,357  
Total operating expenses   10,765     10,222     9,210     5,586     5,074  
Gains on sales of investments in commercial and multi-family real estate           201     191     192  
Gains (losses) on sales of other assets and other, net   69     (5 )   223     (55 )   (435 )
Operating income   2,511     2,493     1,821     1,456     1,040  
Total other income and expenses   121     428     354     217     180  
Interest expense   741     685     632     381     425  
Minority interest (benefit) expense   (4 )   2     13     24     (15 )
Income from continuing operations before income taxes   1,895     2,234     1,530     1,268     810  
Income tax expense from continuing operations   616     712     450     375     192  
Income from continuing operations   1,279     1,522     1,080     893     618  
Income (loss) from discontinued operations, net of tax   16     (22 )   783     935     872  
Income before cumulative effect of change in accounting principle and extraordinary items   1,295     1,500     1,863     1,828     1,490  
Cumulative effect of change in accounting principle, net of tax and minority interest               (4 )    
Extraordinary items, net of tax   67                  
Net income   1,362     1,500     1,863     1,824     1,490  
Dividends and premiums on redemption of preferred and preference stock               12     9  
Earnings available for common stockholders $ 1,362   $ 1,500   $ 1,863   $ 1,812   $ 1,481  
Ratio of Earnings to Fixed Charges   3.4     3.7     2.6     2.4     1.6  
Common Stock Data                              
Shares of common stock outstanding b                              
Year-end   1,272     1,262     1,257     928     957  
Weighted average — basic   1,265     1,260     1,170     934     931  
Weighted average — diluted   1,268     1,266     1,188     970     966  
Earnings per share (from continuing operations)                              
Basic $ 1.01   $ 1.21   $ 0.92   $ 0.94   $ 0.65  
Diluted   1.01     1.20     0.91     0.92     0.64  
Earnings (loss) per share (from discontinued operations)                              
Basic $ 0.02   $ (0.02 ) $ 0.67   $ 1.00   $ 0.94  
Diluted   0.01     (0.02 )   0.66     0.96     0.90  
Earnings per share (before cumulative effect of change in accounting principle and extraordinary items)                              
Basic $ 1.03   $ 1.19   $ 1.59   $ 1.94   $ 1.59  
Diluted   1.02     1.18     1.57     1.88     1.54  
Earnings per share (from extraordinary items)                              
Basic $ 0.05   $   $   $   $  
Diluted   0.05                  
Earnings per share                              
Basic $ 1.08   $ 1.19   $ 1.59   $ 1.94   $ 1.59  
Diluted   1.07     1.18     1.57     1.88     1.54  
Dividends per share c   0.90     0.86     1.26     1.17     1.10  

Balance Sheet
                             
Total assets $ 53,077   $ 49,686   $ 68,700   $ 54,723   $ 55,770  
Long-term debt including capital leases, less current maturities $ 13,250   $ 9,498   $ 18,118   $ 14,547   $ 16,932  

 

a Significant transactions reflected in the results above include: 2007 spinoff of the natural gas businesses (see Note 1 to the Consolidated Financial Statements in Duke Energy’s 2008 Form 10-K, “Summary of Significant Accounting Policies”), 2006 merger with Cinergy (see Note 3 to the Consolidated Financial Statements in Duke Energy’s 2008 Form 10-K, “Acquisitions and Dispositions of Businesses and Sales of Other Assets”), 2006 Crescent joint venture transaction and subsequent deconsolidation effective September 7, 2006 (see Note 3 to the Consolidated Financial Statements in Duke Energy’s 2008 Form 10-K, “Acquisitions and Dispositions of Businesses and Sales of Other Assets”), 2005 DENA disposition, 2005 deconsolidation of DCP Midstream effective July 1, 2005, 2005 DCP Midstream sale of TEPPCO and 2004 sale of the former DENA Southeast plants.
b 2006 increase primarily attributable to issuance of approximately 313 million shares in connection with Duke Energy’s merger with Cinergy (see Note 3 to the Consolidated Financial Statements in Duke Energy’s 2008 Form 10-K, “Acquisitions and Dispositions of Businesses and Sales of Other Assets”).
c 2007 decrease due to the spinoff of the natural gas businesses to shareholders on January 2, 2007, as dividends subsequent to the spinoff were split proportionately between Duke Energy and Spectra Energy such that the sum of the dividends of the two stand-alone companies approximated the former total dividend of Duke Energy prior to the spinoff.

See Notes to Consolidated Financial Statements in Duke Energy’s 2008 Form 10-K.