Duke Energy's profits rose 23 percent in 2010, to $1.3 billion, on a rebound in industrial sales and unusually hot and cold weather that drove up power usage, the company said today.

Fourth-quarter net income also rose 23 percent, to $427 million compared to $346 million in 2009. Earnings per share of 32 cents compared to the 26 cents of 2009. Not counting one-time expenses and income, Duke earned 21 cents a share for the quarter, below analysts' expected 23 cents a share.

Frigid weather, felt late last year, helped drive up demand for power. Rate increases that went into effect last year and recovery of costs for new power plant construction contributed to earnings.

Read the full story at charlotteobserver.com.

Read more: http://www.charlotteobserver.com/2011/02/17/1793057/hot-summer-drives-duke-earnings.html#ixzz1EFXg5h5w