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Business & Money

The application of FASB Statement No. 13 can result in unforeseen changes to the financial statements and, in turn, financial ratios of a utility.
Fortnightly Magazine - October 1 2003

range originally put out in January, due mostly to "cooler than normal" weather. Fowler said, "The third quarter for Duke is an important one in terms of earnings realization and a key element is weather. There is no doubt it will provide an earnings drag." Fowler said that until this point in the year, Duke had been on track to meet earnings guidance. As of June 30, Duke surpassed its asset sales goal of $1.6 billion, and cash flow from operations was $625 million. He also said that the company is on its way to reducing its debt by $1.8 billion in 2003 and by $5.5 billion through 2005. Going forward, Fowler said Duke will continue to face challenges through 2004 as there will be pressure on revenue, decreasing margins and lackluster economic growth.


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