Cinergy Reports Strong Earnings for the Third Quarter; Raises 2005 Earnings Guidance; Webcast of Analyst Conference Call Scheduled Today for 9:00 a.m. EDT on Cinergy.com.
Business Wire › October 27, 2005
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Cinergy Reports Strong Earnings for the Third Quarter; Raises 2005 Earnings Guidance; Webcast of Analyst Conference Call Scheduled Today for 9:00 a.m. EDT on Cinergy.com.
CINCINNATI -- Cinergy Corp. (NYSE:CIN) today reported net income for the third quarter of 2005 of $132 million, or $0.66 per share on a diluted basis, compared with net income of $93 million, or $0.50 per share on a diluted basis for the third quarter of 2004.
Excluding the impacts of certain adjustments described below, adjusted earnings for the third quarter of 2005 were a record $0.97 per share, compared with $0.65 per share for the third quarter of 2004. "The $0.97 per share of adjusted earnings represents Cinergy's best quarter ever, and we're pleased that this success was driven by many strong performances across our company," said James E. Rogers, chairman and chief executive officer. "While we benefited from very favorable weather, I'm also extremely proud of the way our employees have worked to drive costs out of our businesses, while at the same time operating and maintaining our entire system so that we met the challenges of a very hot summer." Cooling degree days during the quarter were almost 30 percent above normal and about 68 percent above last year. In July, customers of the Cinergy operating companies set a new record peak demand for electricity of 12,001 megawatts (MW), breaking the old record of 11,305 MW set in August 2002 by more than 6 percent. "Our commercial businesses delivered a solid contribution this quarter by capitalizing on commodity market price movements," said Rogers. "In particular, the recent steps we've taken t...See the full content of this document
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