Cinergy Earnings Drops - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Cinergy Earnings Drops

Cinergy earnings drops 13 percent.

Cinergy Corporation says its second-quarter earnings fell 13 percent on one-time charges and weakness in its commercial gas operations.

The Cincinnati-based utility also is trimming its full-year outlook, saying the gas market isn't expected to improve right away. Quarterly income declined to 50-point-seven million dollars, or 25 cents per share. That's down from 58-and-a-half  million dollars, or 32 cents per share, a year ago. Excluding charges, Cinergy earned 36 cents per share, well below the 51 cents per share predicted by analysts polled by Thomson First Call.

Duke Energy Corporation in May agreed to buy Cinergy for about nine billion dollars in stock, creating an energy company with five-point-four million customers and 70 billion dollars in assets.

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