Its shares fell more than 12 per cent, by $US2.52 a share to $US18.48 on the New York Stock Exchange.
The company said its earnings would be $US1.85 US a share for the year. In October, the company said 2002 earnings would be between $US1.95 to $US2.05 a share. Duke Energy said its 2003 earnings would be between $US1.35 and $US1.60 a share, well below analysts estimates of $US1.84 per share.