Duke Energy Corp. 's (DUK) first-quarter profit rose 29% on favorable cold weather in the utility's service territory and higher retail sales. Earnings beat analysts' expectations.

The Charlotte electric and natural gas utility, which serves customers in the Carolinas , Indiana , Ohio and Kentucky , took an earnings hit last year as the economic downturn curbed energy demand.

For the latest period, profit was $445 million, or 34 cents a share, up from $344 million, or 27 cents a share, a year earlier. Excluding special items, profit was 36 cents a share, up from 28 cents a share for the first quarter of 2009. Analysts polled by Thomson Reuters had expected 32 cents.

Revenue climbed 7.9% to around $3.6 billion from around $3.3 billion a year earlier.

Higher retail sales in the industrial and residential sectors helped boost Duke's earnings in the first quarter, but electricity demand in the commercial sector isn't showing signs of recovery yet, said Lynn Good, Duke's chief financial officer, in an interview.

"Our experience is that that sector lags the rebound," Good said.

Duke shares closed Monday at $16.93 and were inactive premarket. The stock has climbed 19% in the past year.

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