BOTTOM LINE: Duke Energy Corp.'s earnings fell 42 percent in the first quarter because of cost overruns at a coal plant under construction in Indiana.

THE NUMBERS: Duke earned $295 million, or 22 cents per share, down from $511 million, or 38 cents per share, a year ago. Revenue slipped to $3.63 billion from $3.66 billion a year ago.

BIG PICTURE: The company's underlying earnings grew slightly, despite a mild winter that reduced electric power demand. The company said its planned merger with Progress Energy, which would create the biggest U.S. utility, is on track to be completed July 1.