Restated

With a brief explanation in its Securities and Exchange Commission (SEC) 10-Q filing, Duke Energy Corp. reduced the before-tax earnings of its Duke Energy North America (DENA) unit by $17 million, and cut another $2 million from other units that were associated with the trading unit in the second quarter.

Houston-based Hanover Compressor Co., which has already restated the financial results for its last seven fiscal quarters, said its annual reports since going public in 1997 have contained an “error” that makes it appear the company built less equipment than it actually has. The company makes pumps that move natural gas and oil through pipelines and from wells. CFO John Jackson said the company ” inadvertently” omitted the amount of equipment made at an Oklahoma factory, and not including that output, makes it appear that fabrication costs for some compressors were higher than they actually were, he said. Jackson said the error will be corrected in this year’s annual report, and said the correction would not affect prior revenue or earnings. The annual report is expected to be released in early April. Jackson succeeded former CFO William Goldberg in February after Hanover said it would restate its previous earnings as far back as January 2000.