CHARLOTTE, N.C. -- Duke Energy Corp. said Wednesday its third-quarter profit fell 65 percent due to what the company called the worst Midwest storm-related outages ever, worsening economic conditions and mild weather.

The electric utility posted net income of $215 million, or 17 cents per share, compared with $607 million, or 48 cents per share, in the year-ago period.

Excluding impairment charges and other one-time items, Charlotte, N.C.-based Duke earned 33 cents per share.

Revenue dipped about 5 percent to $3.51 billion from $3.69 billion.

Wall Street had expected earnings of 44 cents per share on $3.92 billion in revenue, according to a Thomson Reuters poll. Analysts typically exclude one-time items.

Shares fell 3 percent, or 52 cents, to $16.40 in premarket trading.

"We are disappointed in the third quarter results, but our strong performance earlier in the year will help mitigate the impact of these results on our year-end performance," Chairman, President and Chief Executive Officer James E. Rogers said in a statement.

Remnants of Hurricanes Ike and Gustav barreled across the Midwest during the period, knocking out power to thousands of Duke's customers. The storms, combined with milder-than-average weather, cut earnings by 8 cents per share, the company said.

Duke recorded a $124 million charge in the quarter related to its real estate joint venture with Morgan Stanley Real Estate Fund, called Crescent Resources LLC. Crescent Resources is a real estate development and land management company focused on the Southeast and Southwest.

Due to write-downs, Duke no longer has a stake in Crescent as of Sept. 30, the company said.

Meanwhile, Duke confirmed it's liquidity position remains "strong."

The company pulled $1 billion from a credit facility in September to bolster its balance sheet, a measure taken amid the collapse of the lending market and general economic unease.

The stock has traded between $13.50 and $20.78 in the past 52 weeks. Shares closed Tuesday at $16.92.