Progress Energy (PGN) announced first-quarter GAAP earnings attributable to controlling interests of $150 million, or $0.51 per share, compared with GAAP earnings of $184 million, or $0.62 per share, for the same period last year.
First-quarter ongoing earnings were $143 million, or $0.48 per share, compared to $202 million, or $0.69 per share, for the same period last year. The significant drivers in ongoing earnings per share were unfavorable impact of weather in the Carolinas, higher operation and maintenance (O&M) expense and higher depreciation and amortization expense.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenues for the quarter declined to $2.092 billion from $2.167 billion in the prior year quarter. Six analysts had consensus revenue estimate of $2.23 billion for the quarter.
Progress Energy affirms 2012 ongoing earnings guidance of $3.10 to $3.25 per share. Analysts expect the company to report earnings of $3.17 per share for fiscal 2012.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.