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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