banner
Business

Losses Deepen for Progress Energy, But Core Earnings Improve

Posted August 8, 2007

Map Marker  Find News Near Me

— Losses at Progress Energy jumped to $193 million, or 75 cents per share, in the second quarter, the Raleigh-based company said Wednesday.

That’s a sharp increase from $47 million, or 19 cents a share, for the same quarter in 2006.

Progress attributed much of the latest losses to the sale of a merchant energy subsidiary.

Progress (NYSE: PGN) did reiterate its guidance for 2007 of earnings between $2.70 and $2.90 per share.

Shares closed up more than 3 percent at $47.91 in trading Wednesday.

Earnings on its core business did climb to 59 cents per share from 47 cents per share in 2006. Core earnings exclude coal and synthetic fuels operations.

Comments

Please with your WRAL.com account to comment on this story. You also will need a Facebook account to comment.

Oldest First
View all