Raleigh, N.C. — Progress Energy (NYSE: PGN) beat Wall Street expectations for revenues and profits in its latest quarterly report.

The Raleigh-based utility said Friday it earned $342 million, or $1.22 per share, on revenues of .$2.82 billion not including one-time expenses.

The profits topped Wall Street analysts as polled by First Call by 3 cents.

Revenues rose to $2.82 billion. Analysts had projected $2.79 billion.

PGN closed at $37.74 on Thursday.

"We remain on track to achieve our financial goals for the year," said Bill Johnson, chairman and chief executive officer at Progress. "Against the backdrop of the ongoing economic recession, our company performed well operationally and financially during the third quarter. Our focus on continuous business excellence, cost management and operational efficiency helped to offset lower energy sales in our utilities."

Progress also reaffirmed its financial guidance for the year of a profit between $2.95 and $3.15 per share.