Business

Losses Deepen for Progress Energy, But Core Earnings Improve

Posted August 8, 2007 5:45 p.m. EDT

— 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.