Progress Energy Reports Flat 3Q Earnings

Posted November 1, 2007 1:57 p.m. EDT

— Progress Energy (NYSE: PGN) on Thursday announced its third-quarter earnings were flat compared with a year ago.

The Raleigh-based utility had net earnings of $319 million, or $1.24 per share, during the quarter. In the same period a year ago, net earnings were #319 million, or $1.27 per share. Ongoing earnings for the latest quarter were $292 million, or $1.14 per share, compared with $273 million, or $1.09 per share, a year ago.

Favorable weather, lower income taxes, increased wholesale sales and lower interest expense combined for the improvement in ongoing earnings, the company said.

"The fundamentals of our regulated utilities continue to show strength and provide solid earnings," Chairman and Chief Executive Bill Johnson said in a statement. "In August, our customers in Florida set a new summer peak-demand record, and our customers in the Carolinas set a new all-time record for peak demand."

For the nine-month period, the utility had ongoing earnings of $2.59 per share, up from $1.92 per share a year ago.