Progress Energy misses Street estimates on profit

Revenues increase 4.9 percent from a year ago and the utility narrows its guidance on profits to the high end of earlier estimates due to warm weather.

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RALEIGH, N.C. — Revenues at Progress Energy (NYSE: PGN) grew 4.9 percent in the third quarter from a year ago, but the Raleigh-based utility firm missed Wall Street estimates for profits.

Early Friday, Progress reported earnings of $1.23 per share, or $361 million.

Analysts polled by Thomson Reuters had expected a $1.27 profit.

Progress reported a profit of $1.22 in the same quarter in 2009.

Revenues did climb 4.9 percent from last year to $2.96 billion.

Progress also narrowed its profit guidance for the year to between $3 and $3.05 per share, which was the high end of earlier estimates.

"We achieved strong financial performance for our shareholders so far this year and successfully met high energy demand during one of the hottest summers on record," said Bill Johnson, Progress chairman and chief executive officer, in a statement.

"The economy in the Carolinas and Florida continues to show modest but steady signs of recovery, and we remain focused on managing costs and improving operations and execution,” he added.

“Due primarily to the continued strength in weather, the company is narrowing its 2010 ongoing earnings range to $3 to $3.05 per share, which is the high end of our previously announced guidance,” Johnson explained.

For the full earnings report, read here.




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