Progress Energy tops Street expectations on earnings

Posted August 4, 2011 8:54 a.m. EDT

— Progress Energy (NYSE: PGN) beat quarterly Wall Street earnings expectations for the second quarter even though revenues declined from a year ago, the company reported Thursday.

The company, which is in the process of merging with Duke Energy (NYSE: DUK), reported revenues of $2.256 billion. That’s down from $2.372 billion from 2010.

However, Progress improved earnings to $211 million or 71 cents per share. That was 7 cents higher than the consensus of analysts polled by Capital IQ. A year ago, earnings were $181 million or 63 cents per share.

Analysts did expect slightly higher revenues at $2.29 billion.

Progress also reaffirmed its full-year earnings estimate of between $3.02 and $3.20 a share.

"Favorable weather in the second quarter, coupled with continued financial discipline within the company, helped us successfully deliver on our earnings per share goal for the first half of the year," said Bill Johnson, Progress Energy’s chairman and chief executive officer, in a statement. "We continue to feel the effects of a challenging economy in our service area, but we remain focused on managing the business effectively and making wise investments to meet our customers' needs today and in the future, as we prepare for our pending merger with Duke Energy."

Read the earnings report here.