(View complete news release and financial statements in PDF)
Second Quarter 2011
RALEIGH, N.C. (August 4, 2011) – Progress Energy [NYSE: PGN] announced second-quarter GAAP earnings of $176 million, or $0.60 per share, compared with GAAP earnings of $180 million, or $0.62 per share, for the same period last year. Second-quarter ongoing earnings were $211 million, or $0.71 per share, compared to $181 million, or $0.63 per share, for the same period last year. The significant drivers in ongoing earnings per share were lower depreciation and amortization expense in Florida and increased clauses and other margin, partially offset by unfavorable retail growth and usage in the Carolinas and decreased wholesale revenues in Florida. (See the discussion later in this release for a reconciliation of ongoing earnings per share to GAAP earnings per 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 chairman, president and CEO. “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.”
Progress Energy reaffirms 2011 ongoing earnings guidance of $3.00 to $3.20 per share. The ongoing earnings guidance excludes the impact, if any, from discontinued operations, the effects of certain identified gains and charges and any merger and integration costs from our proposed strategic combination with Duke Energy Corporation (the Merger). Progress Energy is not able to provide a corresponding GAAP equivalent for the 2011 ongoing earnings guidance due to the uncertain nature and amount of these adjustments.
Progress Energy will host a conference call and webcast at 10 a.m. ET today to review second-quarter 2011 financial performance, as well as provide an overall business update. Additional details are provided at the end of this earnings release.
See pages 3-5 for detailed second-quarter and year-to-date 2011 earnings variance analyses for the Progress Energy Carolinas (PEC), Progress Energy Florida (PEF) and Corporate and Other Businesses segments.
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