Progress Energy, Inc. Earnings Cheat Sheet: Another Quarter of Falling Net Income

S&P 500 (NYSE:SPY) component Progress Energy, Inc. (NYSE:PGN) reported its results for the second quarter. Progress Energy Inc., is an integrated electric utility that generates, transmits and distributes power in portions of North Carolina, South Carolina and Florida.

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Progress Energy Earnings Cheat Sheet for the Second Quarter

Results: Net income for the electric utilities company fell to $178 million (60 cents per share) vs. $180 million (62 cents per share) a year earlier. This is a decline of 1.1% from the year earlier quarter.

Revenue: Fell 4.9% to $2.26 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: PGN reported adjusted net income of 71 cents per share. By that measure, the company beat the mean estimate of 63 cents per share. Analysts were expecting revenue of $2.29 billion.

Quoting Management: “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.”

Key Stats:

From the first quarter, the company’s current liabilities rose to $3.46 billion from $2.64 billion.

The company has now seen net income fall in each of the last three quarters. In the first quarter, net income fell 3.2% from the year earlier, while the figure fell 18.8% in the fourth quarter of the last fiscal year.

The company has now topped analyst estimates for the last three quarters. It beat the mark by 2 cents in the first quarter and by 2 cents in the fourth quarter of the last fiscal year.

Revenue has fallen in the past two quarters. In the first quarter, revenue declined 14.5% to $2.17 billion from the year earlier quarter.

Competitors to Watch: Duke Energy Corporation (NYSE:DUK), The Southern Company (NYSE:SO), TECO Energy, Inc. (NYSE:TE), SCANA Corporation (NYSE:SCG), Dominion Resources, Inc. (NYSE:D), American Electric Power Co., Inc. (NYSE:AEP), Northeast Utilities System (NYSE:NU), Entergy Corporation (NYSE:ETR), NextEra Energy, Inc. (NYSE:NEE), and FirstEnergy Corp. (NYSE:FE).

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(Source: Xignite Financials)