Progress Energy Inc. Earnings: Reversing to a Loss Following Two Consecutive Quarters of Profit
S&P 500 (NYSE:SPY) component Progress Energy Inc. (NYSE:PGN) reported its results for the fourth quarter. Progress Energy is an integrated electric utility that generates, transmits, and distributes power in portions of North Carolina, South Carolina, and Florida.
Investing Insights: Will the iPad 3 Be the Next Catalyst for Apple’s Stock?
Progress Energy Earnings Cheat Sheet for the Fourth Quarter
Results: Reported a loss of $76 million (25 cents per diluted share) in the quarter. The electric utilities company had net income of $125 million or 42 cents per share in the year earlier quarter.
Revenue: Fell 25.2% to $1.74 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: Progress Energy Inc. reported ongoing earnings of 39 cents per share. By that measure, the company fell short of mean estimate of 52 cents per share. It fell short of the average revenue estimate of $2.37 billion.
Revenue has fallen in the past four quarters. Revenue declined 7.3% to $2.75 billion in the third quarter. The figure fell 4.9% in the second quarter from the year earlier and dropped 14.5% in the first quarter from the year-ago quarter.
The company’s loss in the latest quarter follows profits in the previous three quarters. The company reported a profit of $291 million in the third quarter, a profit of $176 million in the second quarter and $184 million in the first.
The company has now fallen short of estimates in the last two quarters. In the third quarter, it missed expectations by 8 cents with net income of $1.16 versus a mean estimate of net income of $1.24 per share.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the first quarter of the next fiscal year is 65 cents per share, down from 69 cents ninety days ago. At $3.10 per share, the average estimate for the fiscal year has fallen from $3.11 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
Don’t Miss These Additional Hot Stories:
To contact the reporter on this story: Derek Hoffman at email@example.com
To contact the editor responsible for this story: Damien Hoffman at firstname.lastname@example.org