Progress Energy, Inc. First Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Progress Energy, Inc. (NYSE:PGN) will unveil its latest earnings on Thursday, May 3, 2012. Progress Energy is an integrated electric utility that generates, transmits, and distributes power in portions of North Carolina, South Carolina, and Florida.

Progress Energy, Inc. Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average analyst estimate is for net income of 64 cents per share, a decline of 7.2% from the company’s actual earnings for the year-ago quarter. During the past three months, the average estimate has moved down from 65 cents. Between one and three months ago, the average estimate moved up. It has dropped from 67 cents during the last month. For the year, analysts are projecting profit of $3.18 per share, a rise of 7.8% from last year.

Past Earnings Performance: The company has missed estimates in the last two quarters. In the fourth quarter of the last fiscal year, it missed the mark by 13 cents as a result of reporting net income of 39 cents against an estimate of profit of 52 cents per share. In the third quarter of the last fiscal year, the company fell short of forecasts by 8 cents.

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Wall St. Revenue Expectations: On average, analysts predict $2.23 billion in revenue this quarter, a rise of 2.8% from the year-ago quarter. Analysts are forecasting total revenue of $9.92 billion for the year, a rise of 11.3% from last year’s revenue of $8.91 billion.

Analyst Ratings: Analysts seem relatively indifferent about Progress Energy with 13 of 13 analysts surveyed maintaining a hold rating.

A Look Back: In the fourth quarter of the last fiscal year, the company swung to a loss of $76 million (26 cents a share) from a profit of $125 million (42 cents) a year earlier, missing analyst expectations. Revenue fell 25.2% to $1.74 billion from $2.32 billion.

Key Stats:

Revenue has fallen in the past four quarters. Revenue declined 7.3% in the third quarter of the last fiscal year from the year earlier, dropped 4.9% in second quarter of the last fiscal year from the year-ago quarter and 14.5% in the first quarter of the last fiscal year.

Progress Energy reported a loss in the last quarter, which followed three quarters of profit. The company reported a profit of $291 million in the third quarter of the last fiscal year, a profit of $176 million in the second of the last fiscal year and a profit of $184 million in the first quarter of the last fiscal year.

Stock Price Performance: Between April 23, 2012 and April 27, 2012, the stock price rose $1.19 (2.3%), from $51.96 to $53.15. The stock price saw one of its best stretches over the last year between October 12, 2011 and October 21, 2011, when shares rose for eight straight days, increasing 4.5% (+$2.25) over that span. It saw one of its worst periods between May 17, 2011 and May 26, 2011 when shares fell for eight straight days, dropping 3.3% (-$1.57) over that span.

(Company fundamentals by Xignite Financials. Earnings estimates provided by Zacks)

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