Progress Energy, Inc. Second Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Progress Energy, Inc. (NYSE:PGN) will unveil its latest earnings on Thursday, August 4, 2011. Progress Energy Inc., 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 estimate of analysts is for profit of 63 cents per share, no change from the company’s actual earnings for the same quarter a year ago. The average estimate is the same as three months ago. Between one and three months ago, the average estimate moved down, but has risen from 62 cents during the last month. For the year, analysts are projecting net income of $3.12 per share, a rise of 2% from last year.

Past Earnings Performance: The company is looking to top estimates for the third straight quarter. Last quarter, it reported profit of 69 cents per share against a mean estimate of net income of 67 cents, and the quarter before, the company exceeded forecasts by 2 cents with profit of 45 cents versus a mean estimate of net income of 43 cents.

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Wall St. Revenue Expectations: On average, analysts predict $2.29 billion in revenue this quarter, a decline of 3.4% from the year ago quarter. Analysts are forecasting total revenue of $9.96 billion for the year, a decline of 2.3% from last year’s revenue of $10.19 billion.

Analyst Ratings: Analysts seem relatively indifferent about Progress Energy with 17 of 17 analysts surveyed maintaining a hold rating.

Key Stats:

A year-over-year revenue decrease in the first quarter snaps a streak of three consecutive quarters of revenue increases. Revenue fell 14.5% in the first quarter and rose 0.6%in the fourth quarter of the last fiscal year, 4.9% in the third quarter of the last fiscal year and 2.6% in the second quarter of the last fiscal year.

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

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).

Stock Price Performance: During July 25, 2011 to July 29, 2011, the stock price had dropped $1.02 (-2.1%) from $47.76 to $46.74. The stock price saw one of its best stretches over the last year between March 17, 2011 and March 30, 2011 when shares rose for 10-straight days, rising 5.3% (+$2.27) 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, falling 3.3% (-$1.61) over that span. Shares are up $4.98 (+11.9%) year to date.

(Source: Xignite Financials)

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