Progress Energy Inc. Third Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Progress Energy, Inc. (NYSE:PGN) will unveil its latest earnings on Thursday, November 3, 2011. 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 estimate of analysts is for net income of $1.23 per share, no change from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from $1.24. Between one and three months ago, the average estimate moved down. It has risen from $1.22 during the last month. Analysts are projecting profit to rise by 2.3% versus last year to $3.13.

Past Earnings Performance: The company’s quarterly results have come in above estimates for the last three quarters. Last quarter, the company booked profit of 71 cents per share versus a mean estimate of net income of 63 cents per share.

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Wall St. Revenue Expectations: On average, analysts predict $3.05 billion in revenue this quarter, a rise of 3% from the year ago quarter. Analysts are forecasting total revenue of $9.95 billion for the year, a decline of 2.4% from last year’s revenue of $10.19 billion.

Analyst Ratings: Analysts seem relatively indifferent about Progress Energy with 15 of 15 analysts surveyed maintaining a hold rating.

A Look Back: In the second quarter, profit fell 2.2% to $176 million (60 cents a share) from $180 million (62 cents a share) the year earlier, but exceeded analyst expectations. Revenue fell 4.9% to $2.26 billion from $2.37 billion.

Key Stats:

The company has seen net income fall in each of the last three quarters. Net income fell 3.2% in the first quarter and 18.8% in the fourth quarter of the last fiscal year.

Revenue has fallen in the past two quarters. In the first quarter, the figure fell 14.5%.

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 August 4, 2011 to October 28, 2011, the stock price had risen $7.61 (17%) from $44.82 to $52.43. 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% (+$2.24) 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% (-$1.59) over that span. Shares are up $11.19 (+27.1%) year to date.

(Source: Xignite Financials)

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