Highlights:
Third Quarter 2009
- Reports third-quarter GAAP earnings of $0.88 per share, compared to $1.18 per share for the same period last year, primarily driven lower by a litigation verdict related to discontinued operations
- Reports third-quarter ongoing earnings of $342 million, or $1.22 per share, compared to $306 million, or $1.17 per share, for the same period last year
Year-to-date 2009 - Reports GAAP earnings for the first nine months of 2009 of $2.16 per share, compared to $2.77 per share for the same period last year, primarily driven lower by a litigation verdict related to discontinued operations
- Reports ongoing earnings for the first nine months of 2009 of $704 million, or $2.53 per share, compared to $653 million, or $2.50 per share, for the same period last year
- Reaffirms 2009 ongoing earnings guidance of $2.95 to $3.15 per share
RALEIGH, N.C. (Oct. 30, 2009) – Progress Energy [NYSE: PGN] announced third-quarter GAAP earnings of $247 million, or $0.88 per share, compared with GAAP earnings of $309 million, or $1.18 per share, for the same period last year. Current period results include a charge of $101 million, net of tax, or $0.36 per share, to discontinued operations related to a litigation verdict.
Third-quarter ongoing earnings were $342 million, or $1.22 per share, compared to $306 million, or $1.17 per share, for the same period last year. The significant drivers in ongoing earnings per share were increased revenues for interim and limited base rate relief, favorable returns on nuclear and environmental investments and O&M cost management, partially offset by lower retail growth and usage and share dilution. (See the discussion later in this release for a reconciliation of ongoing earnings per share to GAAP earnings per share.)
“We remain on track to achieve our financial goals for the year,” said Bill Johnson, chairman, president and CEO.“Against the backdrop of the ongoing economic recession, our company performed well operationally and financially during the third quarter. Our focus on continuous business excellence, cost management and operational efficiency helped to offset lower energy sales in our utilities.”
Progress Energy reaffirms its 2009 ongoing earnings guidance range of $2.95 to $3.15 per share. The ongoing earnings guidance excludes the impact, if any, from discontinued operations, CVO mark-to-market adjustment, potential impairments and plant retirement charges. Progress Energy is not able to provide a corresponding GAAP equivalent for the 2009 earnings guidance due to the uncertain nature and amount of these adjustments.
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