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Progress Energy Inc. (NYSE:PGN) announced second-quarter GAAP earnings of $176 million, or $0.60 per share, compared with GAAP earnings of $180 million, or $0.62 per share, for the same period last year. Second-quarter ongoing earnings were $211 million, or $0.71 per share, compared to $181 million, or $0.63 per share, for the same period last year. The significant drivers in ongoing earnings per share were lower depreciation and amortization expense in Florida and increased clauses and other margin, partially offset by unfavorable retail growth and usage in the Carolinas and decreased wholesale revenues in Florida. (See the discussion later in this release for a reconciliation of ongoing earnings per share to GAAP earnings per share.)
Progress Energy, Inc., a utility holding company, engages in the generation, transmission, distribution, and sale of electricity in North Carolina, South Carolina, and Florida. It uses coal, oil, hydroelectric, natural gas, and nuclear power to generate electricity.
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