Power provider Progress Energy Inc. (PGN: 37.63 0.00 0.00%) reported fourth quarter 2009 earnings, in line with Zacks Consensus Estimate and ahead of the year-ago results. Earnings were driven by increased revenues on interim and limited base rate relief, favorable returns on nuclear and environmental investments, and lower depreciation and amortization, partly offset by increased operating and maintenance costs. Progress’ earnings per share in the quarter was 50 cents, same as the Zacks Consensus Estimate and 3 cents more than the year-ago figure.
Reported Quarter vs. Estimate Revisions Trend
Considering the recent downward revisions to its quarterly estimates, Progress’ in-line results came as a slight surprise. Though there were no estimate revisions in either direction over the last 7 days, earnings estimates for the company have been trending down over the past month, with the quarterly Zacks Consensus Estimate going down by 3 cents (from 53 cents to 50 cents). Overall, 4 out of the 12 analysts covering the stock pulled back on fourth quarter projections during that time, while there were no upward revisions.
Electricity Sales
Total electricity sales in the quarter were 23.1 billion kilowatt hours (KWh), down slightly from 23.4 billion KWh sold last year. Progress Energy Carolinas’ electricity sales and energy supply totaled 13.6 billion KWh (down 0.4%), while Progress Energy Florida sold 9.4 billion KWh (down 3.5%) of electricity in the quarter.
Operating Revenues
Operating revenue in the quarter totaled $2,304 million, up 6.7% from $2,160 million reported in the year-ago quarter. Progress Energy Carolinas and Progress Energy Florida contributed $1,066 million (up 1.8%) and $1,238 million (up 11.2%), respectively, to the quarter’s revenue.
2010 Guidance
Following its robust operational and financial performance in the quarter, Progress has maintained its 2010 earnings guidance range of $2.85 to $3.05 per share.
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