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Paragon Offshore Limited Message Board

  • bluecheese4u bluecheese4u May 3, 2012 7:45 PM Flag

    Progress Energy announces 2012 first-quarter results;

    Progress Energy announces 2012 first-quarter results; affirms full-year 2012 earnings guidance

    Highlights:
     Reports first-quarter GAAP earnings of $0.51 per share, compared to $0.62 for the same
    period last year, primarily due to unfavorable impact of weather in the Carolinas
     Reports first-quarter ongoing earnings of $0.48 per share, compared to $0.69 for the same
    period last year, primarily due to unfavorable impact of weather in the Carolinas and higher
    O&M expense primarily due to an additional planned nuclear refueling outage at Progress
    Energy Carolinas
     Affirms 2012 ongoing earnings guidance of $3.10 to $3.25 per share

    RALEIGH, N.C. (May 3, 2012) – Progress Energy [NYSE: PGN] announced first-quarter GAAP
    earnings of $150 million, or $0.51 per share, compared with GAAP earnings of $184 million, or $0.62
    per share, for the same period last year. First-quarter ongoing earnings were $143 million, or $0.48 per
    share, compared to $202 million, or $0.69 per share, for the same period last year. The significant
    drivers in ongoing earnings per share were unfavorable impact of weather in the Carolinas, higher
    operation and maintenance (O&M) expense and higher depreciation and amortization expense. The
    higher O&M expense is primarily due to an additional planned nuclear refueling outage at Progress
    Energy Carolinas (PEC), partially offset by the reversal of certain regulatory liabilities in accordance
    with the 2012 settlement agreement at Progress Energy Florida (PEF). (See the discussion later in this
    release for a reconciliation of ongoing earnings per share to GAAP earnings per share.)
    “The extremely mild weather through the first quarter of 2012 – although certainly a welcome respite
    for our customers – resulted in significantly lower energy sales in the Carolinas,” said Chairman,
    President and CEO Bill Johnson. “We remain focused on meeting our financial goals and shareholder
    expectations for the year through operational excellence, cost management and consistent execution, as
    we await the last regulatory approvals of our pending merger with Duke Energy.”
    Progress Energy affirms 2012 ongoing earnings guidance of $3.10 to $3.25 per share. The ongoing
    earnings guidance excludes the impact, if any, from discontinued operations, the effects of certain
    identified gains and charges and any merger and integration costs from our proposed strategic
    combination with Duke Energy Corporation. Progress Energy is not able to provide a corresponding
    GAAP equivalent for the 2012 ongoing earnings guidance due to the uncertain nature and amount of
    these adjustments.
    Progress Energy will host a conference call and webcast at 11 a.m. ET today to review first-quarter
    2012 financial performance, as well as provide an overall business update. Additional details are
    provided at the end of this earnings release.

    https://www.progress-energy.com/assets/www/docs/company/q1-2012.pdf

 
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