By Ivan Penn, Times Staff Writer
Thursday, November 3, 2011
Progress Energy's earnings dropped 19 percent during the third quarter of this year, the result of mild weather and the inability to charge Carolina customers some nuclear fees.
On Thursday, the utility announced third-quarter earnings of $291 million, or $0.98 per share, compared with $361 million, or $1.23 per share, during the same period last year.
Revenue fell to $2.75 billion from $2.96 billion a year ago. Analysts expected $3.18 billion.
"We are continuing to focus on the fundamentals of safely delivering reliable, affordable and environmentally sound power to our customers," said Bill Johnson, president and chief executive officer of Progress Energy, which included Progress Energy Florida. "Meanwhile, we are working diligently to complete our merger with Duke Energy to drive increased value for our customers and shareholders, while achieving our earnings objectives for ...