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Progress Energy




Progress Energy, formerly known as CP&L Energy, Inc., was established in 1925 and is headquartered in Raleigh, North Carolina. It’s a publicly traded company having a good stock performance result. Progress Energy is a fortune 500 stock listed company trading under PGN.
 
Through its subsidiaries it operates as an integrated energy company primarily in the southeast region of the United States. The company operates in four segments of Progress Energy Carolinas, Progress Energy Florida, Progress Ventures, and Coal and Synthetic Fuels. Mr. Robert B. McGehee is Chairman, Chief Exec. Officer, of the Company since from October 2002.
 
According to the company's 2005 annual report, Progress Energy Company is with more than 24,500 megawatts of generation capacity and 10 billion dollars in annual revenues. The company's holdings include two electric utilities serving around 3 million customers in North Carolina, South Carolina and Florida. Progress Energy reported third-quarter ongoing earnings increased to 359 million dollars, or 1.44 dollars per share, up from 234 million dollars, or 0.96 dollars per share, for the same period last year. Third-quarter net income determined in accordance with generally accepted accounting principles increased to 450 million dollars, or 1.82 dollars per share, up from 303 million dollars, or 1.25 dollars per share, for the same period last year.

The results at the unregulated core businesses and synthetic fuel operations are in line with their expectations. Based on the results so far this year, they are reaffirming their 2005 ongoing earnings guidance of 2.90 dollars to 3.20 dollars per share. Core ongoing earnings, which include the results of Progress Energy Carolinas, Progress Energy Florida and Progress Ventures, excluding synthetic fuels, were 1.15 dollars per share for the quarter compared to 1.20 dollars per share for the same period last year. Higher retail electric margins during the quarter contributed to earnings growth at the regulated utilities, which were partially offset by higher O&M expenses. Lower margins at the competitive commercial operations and the loss of net income from certain gas divestitures in 2004 contributed to a decline in earnings for the unregulated core businesses. Non-core earnings from synthetic fuel operations increased to 0.29 dollars per share for the quarter, up from a net loss of 0.24 dollars per share for the same period last year, primarily due to the recognition of 2004 tax credits and higher synthetic fuel sales.

Progress Energy maintains to accomplish its long-term strategy and is in a strong position for sustained success.

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