Progress Energy reaffirms earnings prediction for 2008
RALEIGH, N.C.—Power company Progress Energy Inc. on Thursday reaffirmed its earnings prediction for the full year, suggesting that wholesale sales growth and cost cuts should offset weakness in its retail energy business.
The company expects ongoing earnings of $3.05 per share. Ongoing earnings exclude some one-time gains and losses, including certain tax charges and accounting adjustments, as well as losses from discontinued operations.
Analysts, who tend to exclude one-time items from their estimates, on average, predict a profit of $3.04 per share, according to a survey by Thomson Financial.
Progress Energy said it plans to offset slower-than-expected retail customer growth in Florida this year through expansion of its wholesale business in Florida and by implementing an "aggressive cost management plan."
