Progress Energy (NYSE:PGN) said Friday it widened its third-quarter profit by 46% on much hotter-than-usual temperatures.
The Raleigh, NC-based company posted net income of $361 million, or $1.23 a share, compared with $247 million, or 88 cents a share, in the same quarter last year, and short of average analyst estimates of $1.27 a share.
Revenue for the electricity provider was $2.96 billion, versus $2.82 billion a year ago, missing the Street’s view of $3 billion.
Earnings were assisted by favorable weather conditions in the Southeast and lower depreciation and amortization in Florida.
“We achieved strong financial performance for our shareholders so far this year and successfully met high energy demand during one of the hottest summers on record,” Progress CEO Bill Johnson said. “The economy in the Carolinas and Florida continues to show modest but steady signs of recovery, and we remain focused on managing costs and improving operations and execution.”
Due to the continued strength in weather, Progress narrowed its fiscal 2010 earnings view to the range of $3 to $3.05 a share, the high end of its previously announced guidance.