Jan 19 - Power producer Progress Energy Inc (PGN.N) on Tuesday forecast 2010 ongoing earnings below analyst estimates, citing a challenging economy and an unfavourable decision in its Florida rate case.
"Given the disappointing regulatory decision in Florida and the lingering effects of the economic recession, we expect 2010 will be an extremely challenging year," Chief Executive Bill Johnson said in a statement.
Progress Energy forecast 2010 ongoing earnings of between $2.85 a share to $3.05 a share, below consensus estimates of $3.10 a share, according to Thomson Reuters I/B/E/S.
The company also narrowed its 2009 ongoing earnings view to a range of $3.00 to $3.05 per share, from prior estimates of $2.95 to $3.15 per share. Analysts are currently looking for 2009 earnings of $3.04 a share.
Raleigh, North Carolina-based Progress Energy owns and operates more than 21,000 MW of generating capacity, markets energy commodities, and transmits and distributes electricity to about 3.1 million customers in North Carolina, South Carolina and Florida.
One MW powers about 700 homes in the Carolinas.
Shares of the company were down about 2 percent at $38.25 in pre-market trade Tuesday. The stock had closed at $38.93 Friday on the New York Stock Exchange.
"Given the disappointing regulatory decision in Florida and the lingering effects of the economic recession, we expect 2010 will be an extremely challenging year," Chief Executive Bill Johnson said in a statement.
Progress Energy forecast 2010 ongoing earnings of between $2.85 a share to $3.05 a share, below consensus estimates of $3.10 a share, according to Thomson Reuters I/B/E/S.
The company also narrowed its 2009 ongoing earnings view to a range of $3.00 to $3.05 per share, from prior estimates of $2.95 to $3.15 per share. Analysts are currently looking for 2009 earnings of $3.04 a share.
Raleigh, North Carolina-based Progress Energy owns and operates more than 21,000 MW of generating capacity, markets energy commodities, and transmits and distributes electricity to about 3.1 million customers in North Carolina, South Carolina and Florida.
One MW powers about 700 homes in the Carolinas.
Shares of the company were down about 2 percent at $38.25 in pre-market trade Tuesday. The stock had closed at $38.93 Friday on the New York Stock Exchange.
