Electric utility operator Progress Energy, Inc. ( PGN ) on Thursday said its second quarter profit slipped 2% from last year, but adjusted results beat analyst estimates.
The Raleigh, NC-based company reported second quarter net income of $176 million, or 60 cents per share, compared with $180 million, or 62 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 71 cents per share.
Revenue fell 5% from last year to $2.25 billion.
On average, Wall Street analysts expected a smaller adjusted profit of 64 cents per share, albeit on higher revenue of $2.29 billion.
Looking ahead, the company backed its previously-announced full-year profit guidance of $3 to $3.20 per share, while analysts expect $3.12 for the year. PGN's merger with Duke Energy ( DUK ) is on track to be completed by the end of 2011.
Progress Energy shares were unchanged in premarket trading Thursday.
The Bottom Line
We have been recommending shares of Progress Energy ( PGN ) since Dec.10, 2009, when the stock was trading at $41.18. The company has a 5.33% dividend yield, based on last night's closing stock price of $46.53.
Progress Energy, Inc. ( PGN ) is a "Highly Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.8 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
