Progress Energy Provides 2009 Ongoing Earnings Guidance and Updates 2008 Guidance
05 1월 2009 - 10:35PM
PR Newswire (US)
Highlights: RALEIGH, N.C., Jan. 5 /PRNewswire-FirstCall/ --
Progress Energy (NYSE: PGN) announced today it expects 2009 ongoing
earnings guidance to be $2.95 to $3.15 per share. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020923/CHM008LOGO-c ) "In the
midst of a global economic slowdown, our company is continuing to
deliver superior service for our customers, create value for our
shareholders and control our costs," said Bill Johnson, chairman,
president and CEO of Progress Energy. "We know 2009 will be a
challenging year, but by continuing to effectively manage our
business, we expect our ongoing earnings for 2009 to be in the
$2.95 to $3.15 per share range. In addition to our continued cost
management strategies, we are also reducing our planned capital
expenditures for 2009 by approximately $250 million." The key
earnings drivers in 2009 are projected to be revenue growth
primarily from new wholesale customers, AFUDC associated with new
plant investment, continued cost management and lower depreciation
and amortization expenses. These earnings drivers are projected to
be partially offset by higher pension expenses and increased
financing costs. Earnings guidance for 2009 reflects adjusted
retail revenue expectations due to the slowing economy. The company
also announced that results for 2008 are expected to be at the
lower end of the previously announced range of $2.95 - $3.05 per
share, primarily due to mild weather across the service territories
in December and the continuing impact of the slowing economy. The
2008 and 2009 ongoing earnings guidance excludes any impacts from
the CVO mark-to-market adjustment, potential impairments and
discontinued operations of other businesses. Progress Energy is not
able to provide a corresponding GAAP equivalent for the 2008 and
2009 earnings guidance figures due to the uncertain nature and
amount of these adjustments. The company will provide additional
discussion of its 2008 and 2009 earnings during its year-end
earnings conference call on Feb. 12 and its analyst meeting on Feb.
27. The company will release additional details on accessing these
calls in late January. Progress Energy, headquartered in Raleigh,
N.C., is a Fortune 250 energy company with more than 21,000
megawatts of generation capacity and $9 billion in annual revenues.
The company observed its 100th anniversary in 2008. Progress Energy
includes two major utilities that serve 3.1 million customers in
the Carolinas and Florida. The company is the 2006 recipient of the
Edison Electric Institute's Edison Award, the industry's highest
honor, in recognition of its operational excellence. The company
also is the first utility to receive the prestigious J.D. Power and
Associates Founder's Award for customer service. Progress Energy is
pursuing a balanced strategy for a secure energy future, which
includes aggressive energy efficiency programs, investments in
renewable energy technologies and a state-of-the-art electricity
system. For more information about Progress Energy, visit the
company's Web site at http://www.progress-energy.com/ . Caution
Regarding Forward-Looking Information: This release contains
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The matters discussed in this document involve estimates,
projections, goals, forecasts, assumptions, risks and uncertainties
that could cause actual results or outcomes to differ materially
from those expressed in the forward- looking statements. Examples
of factors that you should consider with respect to any forward-
looking statements made throughout this document include, but are
not limited to, the following: the impact of fluid and complex laws
and regulations, including those relating to the environment and
the Energy Policy Act of 2005; the anticipated future need for
additional baseload generation and associated transmission
facilities in our regulated service territories and the
accompanying regulatory and financial risks; the financial
resources and capital needed to comply with environmental laws and
renewable energy portfolio standards and our ability to recover
related eligible costs under cost-recovery clauses or base rates;
our ability to meet current and future renewable energy
requirements; the inherent risks associated with the operation of
nuclear facilities, including environmental, health, regulatory and
financial risks; the impact on our facilities and businesses from a
terrorist attack; weather and drought conditions that directly
influence the production, delivery and demand for electricity;
recurring seasonal fluctuations in demand for electricity; the
ability to recover in a timely manner, if at all, costs associated
with future significant weather events through the regulatory
process; economic fluctuations and the corresponding impact on our
customers, including downturns in the housing and consumer credit
markets; fluctuations in the price of energy commodities and
purchased power and our ability to recover such costs through the
regulatory process; our ability to control costs, including O&M
and large construction projects; the ability of our subsidiaries to
pay upstream dividends or distributions to Progress Energy; the
length and severity of the current financial market distress that
began in September 2008; the ability to successfully access capital
markets on favorable terms; the stability of commercial credit
markets and our access to short-term and long-term credit; the
impact that increases in leverage may have on us; our ability to
maintain our current credit ratings and the impact on our financial
condition and ability to meet our cash and other financial
obligations in the event our credit ratings are downgraded; our
ability to fully utilize tax credits generated from the previous
production and sale of qualifying synthetic fuels under Internal
Revenue Code Section 29/45K; the investment performance of our
nuclear decommissioning trust funds and the assets of our pension
and benefit plans; the outcome of any ongoing or future litigation
or similar disputes and the impact of any such outcome or related
settlements; and unanticipated changes in operating expenses and
capital expenditures. Many of these risks similarly impact our
nonreporting subsidiaries. These and other risk factors are
detailed from time to time in our filings with the United States
Securities and Exchange Commission. All such factors are difficult
to predict, contain uncertainties that may materially affect actual
results and may be beyond our control. New factors emerge from time
to time, and it is not possible for management to predict all such
factors, nor can management assess the effect of each such factor
on us. Any forward-looking statement is based on information
current as of the date of this document and speaks only as of the
date on which such statement is made, and we undertake no
obligation to update any forward-looking statement or statements to
reflect events or circumstances after the date on which such
statement is made.
http://www.newscom.com/cgi-bin/prnh/20020923/CHM008LOGO-c
http://photoarchive.ap.org/ DATASOURCE: Progress Energy CONTACT:
Corporate Communications, Progress Energy, +1-919-546-6189, or
toll-free, +1-877-641-NEWS (6397) Web site:
http://www.progress-energy.com/
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