Progress Energy Goes Negative
Progress Energy (NYS: PGN) reported earnings on Feb. 16. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended Dec. 31 (Q4), Progress Energy whiffed on revenues and missed expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped significantly and GAAP earnings per share shrank to a loss.
Margins contracted across the board.
Progress Energy booked revenue of $1.74 billion. The six analysts polled by S&P Capital IQ predicted revenue of $2.43 billion on the same basis. GAAP reported sales were 25% lower than the prior-year quarter's $2.32 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
Non-GAAP EPS came in at $0.39. The 13 earnings estimates compiled by S&P Capital IQ forecast $0.53 per share on the same basis. GAAP EPS were -$0.26 for Q4 compared to $0.43 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 19.6%, 1,510 basis points worse than the prior-year quarter. Operating margin was 1.1%, 1,470 basis points worse than the prior-year quarter. Net margin was -4.4%, 980 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $2.31 billion. On the bottom line, the average EPS estimate is $0.68.
Next year's average estimate for revenue is $9.95 billion. The average EPS estimate is $3.19.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 274 members rating the stock outperform and 29 members rating it underperform. Among 90 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 86 give Progress Energy a green thumbs-up, and four give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Progress Energy is hold, with an average price target of $51.50.
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At the time this article was published Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor ofMotley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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