The 10-second takeaway
For the quarter ended March 31 (Q1), Progress Energy missed estimates on revenues and earnings per share.
Compared to the prior-year quarter, revenue shrank and GAAP earnings per share shrank significantly.
Margins dropped across the board.
Progress Energy logged revenue of $2.09 billion. The six analysts polled by S&P Capital IQ hoped for a top line of $2.23 billion on the same basis. GAAP reported sales were 3.5% lower than the prior-year quarter's $2.17 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.48. The 12 earnings estimates compiled by S&P Capital IQ predicted $0.65 per share. GAAP EPS of $0.51 for Q1 were 18% lower than the prior-year quarter's $0.62 per share. (The prior-year quarter included -$0.01 per share in earnings from discontinued operations.)
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 31.9%, 200 basis points worse than the prior-year quarter. Operating margin was 17.4%, 340 basis points worse than the prior-year quarter. Net margin was 7.2%, 130 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 $0.69.
Next year's average estimate for revenue is $9.89 billion. The average EPS estimate is $3.18.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 269 members out of 298 rating the stock outperform, and 29 members rating it underperform. Among 83 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 80 give Progress Energy a green thumbs-up, and three 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 $53.31.
Can your retirement portfolio provide you with enough income to last? You'll need more than Progress Energy. Learn about crafting a smarter retirement plan in "The Shocking Can't-Miss Truth About Your Retirement." Click here for instant access to this free report.
- Add Progress Energy to My Watchlist.