Progress Energy Q3 net earnings down

US-based power utility Progress Energy has reported net earnings of $247 million, or $0.88 per share, for the third quarter of 2009, compared to $309 million, or $1.18 per share, for the same period of 2008.

The company has reported operating revenues of $2.82 billion for the third quarter of 2009, compared to $2.69 billion for the same quarter of 2008.

Progress Energy has reported net earnings of $603 million, or $2.16 per share, for the first nine months of 2009, compared to $723 million, or $2.77 per share, for the corresponding period of 2008.

Year-to-date operating revenues were $7.58 billion, compared to $7 billion for the first nine months of 2008.

Bill Johnson, chairman, president and CEO of Progress Energy, said: "We remain on track to achieve our financial goals for the year. Against the backdrop of the ongoing economic recession, our company performed well operationally and financially during the third quarter. Our focus on continuous business excellence, cost management and operational efficiency helped to offset lower energy sales in our utilities."

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