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Electric utilities

Florida Progress Corporation Reports Second-Quarter Earnings of $55.2 Million

Strategic Insights

— 1 min read

Florida Progress Corporation, parent of St. Petersburg-based Florida Power Corporation, reported second-quarter earnings of $55.2 million, or 58 cents per share, compared with $53.7 million, or 58 cents a share, earned in the same period last year. The company's revenues for the quarter totaled $742.9 million, up from $693.2 million in the same period in 1994. Florida Power, the largest subsidiary of Florida Progress, earned $50.6 million, or 53 cents per share, on revenues of $550.5 million in this year's second quarter.

Key Takeaways:

  • Florida Progress Corporation reported second-quarter earnings of $55.2 million, or 58 cents per share, a slight increase from $53.7 million, or 58 cents a share, earned in the same period last year.
  • Revenues for the quarter totaled $742.9 million, up from $693.2 million in the same period in 1994, with Florida Power contributing $550.5 million to the total.
  • Retail kilowatt-hour sales at Florida Power increased by 4.6 percent in the second quarter of 1995, driven by customer growth of about 2 percent and a stronger economy.
  • The Florida Public Service Commission ordered Florida Power to begin a three-year test of a revenue decoupling plan for its residential sales in January 1995, which eliminated the earnings impact of extreme weather on residential revenues.
  • Residential revenues would have been about $13 million higher in the second quarter of 1995 if not for revenue decoupling.
  • Diversified earnings were $4.6 million, or 5 cents per share, in the quarter compared with $6.1 million, or 7 cents a share, earned last year.
  • Earnings from Electric Fuels Corporation were lower than the same period in 1994, primarily due to its marine transportation business.

Statistics:

  • Second-quarter earnings: $55.2 million (1995), $53.7 million (1994)
  • Revenues for the quarter: $742.9 million (1995), $693.2 million (1994)
  • Retail kilowatt-hour sales growth: 4.6 percent (1995 second quarter vs. prior year quarter)
  • Residential revenues: $550.5 million (Florida Power, 1995 second quarter), $517 million (Florida Power, 1994 second quarter)
  • Diversified earnings: $4.6 million (1995 second quarter), $6.1 million (1994 second quarter)
  • Electric Fuels Corporation earnings: Lower than the same period in 1994, primarily due to marine transportation business

Sources:

  • Florida Progress Corporation press release, July 20, 1995
  • Florida Progress Corporation annual report, 1994

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