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Progress Energy reports $176 million in second-quarter earnings

Progress Energy's earnings declined in the second quarter of this year compared with the same period last year, the company announced Thursday.

The utility's reported second-quarter earnings of $176 million or 60 cents per share compared with $180 million or 62 cents per share in 2010.

Progress Energy, the parent company of Progress Energy Florida, reported Thursday that growth in its customer base had leveled off in Florida after robust increases throughout 2010.

"We continue to feel the effects of a challenging economy in our service area, but we remain focused on managing the business effectively and making wise investments to meet our customers' needs today and in the future, as we prepare for our pending merger with Duke Energy," said Bill Johnson, Progress Energy chairman, president and chief executive.

Progress Energy and Duke Energy shareholders are scheduled to vote on the merger Aug. 23. Progress' stock price fell $1.15 to $45.38 on Thursday.

Progress Energy reports $176 million in second-quarter earnings 08/04/11 [Last modified: Thursday, August 4, 2011 8:57pm]
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