progress energy Q2 04 earnings release

Progress Energy reported solid financial results for the second quarter of 2004, with ongoing earnings of $0.79 per share and GAAP earnings of $0.63 per share. For the year to date, ongoing earnings were $1.43 per share and GAAP earnings were $1.08 per share. The company reaffirmed its 2004 ongoing earnings guidance of $3.50 to $3.65 per share. Key drivers of the financial performance included favorable weather, customer growth, and lower retail revenue sharing accruals, partially offset by a decrease in wholesale sales.