Florida Progress earnings are hot

Florida Power's parent says this year's temperatures will bulk up the bottom line in the second quarter.

By Times staff writer

© St. Petersburg Times, published July 8, 2000

ST. PETERSBURG -- Reminiscent of the story of Goldilocks and the Three Bears, last year's spring was too cool and this year's spring was too hot. And that suits Florida Progress Corp.'s latest profit picture just right.

Florida Progress, the parent of Florida Power Corp., said Friday that it expects second-quarter earnings to be 20 percent to 30 percent higher than in the same period last year.

Because of cool weather in the second quarter of 1999, the company earned a modest 78 cents per share. This year's bullish prediction for the second quarter would generate earnings between 94 cents and $1.01 per share. Results will be released Aug. 1.

Twelve analysts surveyed by First Call had expected Florida Progress' quarterly earnings to increase 6 percent to 83 cents per share.

The company, which is being acquired by Carolina Power & Light, said warmer weather was the primary reason for stronger earnings. But the company also cited its Electric Fuels subsidiary, which expects higher earnings because of increased sales of synthetic fuel.

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