Progress Energy 2010 Annual Report Download - page 126

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
24. QUARTERLY FINANCIAL DATA (UNAUDITED)
Summarized฀quarterly฀financial฀data฀was฀as฀follows:
(in millions except per share data) First Second Third Fourth
2010
Operating revenues $2,535 $2,372 $2,962 $2,321
Operating income 494 440 753 367
Income from continuing operations 191 181 365 130
Net income 190 180 365 128
Net income attributable to controlling interests 190 180 361 125
Common stock data
Basic and diluted earnings per common share
Income from continuing operations attributable to
controlling interests, net of tax 0.67 0.62 1.23 0.43
Net income attributable to controlling interests 0.67 0.62 1.23 0.42
Dividends declared per common share 0.620 0.620 0.620 0.620
Market price per share
High 41.35 40.69 44.82 45.61
Low 37.04 37.13 38.96 43.08
2009
Operating revenues $2,442 $2,312 $2,824 $2,307
Operating income 393 379 676 324
Income from continuing operations 183 175 350 132
Net income 183 174 248 156
Net income attributable to controlling interests 182 174 247 154
Common stock data
Basic and diluted earnings per common share
Income from continuing operations attributable to
controlling interests, net of tax 0.66 0.62 1.24 0.46
Net income attributable to controlling interests 0.66 0.62 0.88 0.55
Dividends declared per common share 0.620 0.620 0.620 0.620
Market price per share
High 40.85 38.20 40.05 42.20
Low 31.35 33.50 35.97 36.67
In the opinion of management, all adjustments necessary
to fairly present amounts shown for interim periods have
been made. Results of operations for an interim period
may not give a true indication of results for the year.
Typically, weather conditions in our service territories
directly influence the demand for electricity and affect
the price of energy commodities necessary to provide
electricity to our customers. As a result, our overall
operating results may fluctuate substantially on a
seasonal basis.
In฀the฀third฀ quarter฀ of฀ 2009,฀ we฀ recognized฀$102฀million฀
of expense from discontinued operations attributable to
controlling interests, net of tax, primarily related to a jury
delivering a verdict in a lawsuit against Progress Energy
and a number of our subsidiaries and affiliates previously
engaged in coal-based solid synthetic fuels operations.
In฀the฀fourth฀quarter฀of฀2009,฀we฀recognized฀$25฀million฀of฀
earnings from discontinued operations primarily related
to the tax benefits associated with the payment of the
judgment. See Note 22D for additional information.