Progress Florida earnings down

While Progress Energy is based in Raleigh, N.C., the energy utility runs a substantial operation in Florida. That part of the company saw negative year-over-year earnings growth in the last three months of 2010.

Progress Energy Florida posted per-share earnings of $0.17 in the recently concluded quarter (roughly $50 million total given the number of outstanding shares of Progress stock). That's down almost 40% from its 2009 per-share amount of $0.28 (roughly $82 million).

The company cited two primary causes for the decline: higher costs associated with employee benefits, and financing costs related to an asset roll-out caused by the EPA's Clean Air Interstate Rule of 2005.

While earnings fell, the company did see a 9,000 net increase in average customers over the three-month period.