FPL Group (FPL) Beats On EPS, Light In Revenue; Reaffirms Guidance

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01:28:35 pm on April 27, 2010

FPL Group (FPL) reported results that were about flat over the year ago quarter.  They beat on the EPS side by .07, reporting .94/share, but revenues were a bit lighter than what analysts expected at $3.58 billion.  All in all, a ho hum quarter and traders are selling the stock a bit today after the stock ran up over 10% in the past two months.   Increased demand for electricity at Florida Power & Light due to cold weather in Florida was offset a bit by poor wind resources.

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Their NextEra Energy Resources unit added 1360MW of new wind projects over the past year, but that contributed just .03/share to earnings over the past year on an adjusted basis.  148MW of wind energy business was awarded for a project in Ontario, Canada as part of the province’s feed-in tariff program just following the end of last quarter.  The company expects to add less wind capacity this year due to market conditions and sees an addition of 600 – 850MW or about 50% less than 2009 (this number would exclude any acquisitions). 

Looking ahead, the company is sticking with the guidance it gave last quarter and sees the full year 2010 EPS range between $4.25 – $4.65.

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