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FPL Group (FPL) Missed Earning Estimates & Guided Lower
The nation’s largest provider of renewable energy power disappointed investors this morning by missing analyst estimates and guiding lower for this year and next. FPL Group (FPL) reported a non GAAP EPS of 1.38/share, missing estimates by .03. Revenues were disappointing as well coming in at $4.47 billion which was a 17% decline from the year ago quarter. To make matters worse, the company is lowering guidance. For 2009, the company now expects an EPS of $4.10 – 4.20 vs previous estimates of $4.20 – 4.40 and for 2010 anticipates EPS to be in the range of $4.25 – 4.85 vs previous estimates of $4.65 – 5.05.
Here are some highlights from the quarter:
- Florida Power & Light continues to weigh on the company while its NextEra Energy Resources subsidiary continues to grow (EPS growth of 21% over year ago quarter)
- Florida’s economy continues to impact company with 9000 fewer accounts this quarter than last quarter
- FPL’s DeSoto Solar Energy Center (currently nation’s largest solar plant) begins providing power to 3000 homes
- NextEra on track to add 1170MW of wind energy this year
“Going forward, we believe it is clear that the United States is moving inexorably toward a carbon-constrained world. As a result of the investments we are continuing to make in clean energy, we believe we are well positioned for a future where carbon carries a cost,” said Lew Hay.
Shares of FPL Group recovered off the lows of the day and held in quite well today, down just under 3%.
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