FPL Group (FPL) Reports Mixed Results; Strength In Clean Energy Division

FPL Group (FPL) which is the largest producer of solar and wind power in the US reported solid earnings this morning, driven by strength in its NextEra Energy Resources business (profits up 30%).

“Our earnings for the quarter were solid overall, with lower year-over-year earnings at Florida Power & Light Company more than offset by the performance of NextEra Energy Resources. While the Florida economy is quite challenging, we are delivering exceptional value to FPL customers in the form of reliable, clean energy at low rates and are continuing to invest to support the needs of our customers in the years ahead. At NextEra Energy Resources, we’re investing to support the long-term growth of our renewables business, which continues to perform well and which we believe continues to have good growth prospects,” said FPL Group CEO Lew Hay.

The company posted an adjusted profit of .99/share (6% increase over year ago quarter) which topped analyst estimates by a penny, but revenues were a bit shy of the estimate of 3.89 billion at 3.81 billion (also a 6% bump over year ago quarter)

The company has reaffirmed its 2009 EPS estimate of $4.20 – 4.40/share.  However, due to a weak economy, the company is leaning towards the lower half of the range.

Shares of FPL are slightly higher in pre-market trading.

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