FPL Group (FPL) reported earnings this morning and it was a strong quarter in a tough environment.  The leading provider of wind and solar energy reported a non GAAP EPS number of .90/share beating estimates by .13/share. 

It’s NextEra Energy Resources division which houses its wind and solar operations produced  good results with an EPS of .62/share (a 13% increase over the year ago quarter) however the gains were driven by new investments in wind generation facilities.  Growth in the existing portfolio declined over the year ago quarter.

There are quite a few one time events and acquisitions during the quarter, making an analysis of true organic growth difficult but all in all it  was a strong quarter even if organic growth has stalled.  It’s typical of the industry right now and not an FPL issue.  What’s important is what the company expects in the coming quarters and they are raising estimates.  For 2009, the company now sees EPS of $4.20 – 4.40 and for 2010 the new range is $4.65 – 5.05 both of which assume no further deterioration in the economy. 

“FPL Group had a very good first quarter, with adjusted earnings per share rising 18 percent year over year, largely as a result of strong results from our NextEra Energy Resources subsidiary. At Florida Power & Light, we announced proposed investments that will significantly improve the electrical system for our customers – specifically, a large-scale deployment of ‘smart grid’ technology in Miami, and a new natural gas pipeline to provide increased energy security. As pleased as we are with FPL Group’s current results, we are even more optimistic about the future. The reason is simple: We believe that the policy climate in the nation is trending in a direction highly favorable to power companies with low emissions profiles and significant clean-energy fleets,” said FPL Group Chairman and CEO Lew Hay.

FPL Group is trading off the highs of the morning but has broken out above the 200 day moving average with heavy volume. It’s currently up about 3.5%.