FPL 1Q Profit Up 53% On Mark-To-Market Gains; Demand Rises

Date : 04/27/2010 @ 8:42AM
Source : Dow Jones News
Stock : First Trust New Opportunities Mlp & Energy Fund of Beneficial Interest (FPL)
Quote : 12.14  -0.14 (-1.14%) @ 4:03PM

FPL 1Q Profit Up 53% On Mark-To-Market Gains; Demand Rises

First Trust New Opportunites MLP (NYSE:FPL)
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FPL Group Inc. (FPL) reported a 53% jump in first-quarter earnings on mark-to-market gains at its generation business.

The company also reported higher retail sales, a reversal from last year as demand slumped amid the recession at utilities nationwide.

Earnings climbed to $556 million, or $1.36 a share, compared with $364 million, or 90 cents a share, a year earlier. The latest quarter included 42 cents in mark-to-market and other impacts related to NextEra Energy Resources, its power-generation business.

Revenue fell 2.2% to $3.62 billion.

Analysts' mean estimates were for earnings of 87 cents on revenue of $3.68 billion.

Earnings jumped at Florida Power & Light on a 6.6% increase in retail energy sales as weather was colder than normal this winter in the Sunshine State. NextEra's earnings fell 14% excluding the gains.

Shares of FPL, which reiterated its 2010 earnings forecast, closed Monday at $51.06 and were inactive premarket.

-By Kevin Kingsbury; Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com

 
 

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