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