FPL Group sees slight rise in profit, predicts strong growth through 2012

JUNO BEACH — FPL Group Tuesday reported third quarter profit of $533 million, or $1.33 a share, on revenue of $4.6 billion, compared with profit of $527 million, or $1.32 a share, on revenue of $4.7 billion.

CEO Lew Hay said the company is on course to meet earnings goals for the year.

“With three quarters of the year now behind us, FPL Group remains well positioned to deliver another very good year financially,” Hay said.”We expect 2007 results to be at or near the top end of our previously announced earnings expectation range, which equates to approximately $3.45 per share.”

Hay also said the company expects to generate adjusted earnings per share growth of 10 percent a year through 2012, including $3.83 to $3.93 in 2008 and $4.15 to $4.35 in 2009.

For the nine months, earnings totaled $1.1 billion, or $2.72 a share, on revenue of $11.6 billion, compared with earnings of $1 billion, or  $2.56 a share, on revenue of $12.1 billion.

The company’s FPL Energy subsidiary saw earnings grow by 25 percent during the quarter, while Florida Power & Light saw flat growth.