FPL Group posts earnings dip

By Palm Beach Business.com

JUNO BEACH — FPL Group reported Thursday that profit for the second quarter dropped by nearly half compared to the same period a year ago.

FPL earned $209 million, or 52 cents a share, on revenue of $3.6 billion, compared with profit of $405 million, or $1.01 a share, on revenue of $3.9 billion for the same period a year ago.

Those figures do not include unrealized gains or losses on certain hedges. Including the hedges boosts earnings to $375 million, or 93 cents a share for the ’08 quarter, compared with earnings of $348 million, or 86 cents a share, a year ago.

“FPL Group performed very well in the second quarter of 2008,” CEO Lew Hay said. “Adjusted earnings per share increased about 8 percent year over year. Florida Power & Light Company produced solid results despite very challenging marketplace conditions, and FPL Energy had another outstanding quarter.”

Shares of FPL were up a penny to $64.18 in afternoon trading on the New York Stock Exchange.

FPL reaffirmed its adjusted earnings per share projections for 2008 and 2009, forecasting earnings of $3,93 to $3.93 for this year and $4.15 to $4.35 for next year. Those numbers assume normal weather and no further decline in the Florida economy.

It also reaffirmed projections for 10 percent annual increases in earnings through 2012.

For the six months, FPL earned $458 million, or $1.14 a share, on revenue of $7 billion, compared with $444 million, or $1.39 a share, on revenue of $7 billion. Again, those numbers do not include gains or losses from hedges.