FPL Group 1Q profit rises on wholesale power unit strength

JUNO BEACH, Fla.—Power producer FPL Group Inc. said Wednesday its first-quarter profit rose on strong performance at its wholesale energy division.

Net income for the three months ended March 31 rose to $249 million, or 62 cents per share, from $150 million, or 38 cents per share, during the same period a year earlier.

The most recent earnings included an after-tax loss of $52 million related to the value of hedges and a $4 million impairment charge. Excluding those items, the company said it earned $305 million, or 76 cents per share, compared with $277 million, or 70 cents per share, in adjusted earnings a year earlier.

Analysts expected the company to earn 80 cents per share, on average, according to a survey by Thomson Financial.

Revenue rose to $3.43 billion from $3.08 billion. Analysts predicted revenue of $3.55 billion, according to Thomson.

Profit at the company's FPL Energy division jumped to $164 million from $45 million a year earlier.

The company also reiterated its 2008 adjusted earnings forecast of $3.83 to $3.93 per share, and its 2009 profit guidance of $4.15 to $4.35 per share.

FPL Group shares fell 63 cents to close at $66.29.