The power firm also raises its 2008 earnings expectations to $3.70 to $3.90 a share from the previous range of $3.60 to $3.80 per share, based on its new expectations of additional wind capacity. FPL Energy now expects to add at least 2,000 megawatts of new wind to its portfolio by the end of 2008. Currently, FPL Energy has more than 1,000 megawatts of new wind projects under construction, all of which are expected to reach commercial operation by the end of the year. "FPL Group delivered very good results overall in the second quarter... despite unfavorable weather impact at both FPL Energy and FPL," the company said. "FPL's results were hurt by very weak cooling degree day comparisons, while FPL Energy's wind portfolio experienced its worst quarter in at least the last 13 years in terms of wind resource availability. Together, these weather effects amounted to over $50 million of lower earnings for the quarter.
The power firm also raises its 2008 earnings expectations to $3.70 to $3.90 a share from the previous range of $3.60 to $3.80 per share, based on its new expectations of additional wind capacity. FPL Energy now expects to add at least 2,000 megawatts of new wind to its portfolio by the end of 2008. Currently, FPL Energy has more than 1,000 megawatts of new wind projects under construction, all of which are expected to reach commercial operation by the end of the year. "FPL Group delivered very good results overall in the second quarter... despite unfavorable weather impact at both FPL Energy and FPL," the company said. "FPL's results were hurt by very weak cooling degree day comparisons, while FPL Energy's wind portfolio experienced its worst quarter in at least the last 13 years in terms of wind resource availability. Together, these weather effects amounted to over $50 million of lower earnings for the quarter.
NEW YORK (MarketWatch) -- FPL Group on Monday said second-quarter net income nearly doubled as the parent company of utility provider Florida Power & Light notched gains from its hedge operations.
FPL said earnings increased to of $405 million, or $1.01 per share, up from $236 million, or 60 cents a share a year before.
Breaking out a special gain for the market-to-market effect of certain hedges and other items, the power firm earned $347 million, or 86 cents, up from $260 million, or 66 cents a share in the year-ago period.
FPL Group's net income for the second quarter included a net unrealized after-tax gain of $58 million associated with the mark-to-market effect of non-qualifying hedges.
The power firm also raises its 2008 …
... more [truncated due to possible copyright]NEW YORK (MarketWatch) -- FPL Group on Monday said second-quarter net income nearly doubled as the parent company of utility provider Florida Power & Light notched gains from its hedge operations.
FPL said earnings increased to of $405 million, or $1.01 per share, up from $236 million, or 60 cents a share a year before.
Breaking out a special gain for the market-to-market effect of certain hedges and other items, the power firm earned $347 million, or 86 cents, up from $260 million, or 66 cents a share in the year-ago period.
FPL Group's net income for the second quarter included a net unrealized after-tax gain of $58 million associated with the mark-to-market effect of non-qualifying hedges.
The power firm also raises its 2008 earnings expectations to $3.70 to $3.90 a share from the previous range of $3.60 to $3.80 per share, based on its new expectations of additional wind capacity.
FPL Energy now expects to add at least 2,000 megawatts of new wind to its portfolio by the end of 2008.
Currently, FPL Energy has more than 1,000 megawatts of new wind projects under construction, all of which are expected to reach commercial operation by the end of the year.
The Thomson First call average analysts' estimate was for earnings per share of 79 cents.
Operating revenue was $3.93 billion, up from $3.809 billion.
The company's stock rose 5.2% Monday to close at $57.79 a share.
"FPL Group delivered very good results overall in the second quarter... despite unfavorable weather impact at both FPL Energy and FPL," the company said. "FPL's results were hurt by very weak cooling degree day comparisons, while FPL Energy's wind portfolio experienced its worst quarter in at least the last 13 years in terms of wind resource availability. Together, these weather effects amounted to over $50 million of lower earnings for the quarter.
"Being able to deliver strong earnings growth despite unfavorable weather demonstrates the robustness of FPL Group's business model," the company said.