With The Wind At Its Back FPL's Net Income Grows

Solar may be under pressure, but two wind power heavies turned in good results today. The world’s largest wind turbine maker Vestas’ saw net income grow, and the FPL Group (FPL), the nation’s largest provider of wind power saw the same.

Bloomberg: FPL Group Inc., the largest U.S. producer of wind power, said first-quarter profit rose 46 per cent, beating analysts’ estimates, on increased capacity in North Dakota, Iowa and Texas and lower costs at the utility unit. FPL boosted its outlook for 2009 and 2010 earnings.

Net income climbed to $364 million, or 90 cents a share, from $249 million, or 62 cents, a year earlier, Juno Beach, Florida-based FPL said today in a statement. The company was expected to earn 78 cents, the average of 10 analyst estimates compiled by Bloomberg. Sales rose 7.9 per cent to $3.7 billion.

FPL keeps adding renewable power generation to sustain growth as the deepening housing crisis in Florida cuts sales at its utility subsidiary. Profit at the company’s NextEra Energy Resources unit rose 54 per cent to $252 million. Costs of operating and maintaining electrical infrastructure dropped 10 per cent at utility Florida Power & Light Co.

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