This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

FPL Group, Inc. Q1 2010 Earnings Call Transcript

We do not undertake any duty to update any forward-looking statements. Please also note that today’s presentation includes references to adjusted earnings, which is a non-GAAP financial measure. You should refer to the information contained in the slides accompanying this presentation for definitional information and reconciliations of the non-GAAP measure to the closest GAAP financial measure.

With that, I will turn the call over to Armando Pimentel. Armando?

Armando Pimentel

Thank you Rebecca and good morning everyone. As many of you know, next week, we are planning to host our Investor Conference which will be webcast. At that time, we plan to provide a strategy review of both of our main businesses, as well as our long-term growth prospects.

Today, we will review our results for the first quarter of 2010. FPL Group’s adjusted earnings per share results grew approximately 4% over the comparable period a year ago. Our quarterly results were driven by favorable weather and new asset additions at Florida Power & Light Company primarily offset by lower-than-normal wind resource at NextEra Energy Resources.

At FPL, we continued to make capital investments that we expect will improve our already clean emission profile and provide long-term customer benefits. On January 11, 2010, FPL’s electrical system experienced not only a new winter record peak demand, but also an all-time record peak demand of 24,346 megawatt hours. We are proud that our system performed well and FPL continued to provide safe and reliable service with minimal disruptions to its customers.

Shortly after the quarter ended, FPL commissioned the Space Coast Next Generation Solar Energy Center. It is located on NASA property at the Kennedy Space Center, and is producing an estimated 10 megawatts of clean, emissions-free power. With the completion of this facility, we have commissioned 35 megawatts of the total 110 megawatts of solar capacity that we indicated we would add at FPL. The 75-megawatt Martin Solar Thermal facility is expected to be placed in service by the end of this year.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FPL $8.63 0.00%
AAPL $93.70 0.00%
FB $101.91 0.00%
GOOG $683.11 0.00%
TSLA $154.00 2.30%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs