FPL Group Beats Estimates By $0.06 and Profits Rise

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fpl_logo.gifFPL Group Inc (FPL) reported 2005 fourth quarter net income on a GAAP basis of $206 million, or $0.53 per share, compared with $173 million, or $0.47 per share, in the fourth quarter of 2004. FPL Group’s net income for the fourth quarter 2005 included a net unrealized after-tax gain of $27 million associated with the mark-to-market effect of non-qualifying hedges. The results of last year’s fourth quarter included a net unrealized after-tax loss of $2 million associated with the mark-to-market effect of non-qualifying hedges. Excluding the mark-to-market effect of non-qualifying hedges, FPL Group’s earnings would have been $179 million, or $0.46 per share for the fourth quarter of 2005, compared with $175 million, or $0.47 per share, in the fourth quarter of 2004. [ more ] FPL fourth-quarter profit rose on gains related to hedges, though earnings were reduced by damages from Hurricane Wilma. Excluding the hedging gains they earned 46 cents a share. The average forecast of analysts was 40 cents. The stock should open up strongly this morning.

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