FPL Group, Inc.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010621/FPLLOGO )
For the nine months ended Sept. 30, FPL Group's net income was $678 million, or $4.02 a share, excluding a non-recurring merger-related charge in the first quarter as well as the positive effects of FAS 133, which is a financial accounting standard related to derivative instruments. Net income for the same period in 2000 was $639 million or $3.75 a share.
"FPL Group had a strong third quarter, and we are on track for meeting our 2001 target. Overall we are confident we can achieve seven percent growth in earnings per share this year," said Lew Hay, president and chief executive officer.
Net income for FPL Group's principal subsidiary, Florida Power & Light Company, grew to $290 million from $275 million in the third quarter. The utility's contribution to earnings per share increased seven percent to $1.72 from $1.61. For the first nine months, the contribution to earnings per share rose seven percent to $3.47 a share from $3.24, excluding merger-related expenses.
FPL added 1,200 megawatts of new generation this summer by beginning operation of a 300-megawatt peaking unit at the Martin plant and adding 900 megawatts as part of the repowering project at Fort Myers. The additions helped FPL meet a new peak demand of 18,754 megawatts earlier this summer and achieve a 20 percent reserve margin.
FPL Energy, LLC, the independent power production subsidiary of FPL Group, contributed 26 cents a share to earnings in the third quarter, up from 19 cents a share last year, a 37 percent increase. The contribution to earnings rose to 57 cents a share from 43 cents in the first nine months of the year, excluding a non-recurring merger-related charge as well as the effects of FAS 133.
The main driver of FPL Energy's earnings growth was capacity additions. In this year's third quarter, 856 more megawatts were in service compared with the same period last year. Project additions include a 495-net-megawatt gas- fired unit at the Lamar facility in Texas, a 171-megawatt peaking unit at the Doswell facility in Virginia and new wind projects that became fully operational in the third quarter, including 160 megawatts at Woodward Mountain in Texas and 30 megawatts at Montfort, Wisconsin. FPL Energy is the nation's largest wind-powered generator of electricity.
Corporate and other expenses were up compared to the prior-year quarter largely due to higher interest expense. These higher expenses were partially offset by increased earnings from FPL FiberNet.
(A webcast of FPL Group's third quarter earnings conference call, scheduled at 9 a.m. ET on Tuesday, October 23, 2001, is available on FPL Group's Web site, http://www.fplgroup.com/, by following the link provided.)
FPL Group, with annual revenues of more than $8 billion, is one of the nation's largest providers of electricity-related services. Its principal subsidiary, Florida Power & Light Company, serves approximately 3.9 million customer accounts in Florida. FPL Energy, LLC, a FPL Group energy-generating subsidiary, is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet at http://www.fplgroup.com/, http://www.fpl.com/ and http://www.fplenergy.com/.
FPL Group, Inc.
Financial Summary
(in millions, except per share amounts)
Three Months Ended September 30,
2001 2000
Operating Revenues $2,529 $2,087
Operating Expenses
Fuel, purchased power and
interchange 1,242 845
Other operations and maintenance 306 314
Depreciation and amortization 246 237
Taxes other than income taxes 195 180
Total operating expenses 1,989 1,576
Other Income (Deductions)
Interest charges and preferred
stock dividends (87) (78)
Other - net 46 46
Total other (deductions)
- net (41) (32)
Income Taxes 165 165
Net Income excluding after-tax effect
of FAS 133 $334 $314
FAS 133 --- ---
Net Income $334 $314
Earnings Per Share excluding FAS 133
(assuming dilution) $1.98 $1.84
Earnings per share (assuming
dilution) $1.98 $1.84
Weighted-average shares outstanding
(assuming dilution) 169 171
Nine Months Ended September 30,
2001 2000
Operating Revenues $6,636 $5,225
Operating Expenses
Fuel, purchased power and
interchange 3,247 1,992
Other operations and maintenance 929 907
Depreciation and amortization 732 763
Taxes other than income taxes 538 469
Total operating expenses 5,446 4,131
Other Income (Deductions)
Interest charges and preferred
stock dividends (261) (212)
Other - net 89 80
Total other (deductions)
- net (172) (132)
Income Taxes 340 323
Net Income excluding after-tax effect
of FAS 133 and nonrecurring items $678 $639
FAS 133 4 ---
Merger-related expenses (19) ---
Net Income $663 $639
Earnings Per Share excluding FAS 133
And nonrecurring items (assuming
dilution) $4.02 $3.75
Earnings per share (assuming
dilution) $3.93 $3.75
Weighted-average shares outstanding
(assuming dilution) 169 171
FPL Group, Inc.
Financial Summary
(in millions, except per share
amounts)
Twelve Months Ended September 30,
2001 2000
Operating Revenues $8,493 $6,744
Operating Expenses
Fuel, purchased power and
interchange 4,124 2,569
Other operations and maintenance 1,278 1,250
Depreciation and amortization 1,001 1,034
Taxes other than income taxes 687 621
Total operating expenses 7,090 5,474
Other Income (Deductions)
Interest charges and preferred
stock dividends (342) (275)
Other - net 101 81
Total other (deductions)
- net (241) (194)
Income Taxes 378 340
Net Income excluding after-tax effect
of FAS 133 and nonrecurring items $784 $736
FAS 133 4 ---
Merger-related expenses (60) ---
Redemption of interest in
cable limited partnership --- 66
Litigation settlement --- (42)
Net Income $728 $760
Earnings Per Share excluding FAS 133
And nonrecurring items
(assuming dilution) $4.64 $4.31
Earnings per share (assuming
dilution) $4.31 $4.45
Weighted-average shares outstanding
(assuming dilution) 169 171
FPL Group, Inc.
Earnings Per Share Summary
(assuming dilution)
Three Months Ended September 30,
2001 2000
Florida Power & Light Company $1.72 $1.61
FPL Energy, LLC 0.26 0.19
Corporate and other --- 0.04
Earnings Per Share excluding FAS 133 $1.98 $1.84
FAS 133 --- ---
Earnings Per Share $1.98 $1.84
Nine Months Ended September 30,
2001 2000
Florida Power & Light Company $3.47 $3.24
FPL Energy, LLC 0.57 0.43
Corporate and other (0.02) 0.08
Earnings Per Share excluding FAS 133
And nonrecurring items $4.02 $3.75
FAS 133 - FPL Energy 0.02 ---
Merger-related expenses (0.11) ---
(0.09) ---
Earnings Per Share $3.93 $3.75
Twelve Months Ended September 30,
2001 2000
Florida Power & Light Company $4.01 $3.75
FPL Energy, LLC 0.62 0.46
Corporate and other 0.01 0.10
Earnings Per Share excluding FAS 133
And nonrecurring items $4.64 $4.31
FAS 133 - FPL Energy 0.02 ---
Merger-related expenses (0.35) ---
Redemption of interest in cable
limited partnership - Corporate and
Other --- 0.39
Litigation settlement - FPL --- (0.25)
(0.33) 0.14
Earnings Per Share $4.31 $4.45
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, 888-776-6555 or 212-782-2840
SOURCE: FPL Group, Inc.
Contact: Corporate Communications Media Line of FPL, +1-305-552-3888
Website: http://www.fplgroup.com/
Company News On-Call: http://www.prnewswire.com/gh/cnoc/comp/319763.html