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Despite the recession, the Juno Beach-baseed power company (NYSE: FPL) said in Januaryg that 2008 wasits “besgt year ever,” with fourth quarter profits up 82 percent. At that time, the companyh forecast full-year adjusted earnings per share to be in the rangeof $4.0 5 to $4.25 for 2009 and $4.50 to $4.90 for 2010. Earlie r this month, TheStreet.com ranked FPL Group’s stock one of the top 5 all-arounxd value stocks. It has rated it a “buy” since Januaryy “due to the company's impressive growthh and strong fundamentals.” TheStreet.
com said the company’s strength can be seen in its revenu and netincome growth, but addeed that it has poor debt management and subpar liquidity. The most recent change in stock analysg recommendations for the company wasa Dec. 29 downgrade by UBS analysgt Ronald Barone, to “neutral” from “buy” on In the fourth quarter of last net income increasedby 81.7 percent to $408 million, or $1.02 a share, from $224 million, or 56 cents a share, in 2007. Earningw for that quarter were $361 or 90 cents a share, up from $284 or 72 cents a for the same quarterin 2007.
FPL Group attributedc its success to record earnings at its NextEraqEnergy Resources, formerly FPL Energy, the largest generator of wind and solar power in Norty America. It reported fourtnh quarter net incomeof $265 or 66 cents a up from $72 million, or 18 centz a share, in the prior-year quarter. Last FPL Group said it had signed a deal with to supply it with solar photovoltaic panels and proprietarytracking systems. San Calif.-based SunPower also committed to locating a researcn and development center in Florida if the state continuezs to expandsolar programs.
Over the past three FPL’s stock swung from a high of about $52 in earlhy February down to justbelow $42 in mid-Marcuh and back up to about $52 in earl April. Shares were up $1.15 to $51.57 in midday trading. The 52-weeik high was $68.98 on May 2, 2008. The 52-weeok low was $33.81 on Oct. 10.
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