FPL Group profit lags on fuel.(Financial report)

Byline: Kristi E. Swartz

May 1--FPL Group Inc., owner of the state's largest utility, said Monday its first-quarter profit fell 40 percent on a loss in value of contracts that lock in fuel prices.

But earnings for Florida Power & Light Co. grew steadily, largely because the utility continued to add customers, and shares (NSYE: FPL) rose to a 52-week high of $65.76 before falling back to close Monday at $64.37, up 47 cents.

"We are clearly off to a good start in 2007," Moray Dewhurst, FPL's chief financial officer, told investors during a conference call Monday morning.

Juno Beach-based FPL's first-quarter net income fell to $150 million, …