Net profit increased in the first quarter for Spanish renewable energy company Iberdrola SA compared to the same period of last year, the company said on Wednesday. In addition, the firm has revised up its annual earnings outlook. Ignacio Galan, Executive Chairman of Iberdrola, said: “The first quarter has seen strong operating performance in all markets, with greater contribution from our increased networks asset base and improved renewables production. “Our record investment levels in the first quarter will drive a total spend of €12 billion euros this year.” For the three-month period, the …