- FPL Energy delivers very good quarter on strength of existing and new assets
- Florida Power & Light Company has solid results despite economic weakness
- FPL Group reaffirms earnings expectations for 2008, 2009
JUNO BEACH, Fla. – FPL Group, Inc. (NYSE: FPL) today reported 2008 second quarter net income on a GAAP basis of $209 million, or $0.52 per share, compared with $405 million, or $1.01 per share, in the second quarter of 2007. FPL Group’s net income for the second quarter of 2008 included a net unrealized after-tax loss of $157 million associated with the mark-to-market effect of non-qualifying hedges and a $9 million after-tax loss related to other than temporary impairments on investments, or OTTI. The results for last year’s second quarter included a net unrealized after-tax gain of $58 million primarily associated with the mark-to-market effect of non-qualifying hedges and a $1 million after tax loss related to OTTI.
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