- FPL Energy delivers strong overall results despite adverse weather effects
- Florida Power & Light posts lower income amid continued economic slowdown
- FPL Group maintains strong balance sheet and excellent liquidity
JUNO BEACH, Fla. – FPL Group, Inc. (NYSE: FPL) today reported 2008 third-quarter net income on a GAAP basis of $774 million, or $1.92 per share, compared to $533 million, or $1.33 per share, in the third quarter of 2007. FPL Group’s net income for the third quarter of 2008 includes a net unrealized after-tax gain of $285 million associated with the mark-to-market effect of non-qualifying hedges and a $17 million after-tax loss related to other than temporary impairments on investments (OTTI), both of which relate to FPL Energy. The results for last year’s third quarter included a net unrealized after-tax gain of $40 million 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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