FPL Group’s net income for the first quarter of 2008 included a net unrealized after-tax loss of $52 million associated with the mark-to-market effect of non-qualifying hedges and a $4 million after-tax loss related to other than temporary impairments on investments (OTTI).
Excluding the mark-to-market effect of non-qualifying hedges and OTTI, FPL Group’s adjusted earnings were $305 million, or $0.76 per share, for the first quarter of 2008, compared with $277 million, or $0.70 per share, for the same period of 2007.
Lew Hay, chairman and CEO of FPL Group, said: We are pleased to report another quarter of strong earnings for the combined operations of FPL Group. Our financial results were driven by outstanding performance at FPL Energy, but were somewhat hindered by the economic slowdown which has dampened revenue growth and driven earnings lower at Florida Power & Light.
