Electricity-related services provider FPL Group has reported net income of $533 million, or $1.33 per share, for the third quarter of 2007, compared to $527 million, or $1.32 per share, in the same quarter of 2006.
FPL Group’s net income for the period includes a net unrealized after-tax gain of $40 million associated with the mark-to-market effect of non-qualifying hedges. The results for last year’s third quarter included a net unrealized after-tax gain of $74 million associated with the mark-to-market effect of non-qualifying hedges and $7 million of after-tax merger related costs.
Excluding the mark-to-market effect of non-qualifying hedges, FPL Group’s adjusted earnings were $493 million, or $1.23 per share, for the third quarter of 2007, compared with $460 million, or $1.15 per share, for the third quarter of 2006.
Lew Hay, chairman and chief executive officer of FPL Group, said: FPL Group performed well in the third quarter delivering very good results overall, driven again by the strength of our competitive energy subsidiary FPL Energy. FPL Group’s adjusted per share results grew approximately 7% over last year’s comparable period, while FPL Energy’s contributions to our adjusted earnings per share grew 25%.
The earnings growth at FPL Energy reflects growth from the existing portfolio and new asset additions, as well as strong results from wholesale marketing activities. Earnings from our electric utility, Florida Power & Light, were essentially flat, although customer growth rates continued in line with historic averages.