FPL Group announces solid first quarter earnings for 2009
* NextEra Energy Resources reports strong results
* Difficult economy continues to challenge Florida Power & Light Company
* FPL Group raises adjusted earnings per share expectations to a range of $4.20 to $4.40 for 2009 and $4.65 to $5.05 for 2010
JUNO BEACH, Fla. – FPL Group, Inc. (NYSE: FPL) today reported 2009 first quarter net income on a GAAP basis of $364 million, or $0.90 per share, compared with $249 million, or $0.62 per share, in the first quarter of 2008. On an adjusted basis, FPL Group’s earnings were $364 million, or $0.90 per share, compared with $305 million, or $0.76 per share, in the first quarter of 2008. Adjusted earnings exclude the mark-to-market effects of non-qualifying hedges and the net effect of other than temporary impairments (OTTI) on certain investments, both of which relate to NextEra Energy Resources.
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