Adjusted Earnings Per Share (EPS): Increased approximately 10% year-over-year for the third quarter.
FPL Regulatory Capital Employed Growth: Approximately 9.5% year-over-year.
FPL Capital Expenditures: Approximately $2 billion for the quarter; expected full-year 2024 investment between $8 billion and $8.8 billion.
FPL Retail Sales Growth: Increased 1% from the prior year comparable period; 1.6% growth on a weather-normalized basis.
Storm Recovery Costs: Preliminary estimate of approximately $1.2 billion for restoration costs from Hurricanes Debbie, Helene, and Milton.
Energy Resources Adjusted Earnings Growth: Approximately 11% year-over-year.
Energy Resources New Investments Contribution: Increased $0.15 per share year-over-year.
Energy Resources Backlog: Over 24 gigawatts, with approximately 3 gigawatts added this quarter.
Consolidated Adjusted EPS: $1.03 per share for the third quarter of 2024.
NextEra Energy Partners Quarterly Distribution: $91.75 per common unit, up nearly 6% from a year earlier.
NextEra Energy Partners Adjusted EBITDA: $453 million for the third quarter.
NextEra Energy Partners Cash Available for Distribution: $155 million for the third quarter.
Release Date: October 23, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
NextEra Energy Inc (NYSE:NEE) reported a 10% year-over-year increase in adjusted earnings per share for the third quarter, indicating strong financial and operational performance.
The company added approximately 3 gigawatts to its renewables and storage backlog for the second consecutive quarter, bringing the total to approximately 11 gigawatts over the past four quarters.
NextEra Energy Inc (NYSE:NEE) announced new framework agreements with two Fortune 50 customers for potential development of up to 10.5 gigawatts of renewables and storage projects by 2030.
Florida Power & Light (FPL) demonstrated resilience during Hurricanes Helene and Milton, restoring power to 95% of affected customers within days and showcasing the effectiveness of its smart grid investments.
NextEra Energy Inc (NYSE:NEE) continues to expect strong growth, with plans to potentially double its renewable generation portfolio from 38 gigawatts to 81 gigawatts by the end of 2027.
The company faced significant challenges due to Hurricanes Helene and Milton, which caused widespread power outages affecting millions of FPL customers.
FPL’s storm recovery costs are estimated at approximately $1.2 billion, which will be recovered from customers through a surcharge in 2025.
The customer supply and trading business saw a decrease in contributions by $0.10 per share year-over-year, attributed to normalization of origination activity and margins.
NextEra Energy Partners experienced a decline in third-quarter adjusted EBITDA and cash available for distribution, impacted by the divestiture of the Texas pipeline portfolio and higher debt service costs.
The company is facing uncertainties regarding its distribution growth targets and is reviewing its capital allocation strategy, which has caused some market jitters.
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