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NextEra Energy (NEE) Q2 Earnings Surpass Estimates, Sales Lag
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NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year. The uptick was driven by the solid performance of Florida Power & Light Company (“FPL”) and NextEra Energy Resources.
GAAP earnings per share for the second quarter were 79 cents compared with $1.38 in the year-ago period.
Total Revenues
In the second quarter, NextEra Energy’s operating revenues were $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line plunged 17.4% year over year.
NextEra Energy, Inc. Price, Consensus and EPS Surprise
Florida Power & Light Company : The segment’s revenues amounted to nearly $4.38 billion, down 8.1% from the prior-year figure of $4.77 billion. Its earnings came in at 60 cents per share compared with 57 cents recorded a year ago.
NextEra Energy Resources: Its revenues amounted to $2.56 billion, down 27.2% from the prior-year figure of $3.5 billion. The segment’s earnings came in at 42 cents per share in comparison with 39 cents in the year-ago quarter.
Corporate and Other: Operating revenues for the reported quarter were $35 million. The operating loss in the second quarter was 6 cents per share, narrower than the year-ago loss of 8 cents.
Highlights of the Release
FPL continued to execute against its capital plan and deliver outstanding value to its customers in Florida. Through the segment’s generation modernization efforts and solar portfolio build-out, FPL has saved its customers nearly $16 billion in fuel costs since 2001.
NextEra Energy Resources expanded its contracted renewables backlog by adding 3,015 MW of renewable projects in the quarter under discussion. Its backlog additions include nearly 820 MW of wind projects, 1,455 MW of solar projects, 530MW of battery storage projects and 210 MW of wind repowering. The company’s renewables backlog is now nearly 22.6 gigawatts.
Financial Update
NEE had cash and cash equivalents of nearly $1.55 billion as of Jun 30, 2024, compared with $2.7 billion on Dec 31, 2023.
Long-term debt, as of Jun 30, 2024, was $68.5 billion, up from $61.4 billion on Dec 31, 2023.
Cash flow from operating activities in first-half 2024 was $7 billion compared with $4.8 billion in the prior-year quarter.
Guidance
NEE reaffirmed 2024 earnings guidance in the range of $3.23-$3.43 per share. The midpoint of the guided range is $3.33 per share, lower than the Zacks Consensus Estimate of $3.40.
For 2025, the company expects earnings per share of $3.45-$3.70. Through 2026, NextEra Energy expects earnings per share to grow 6-8% per year, taking the 2024 adjusted earnings per share as the base. This translates to earnings per share of $3.63-$4 for 2026.
The company’s unit, Energy Resources, currently aims to add 36,500-45,500 MW of renewable power projects to its portfolio in the 2024-2027 span.
FirstEnergy Corporation (FE - Free Report) is set to release second-quarter 2024 results on Jul 30. The Zacks Consensus Estimate for earnings per share is pegged at 58 cents.
The Zacks Consensus Estimate for second-quarter earnings per share indicates an increase of 23.4% from the year-ago levels. FirstEnergy delivered an average earnings surprise of 3.2% in the last four reported quarters.
Alliant Energy Corporation (LNT - Free Report) is scheduled to announce second-quarter 2024 results on Aug 1. The Zacks Consensus Estimate for earnings per share is pegged at 71 cents.
Alliant Energy’s long-term (three-to-five years) earnings growth rate is 6.84%. The Zacks Consensus Estimate for earnings per share indicates an increase of 10.9% from the prior-year actuals.
Dominion Energy (D - Free Report) is scheduled to announce second-quarter 2024 results on Aug 1. The Zacks Consensus Estimate for earnings is pegged at 59 cents per share.
Dominion’s long-term earnings growth rate is projected at 13.59%. The Zacks Consensus Estimate for earnings per share indicates an increase of 11.3% from the year-earlier levels.
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NextEra Energy (NEE) Q2 Earnings Surpass Estimates, Sales Lag
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year. The uptick was driven by the solid performance of Florida Power & Light Company (“FPL”) and NextEra Energy Resources.
GAAP earnings per share for the second quarter were 79 cents compared with $1.38 in the year-ago period.
Total Revenues
In the second quarter, NextEra Energy’s operating revenues were $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line plunged 17.4% year over year.
NextEra Energy, Inc. Price, Consensus and EPS Surprise
NextEra Energy, Inc. price-consensus-eps-surprise-chart | NextEra Energy, Inc. Quote
Segment Results
Florida Power & Light Company : The segment’s revenues amounted to nearly $4.38 billion, down 8.1% from the prior-year figure of $4.77 billion. Its earnings came in at 60 cents per share compared with 57 cents recorded a year ago.
NextEra Energy Resources: Its revenues amounted to $2.56 billion, down 27.2% from the prior-year figure of $3.5 billion. The segment’s earnings came in at 42 cents per share in comparison with 39 cents in the year-ago quarter.
Corporate and Other: Operating revenues for the reported quarter were $35 million. The operating loss in the second quarter was 6 cents per share, narrower than the year-ago loss of 8 cents.
Highlights of the Release
FPL continued to execute against its capital plan and deliver outstanding value to its customers in Florida. Through the segment’s generation modernization efforts and solar portfolio build-out, FPL has saved its customers nearly $16 billion in fuel costs since 2001.
NextEra Energy Resources expanded its contracted renewables backlog by adding 3,015 MW of renewable projects in the quarter under discussion. Its backlog additions include nearly 820 MW of wind projects, 1,455 MW of solar projects, 530MW of battery storage projects and 210 MW of wind repowering. The company’s renewables backlog is now nearly 22.6 gigawatts.
Financial Update
NEE had cash and cash equivalents of nearly $1.55 billion as of Jun 30, 2024, compared with $2.7 billion on Dec 31, 2023.
Long-term debt, as of Jun 30, 2024, was $68.5 billion, up from $61.4 billion on Dec 31, 2023.
Cash flow from operating activities in first-half 2024 was $7 billion compared with $4.8 billion in the prior-year quarter.
Guidance
NEE reaffirmed 2024 earnings guidance in the range of $3.23-$3.43 per share. The midpoint of the guided range is $3.33 per share, lower than the Zacks Consensus Estimate of $3.40.
For 2025, the company expects earnings per share of $3.45-$3.70. Through 2026, NextEra Energy expects earnings per share to grow 6-8% per year, taking the 2024 adjusted earnings per share as the base. This translates to earnings per share of $3.63-$4 for 2026.
The company’s unit, Energy Resources, currently aims to add 36,500-45,500 MW of renewable power projects to its portfolio in the 2024-2027 span.
Zacks Rank
NextEra Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
FirstEnergy Corporation (FE - Free Report) is set to release second-quarter 2024 results on Jul 30. The Zacks Consensus Estimate for earnings per share is pegged at 58 cents.
The Zacks Consensus Estimate for second-quarter earnings per share indicates an increase of 23.4% from the year-ago levels. FirstEnergy delivered an average earnings surprise of 3.2% in the last four reported quarters.
Alliant Energy Corporation (LNT - Free Report) is scheduled to announce second-quarter 2024 results on Aug 1. The Zacks Consensus Estimate for earnings per share is pegged at 71 cents.
Alliant Energy’s long-term (three-to-five years) earnings growth rate is 6.84%. The Zacks Consensus Estimate for earnings per share indicates an increase of 10.9% from the prior-year actuals.
Dominion Energy (D - Free Report) is scheduled to announce second-quarter 2024 results on Aug 1. The Zacks Consensus Estimate for earnings is pegged at 59 cents per share.
Dominion’s long-term earnings growth rate is projected at 13.59%. The Zacks Consensus Estimate for earnings per share indicates an increase of 11.3% from the year-earlier levels.