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NextEra Energy Partners Q3 Earnings & Revenues Lag Estimates
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NextEra Energy Partners, LP (NEP - Free Report) recorded third-quarter 2024 operating loss of 43 cents per unit, which missed the Zacks Consensus Estimate for earnings of 51 cents by 184.3%. The bottom line also deteriorated from the year-ago quarter’s reported earnings of 57 cents.
Revenues
The firm’s operating revenues of $319 million missed the Zacks Consensus Estimate of $325 million by 1.88%. The figure, however, increased 3.6% from $308 million registered a year ago.
NextEra Energy Partners, LP Price, Consensus and EPS Surprise
Total operating expenses were $284 million, up 2.9% from the year-ago level of $276 million. This was due to higher operations and maintenance expenses, which totaled $128 million, up 5.8% from the prior-year recorded figure of $121 million.
The firm reported an operating income of $49 million compared with $32 million in the corresponding period of 2023.
NextEra Energy Partners announced plans to repower an additional nearly 225 megawatts of wind facilities through 2026. The partnership's total backlog of wind repowerings is now nearly 1.6 gigawatts (GW) against its updated target of 1.9 GW.
Financial Condition
The firm had cash and cash equivalents of $290 million as of Sept. 30, 2024, compared with $274 million as of Dec. 31, 2023.
Long-term debt totaled $5.07 billion as of Sept. 30, 2024, compared with $4.94 billion as of Dec. 31, 2023.
Net cash provided by operating activities for the first nine months of 2024 totaled $517 million compared with $552 million a year ago.
Distribution Update
NEP declared a quarterly distribution of 91.75 cents per common unit corresponding to an annualized rate of $3.67 to its unit holders. This declaration reflects an annualized increase of nearly 6% from the year-ago recorded figure. The distribution will be payable on Nov. 14, 2024, to unitholders of record as of Nov. 6, 2024.
Guidance
NextEra Energy Partners continues to expect its run-rate for 2024 adjusted EBITDA in the $1.9-$2.1 billion range.
ONEOK, Inc. (OKE - Free Report) is slated to report third-quarter results on Oct. 29, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.26 per share, which indicates year-over-year growth of 27.3%.
OKE’s long-term (three to five years) earnings growth rate is 4.55%. The Zacks Consensus Estimate for 2024 earnings is pinned at $5.09 per share.
Energy Transfer (ET - Free Report) is slated to report third-quarter results on Nov. 6, after market close. The Zacks Consensus Estimate for earnings is pegged at 32 cents per unit, which indicates a year-over-year improvement of 3.2%.
ET’s long-term earnings growth rate is 24.63%. The firm delivered an average earnings surprise of 5.2% in the trailing four quarters.
Murphy Oil (MUR - Free Report) is scheduled to report third-quarter results on Nov. 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 79 cents per share.
The Zacks Consensus Estimate for 2024 earnings is pinned at $3.48 per share. The company delivered an average earnings surprise of 4.3% in the trailing four quarters.
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NextEra Energy Partners Q3 Earnings & Revenues Lag Estimates
NextEra Energy Partners, LP (NEP - Free Report) recorded third-quarter 2024 operating loss of 43 cents per unit, which missed the Zacks Consensus Estimate for earnings of 51 cents by 184.3%. The bottom line also deteriorated from the year-ago quarter’s reported earnings of 57 cents.
Revenues
The firm’s operating revenues of $319 million missed the Zacks Consensus Estimate of $325 million by 1.88%. The figure, however, increased 3.6% from $308 million registered a year ago.
NextEra Energy Partners, LP Price, Consensus and EPS Surprise
NextEra Energy Partners, LP price-consensus-eps-surprise-chart | NextEra Energy Partners, LP Quote
Highlights of the Release
Total operating expenses were $284 million, up 2.9% from the year-ago level of $276 million. This was due to higher operations and maintenance expenses, which totaled $128 million, up 5.8% from the prior-year recorded figure of $121 million.
The firm reported an operating income of $49 million compared with $32 million in the corresponding period of 2023.
NextEra Energy Partners announced plans to repower an additional nearly 225 megawatts of wind facilities through 2026. The partnership's total backlog of wind repowerings is now nearly 1.6 gigawatts (GW) against its updated target of 1.9 GW.
Financial Condition
The firm had cash and cash equivalents of $290 million as of Sept. 30, 2024, compared with $274 million as of Dec. 31, 2023.
Long-term debt totaled $5.07 billion as of Sept. 30, 2024, compared with $4.94 billion as of Dec. 31, 2023.
Net cash provided by operating activities for the first nine months of 2024 totaled $517 million compared with $552 million a year ago.
Distribution Update
NEP declared a quarterly distribution of 91.75 cents per common unit corresponding to an annualized rate of $3.67 to its unit holders. This declaration reflects an annualized increase of nearly 6% from the year-ago recorded figure. The distribution will be payable on Nov. 14, 2024, to unitholders of record as of Nov. 6, 2024.
Guidance
NextEra Energy Partners continues to expect its run-rate for 2024 adjusted EBITDA in the $1.9-$2.1 billion range.
NEP’s Zacks Rank
NEP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
ONEOK, Inc. (OKE - Free Report) is slated to report third-quarter results on Oct. 29, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.26 per share, which indicates year-over-year growth of 27.3%.
OKE’s long-term (three to five years) earnings growth rate is 4.55%. The Zacks Consensus Estimate for 2024 earnings is pinned at $5.09 per share.
Energy Transfer (ET - Free Report) is slated to report third-quarter results on Nov. 6, after market close. The Zacks Consensus Estimate for earnings is pegged at 32 cents per unit, which indicates a year-over-year improvement of 3.2%.
ET’s long-term earnings growth rate is 24.63%. The firm delivered an average earnings surprise of 5.2% in the trailing four quarters.
Murphy Oil (MUR - Free Report) is scheduled to report third-quarter results on Nov. 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 79 cents per share.
The Zacks Consensus Estimate for 2024 earnings is pinned at $3.48 per share. The company delivered an average earnings surprise of 4.3% in the trailing four quarters.