JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NYSE:NEE) reported a solid performance in the second quarter of 2024, with adjusted earnings per share (EPS) surpassing analyst expectations.
The company announced an adjusted EPS of $0.96, which is $0.03 higher than the analyst estimate of $0.93. However, revenue for the quarter was $6.07 billion, failing to meet the consensus estimate of $7.15 billion.
NextEra Energy's earnings reflect a 9% increase in adjusted EPS compared to the same quarter last year, showcasing robust financial and operational results. "Our businesses are benefiting from strong tailwinds, creating opportunities to replace less efficient and more expensive power generation," stated John Ketchum, chairman, president and chief executive officer of NextEra Energy. He also emphasized the company's competitive advantages and its position to capitalize on growing power demand.
FPL, a subsidiary of NextEra Energy, reported net income of $1.232 billion, or $0.60 per share, driven by significant investment in the business and a 10.7% increase in regulatory capital employed YoY. FPL's commitment to modernization and solar expansion has resulted in substantial fuel cost savings and reliability that outperforms the national average.
NextEra Energy Resources, another subsidiary, reported a net income of $865 million, or $0.42 per share, on an adjusted basis. The company had its second-best quarter for new renewables and storage origination, adding over 3,000 megawatts to its backlog.
Looking ahead, NextEra Energy provided guidance for FY2024 with an adjusted EPS range of $3.23 to $3.43, closely aligned with the consensus of $3.41. The company also set forth its adjusted EPS expectations for the following years, projecting a consistent growth trajectory through 2027. Additionally, NextEra Energy anticipates a roughly 10% annual increase in dividends per share through at least 2026.
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