Yahoo Finance NextEra Energy Inc (NEE) Q1 2024 Earnings: Surpasses Analyst Revenue Forecasts
Reported Net Income: $2.268 billion for Q1 2024, surpassing the estimated $1.348 billion.
Earnings Per Share (EPS): Reported at $1.10, significantly exceeding the estimated $0.73.
Revenue: Reported at $5.731 billion, narrowly missing the estimated $6.046 billion.
Adjusted EPS Growth: Grew by 8.3% year-over-year, from $0.84 in Q1 2023 to $0.91 in Q1 2024.
Renewable Energy Expansion: Added approximately 2,765 megawatts of new renewables and storage projects.
FPL Net Income: Increased to $1.172 billion from $1.070 billion in the prior-year quarter.
Dividend Growth: Continues to target a roughly 10% annual increase in dividends per share through at least 2026.
On April 23, 2024, NextEra Energy Inc (NYSE:NEE) released its first-quarter financial results for 2024, showcasing a significant increase in revenue and earnings per share (EPS). The company reported a net income of $2.268 billion, or $1.10 per share, on a GAAP basis, outperforming the previous year's figures of $2.086 billion, or $1.04 per share. Adjusted net income for the quarter stood at $1.873 billion, or $0.91 per share, compared to $1.678 billion, or $0.84 per share, in the first quarter of 2023. This performance exceeded analyst expectations, with estimated earnings per share at $0.73 and estimated revenue at $6046.08 million. The full details can be viewed in the company's 8-K filing.
Company Overview
NextEra Energy, headquartered in Juno Beach, Florida, operates through its principal subsidiaries, Florida Power & Light Company (FPL) and NextEra Energy Resources. FPL, the largest rate-regulated utility in Florida, serves nearly 6 million customer accounts and owns 34 gigawatts of generation capacity. NextEra Energy Resources is a major player in the renewable energy sector, generating power across the U.S. and Canada with a significant focus on natural gas, nuclear, wind, and solar sources.
Operational Highlights
FPL reported a net income of $1.172 billion for the quarter, up from $1.070 billion in the previous year, driven by substantial investments in solar energy and customer growth. The utility added approximately 1,640 megawatts of new solar capacity, enhancing its position as the owner of the largest utility-operated solar portfolio in the U.S. NextEra Energy Resources also had a strong quarter, adding around 2,765 megawatts to its backlog, marking significant growth in solar and storage solutions.
Financial Performance
NextEra Energy's revenue for the quarter was $5,731 million, a notable increase from $6,716 million in the prior year. This growth is attributed to the robust performance of both FPL and NextEra Energy Resources. The company's strategic focus on expanding its renewable energy portfolio and enhancing utility infrastructure continues to pay dividends, positioning it well for sustained long-term growth.
Strategic Developments and Future Outlook
NextEra Energy remains committed to its long-term financial goals, expecting adjusted EPS to range between $3.23 and $3.43 for 2024, with projected annual growth of 6% to 8% through 2026. The company also anticipates a 10% annual increase in dividends per share over the same period, underscoring its confidence in future profitability and cash flow generation.
Conclusion
NextEra Energy's first-quarter results reflect its successful strategy of investing in renewable energy and expanding its utility operations. With a strong financial position and ongoing projects that align with global energy transition trends, NextEra Energy is well-positioned to continue delivering value to its shareholders and customers. The company's performance not only underscores its leadership in the renewable sector but also highlights its resilience in a dynamic energy market.
For detailed financial figures and further information, please refer to the official SEC filings.
Explore the complete 8-K earnings release (here) from NextEra Energy Inc for further details.
This article first appeared on GuruFocus.
