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NextEra Energy (NYSE:NEE) shares wobble between small gains and losses Tuesday after reporting better than expected Q2 adjusted earnings and revenues, helped by strength in the company's renewable energy unit.
Q2 net income doubled to $2.8B, or $1.38/share, from $1.38B, or $0.70/share, in the year-earlier quarter, and operating revenues rose 42% Y/Y to $7.35B, more than $1B above analyst consensus estimates, from $5.18B a year ago.
Q2 net income at NextEra Energy Resources, NextEra's (NEE) renewable energy unit, surged more than 10x Y/Y to $1.46B, or $0.72/share, adding nearly 1.7 GW of new renewables and storage projects in the quarter.
The company's new renewables and storage backlog has reached nearly 20 GW after it placed ~1.8 GW of power into service in Q2.
Florida Power & Light, NextEra's (NEE) biggest unit and the largest U.S. electric utility by customers, reported Q2 earnings of $1.15B, or $0.57/share, as it added 66K more customers Y/Y and placed 225 MW of solar power in service during the quarter.
NextEra (NEE) reiterated guidance for FY 2023 adjusted EPS of $2.98-$3.13, in line with $3.11 analyst consensus estimate, and FY 2024 adjusted EPS of $3.23-$3.43, also continuing to expect to grow dividends per share at a ~10% annual rate through at least 2024 off a 2022 base.
call:
www.investor.nexteraenergypartners.com/~/...Slides%2520vF.pdf
www.investor.nexteraenergypartners.com/~/...ript_PostCall.pdf