NextEra beats Q3 profit estimates on strength of renewables businesses
(Reuters) — NextEra Energy (NYSE:NEE) reported third-quarter profit that beat Wall Street estimates on Tuesday, on the back of higher retail sales at its utilities business and additional projects at its renewable energy units.
NextEra, which generates more wind and solar power than any other company in the world, has benefited from a clean energy investment push in the U.S. after the passage of the Inflation Reduction Act last year.
«We will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges in each year through 2026,» NextEra CEO John Ketchum said.
Florida Power & Light, NextEra's regulated utilities business, added 65,000 more customers from a year earlier, indicating higher retail sales due to warmer weather in Florida.
NextEra Energy Resources, its clean energy unit, added nearly 3,245 megawatts of new renewable and storage projects, which now totals over 21 gigawatts, net of projects placed in service.
The parent company in its conference call announced it expects to transfer nearly $400 million in tax credits this year, and they are likely to grow to approximately $1.6 billion to $1.8 billion by 2026.
Shares of NextEra Energy were up 5.2% at $54.22 while those of Nextera Energy Partners (NYSE:NEP) jumped 12% to $25.11.
NextEra Energy Partners, a unit of the company created to acquire, manage and own contracted energy projects, saw growth in the third quarter primarily driven on new projects, and was focused on an annual growth rate averaging 6%, compared with its previous forecast of between 12% and 15%.
The Juno Beach, Florida-based company reported its adjusted earnings per share outlook for 2023 and 2024 to $2.98-$3.13
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