We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
NextEra Energy (NEE) Q3 Earnings & Revenues Beat Estimates
Read MoreHide Full Article
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2022 adjusted earnings of 85 cents per share, which beat the Zacks Consensus Estimate of 79 cents by 7.6%. The bottom line was also up 13.3% from the prior-year quarter. This year-over-year improvement was due to the solid performance of Florida Power & Light Company and NextEra Energy Resources.
GAAP earnings for the third quarter were 86 cents compared with earnings of 23 cents in the year-ago period.
Total Revenues
For the third quarter, NextEra’s operating revenues were $6,719 million, which surpassed the Zacks Consensus Estimate of $6,353 million by 5.8%. The top line improved 53.8% year over year.
NextEra Energy, Inc. Price, Consensus and EPS Surprise
Florida Power & Light Company (FPL): Revenues amounted to $5,075 million, up 22.8% from the prior-year figure of $4,134 million. Segmental earnings came in at 54 cents per share compared with 47 cents recorded a year ago.
NextEra Energy Resources: Revenues amounted to $1,652 million, up 540.3% from the prior-year figure of $258 million. Earnings came in at 37 cents per share compared with 31 cents in the year-ago quarter.
Corporate and Other: The operating loss for the reported quarter was 6 cents per share compared with a loss of 3 cents in the year-ago period.
Highlights of the Release
NextEra Energy’s operating income in the third quarter was $1,862 million compared with $379 million in the year-ago period.
Interest expenses in the third quarter were $259 million, down by 22.7% from the year-ago period.
Courtesy of Florida’s ongoing economic improvement, FPL's average number of customers in third-quarter 2022 increased nearly 83,000 from the prior-year period.
NextEra Energy Resources expanded the contracted renewables backlog by adding 2,345 MW of renewable projects during third-quarter 2022. NextEra Energy Resources' backlog additions include nearly 1,215 MW of wind projects, 965 MW of solar projects and 165 MW of battery storage projects.
Financial Update
The company had cash and cash equivalents of $2,058 million as of Sep 30, 2022 compared with $639 million on Dec 31, 2021.
Long-term debt as of Sep 30, 2022 was $54.67 billion, up from $50.96 billion on Dec 31, 2021.
Cash flow from operating activities for the first nine months of 2022 was $7,267 million compared with $6,236 million in the comparable prior-year period.
Guidance
NextEra Energy expects 2022 earnings in the range of $2.80-$2.90 per share. The midpoint of the range is $2.85 per share, lower than the Zacks Consensus Estimate of $2.89.
For 2023, NextEra Energy expects earnings per share in the range of $2.98-$3.13. Through 2025, NextEra Energy expects earnings per share to grow 10% per year, offsetting the 2021 adjusted earnings per share.
The company’s unit, Energy Resources, currently aims to add 27,700-36,900 MW of renewable power projects to its portfolio within the 2022-2025 time frame.
Edison International (EIX - Free Report) is scheduled to announce third-quarter 2022 results on Nov 1. The Zacks Consensus Estimate for earnings per share is pegged at $1.53.
Edison International’s long-term (three to five-year) earnings growth is 2.6%. The Zacks Consensus Estimate for 2022 earnings per share indicates a year-over-year decline of 2.2%.
WEC Energy Group (WEC - Free Report) is set to release third-quarter 2022 results on Nov 1. The Zacks Consensus Estimate for earnings per share is pegged at 86 cents.
WEC Energy’s long-term earnings growth is projected at 6.1%. The Zacks Consensus Estimate for 2022 earnings per share indicates year-over-year growth of 6.8%.
Dominion Energy (D - Free Report) is scheduled to announce third-quarter 2022 results on Nov 4. The Zacks Consensus Estimate for earnings is pegged at $1.08 per share.
Dominion’s long-term earnings growth is projected at 6.4%. The Zacks Consensus Estimate for 2022 earnings per share suggests year-over-year growth of 6.5%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
NextEra Energy (NEE) Q3 Earnings & Revenues Beat Estimates
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2022 adjusted earnings of 85 cents per share, which beat the Zacks Consensus Estimate of 79 cents by 7.6%. The bottom line was also up 13.3% from the prior-year quarter. This year-over-year improvement was due to the solid performance of Florida Power & Light Company and NextEra Energy Resources.
GAAP earnings for the third quarter were 86 cents compared with earnings of 23 cents in the year-ago period.
Total Revenues
For the third quarter, NextEra’s operating revenues were $6,719 million, which surpassed the Zacks Consensus Estimate of $6,353 million by 5.8%. The top line improved 53.8% year over year.
NextEra Energy, Inc. Price, Consensus and EPS Surprise
NextEra Energy, Inc. price-consensus-eps-surprise-chart | NextEra Energy, Inc. Quote
Segment Results
Florida Power & Light Company (FPL): Revenues amounted to $5,075 million, up 22.8% from the prior-year figure of $4,134 million. Segmental earnings came in at 54 cents per share compared with 47 cents recorded a year ago.
NextEra Energy Resources: Revenues amounted to $1,652 million, up 540.3% from the prior-year figure of $258 million. Earnings came in at 37 cents per share compared with 31 cents in the year-ago quarter.
Corporate and Other: The operating loss for the reported quarter was 6 cents per share compared with a loss of 3 cents in the year-ago period.
Highlights of the Release
NextEra Energy’s operating income in the third quarter was $1,862 million compared with $379 million in the year-ago period.
Interest expenses in the third quarter were $259 million, down by 22.7% from the year-ago period.
Courtesy of Florida’s ongoing economic improvement, FPL's average number of customers in third-quarter 2022 increased nearly 83,000 from the prior-year period.
NextEra Energy Resources expanded the contracted renewables backlog by adding 2,345 MW of renewable projects during third-quarter 2022. NextEra Energy Resources' backlog additions include nearly 1,215 MW of wind projects, 965 MW of solar projects and 165 MW of battery storage projects.
Financial Update
The company had cash and cash equivalents of $2,058 million as of Sep 30, 2022 compared with $639 million on Dec 31, 2021.
Long-term debt as of Sep 30, 2022 was $54.67 billion, up from $50.96 billion on Dec 31, 2021.
Cash flow from operating activities for the first nine months of 2022 was $7,267 million compared with $6,236 million in the comparable prior-year period.
Guidance
NextEra Energy expects 2022 earnings in the range of $2.80-$2.90 per share. The midpoint of the range is $2.85 per share, lower than the Zacks Consensus Estimate of $2.89.
For 2023, NextEra Energy expects earnings per share in the range of $2.98-$3.13. Through 2025, NextEra Energy expects earnings per share to grow 10% per year, offsetting the 2021 adjusted earnings per share.
The company’s unit, Energy Resources, currently aims to add 27,700-36,900 MW of renewable power projects to its portfolio within the 2022-2025 time frame.
Zacks Rank
Currently, NextEra carries a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Edison International (EIX - Free Report) is scheduled to announce third-quarter 2022 results on Nov 1. The Zacks Consensus Estimate for earnings per share is pegged at $1.53.
Edison International’s long-term (three to five-year) earnings growth is 2.6%. The Zacks Consensus Estimate for 2022 earnings per share indicates a year-over-year decline of 2.2%.
WEC Energy Group (WEC - Free Report) is set to release third-quarter 2022 results on Nov 1. The Zacks Consensus Estimate for earnings per share is pegged at 86 cents.
WEC Energy’s long-term earnings growth is projected at 6.1%. The Zacks Consensus Estimate for 2022 earnings per share indicates year-over-year growth of 6.8%.
Dominion Energy (D - Free Report) is scheduled to announce third-quarter 2022 results on Nov 4. The Zacks Consensus Estimate for earnings is pegged at $1.08 per share.
Dominion’s long-term earnings growth is projected at 6.4%. The Zacks Consensus Estimate for 2022 earnings per share suggests year-over-year growth of 6.5%.