NextEra Energy, Inc. (NEE - Free Report) is scheduled to release its third-quarter 2023 results on Oct 24, before market open. The utility delivered an earnings surprise of 6.02% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Note
NextEra Energy’s third-quarter results are likely to reflect the benefits of well-executed capital plans, enabling the company to serve its expanding customer base and boost its top line.
NextEra Energy’s addition of cost-effective solar plants and improving reliability through investments in its transmission and distribution system are likely to have boosted NEE’s earnings.
Expectations
The Zacks Consensus Estimate for third-quarter earnings and revenues is pegged at 88 cents per share and $7.45 billion, respectively. Revenues and earnings per share estimates indicate year-over-year growth of 10.9% and 3.5%, respectively.
What Our Quantitative Model Predicts
Our proven model doesn’t conclusively predict an earnings beat for NextEra this time around. A stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) to surpass estimates. That is not the case here, as elaborated below.
Earnings ESP: The company’s Earnings ESP is -2.27%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, NextEra carries a Zacks Rank #3.
Stocks to Consider
Investors can consider the following players from the same industry that have the right combination of elements to beat on earnings this reporting cycle.
Fortis (FTS - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Oct 27, after market close. It has an Earnings ESP of +1.25% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
FTS’s long-term (three- to five-year) earnings growth rate is 5.01%. It delivered an average earnings surprise of 4.5% in the last four quarters.
Entergy (ETR - Free Report) is expected to come up with an earnings beat when it reports third-quarter results on Nov 1, before market open. It has an Earnings ESP of +1.65% and a Zacks Rank #3 at present.
ETR’s long-term earnings growth rate is 5.83%. It delivered an average earnings surprise of 3.4% in the last four quarters.
Pinnacle West Capital Corp. (PNW - Free Report) is likely to report an earnings beat when it announces third-quarter results on Nov 2, before market open. It has an Earnings ESP of +0.15% and a Zacks Rank #2 at present.
PNW’s long-term earnings growth rate is 5.55%. The Zacks Consensus Estimate for earnings is pegged at $3.12 per share, indicating a year-over-year increase of 8.3%.
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NextEra Energy, Inc. (NEE - Free Report) is scheduled to release its third-quarter 2023 results on Oct 24, before market open. The utility delivered an earnings surprise of 6.02% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Note
NextEra Energy’s third-quarter results are likely to reflect the benefits of well-executed capital plans, enabling the company to serve its expanding customer base and boost its top line.
NextEra Energy’s addition of cost-effective solar plants and improving reliability through investments in its transmission and distribution system are likely to have boosted NEE’s earnings.
Expectations
The Zacks Consensus Estimate for third-quarter earnings and revenues is pegged at 88 cents per share and $7.45 billion, respectively. Revenues and earnings per share estimates indicate year-over-year growth of 10.9% and 3.5%, respectively.
What Our Quantitative Model Predicts
Our proven model doesn’t conclusively predict an earnings beat for NextEra this time around. A stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) to surpass estimates. That is not the case here, as elaborated below.
Earnings ESP: The company’s Earnings ESP is -2.27%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, NextEra carries a Zacks Rank #3.
Stocks to Consider
Investors can consider the following players from the same industry that have the right combination of elements to beat on earnings this reporting cycle.
Fortis (FTS - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Oct 27, after market close. It has an Earnings ESP of +1.25% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
FTS’s long-term (three- to five-year) earnings growth rate is 5.01%. It delivered an average earnings surprise of 4.5% in the last four quarters.
Entergy (ETR - Free Report) is expected to come up with an earnings beat when it reports third-quarter results on Nov 1, before market open. It has an Earnings ESP of +1.65% and a Zacks Rank #3 at present.
ETR’s long-term earnings growth rate is 5.83%. It delivered an average earnings surprise of 3.4% in the last four quarters.
Pinnacle West Capital Corp. (PNW - Free Report) is likely to report an earnings beat when it announces third-quarter results on Nov 2, before market open. It has an Earnings ESP of +0.15% and a Zacks Rank #2 at present.
PNW’s long-term earnings growth rate is 5.55%. The Zacks Consensus Estimate for earnings is pegged at $3.12 per share, indicating a year-over-year increase of 8.3%.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
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