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NextEra Energy Partners' (NEP) Q4 Earnings Surpass Estimates
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NextEra Energy Partners, LP (NEP - Free Report) delivered earnings of 85 cents per unit for the fourth quarter of 2020, beating the Zacks Consensus Estimate of 38 cents by 123.6%. Also, the firm’s earnings improved 70% from the year-ago quarter.
Revenues
Meanwhile, in the quarter under review, the firm’s revenues of $212 million missed the Zacks Consensus Estimate of $322 million by 34.2%. However, the top line inched up 2.9% on a year-over-year basis.
NextEra Energy Partners, LP Price, Consensus and EPS Surprise
In the December quarter, NextEra Energy Partners’ total adjusted operating expenses were $166 million, up 1.8% from the year-ago quarter’s $163 million.
In the same period, the partnership’s operating income summed $46 million, up 7% from $43 million in the year-ago quarter.
Remarkably, in 2020, the firm successfully executed its strategic initiatives with NextEra Energy Resources.
Financial Condition
NextEra Energy Partners had cash and cash equivalents worth $108 million as of Dec 31, 2020 compared with $128 million as of Dec 31, 2019.
Long-term debt was $3,376 million as of Dec 31, 2020 compared with $4,132 million as of Dec 31, 2019.
Net cash provided by operating activities at the end of 2020 was $665 million, higher than $346 million at 2019 end.
In December, NextEra Energy Partners issued $600 million convertible notes and redeemeda portion of its outstanding 4.25% senior notes due 2024.
Guidance
For 2021, the firm reaffirmed the run rate for cash available for distribution (CAFD) in the range of $600-$680 million.
The partnership continues to expect 12-15% per year growth for limited partner distributions through 2024.
Here are a few stocks from the same industry that have the right combination of elements to beat on earnings in the upcoming releases:
Clearway Energy (CWEN - Free Report) is likely to come up with an earnings beat when it reports fourth-quarter results. It has an Earnings ESP of +1.22% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
TC Energy Corp. (TRP - Free Report) is expected to deliver a beat when it announces fourth-quarter results. It has an Earnings ESP of +4.46% and a Zacks Rank of 3.
Ameresco Inc. (AMRC - Free Report) is likely to surpass on earnings when it releases fourth-quarter results. It has an Earnings ESP of +5.09% and a Zacks Rank #2 (Buy).
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
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NextEra Energy Partners' (NEP) Q4 Earnings Surpass Estimates
NextEra Energy Partners, LP (NEP - Free Report) delivered earnings of 85 cents per unit for the fourth quarter of 2020, beating the Zacks Consensus Estimate of 38 cents by 123.6%. Also, the firm’s earnings improved 70% from the year-ago quarter.
Revenues
Meanwhile, in the quarter under review, the firm’s revenues of $212 million missed the Zacks Consensus Estimate of $322 million by 34.2%. However, the top line inched up 2.9% on a year-over-year basis.
NextEra Energy Partners, LP Price, Consensus and EPS Surprise
NextEra Energy Partners, LP price-consensus-eps-surprise-chart | NextEra Energy Partners, LP Quote
Highlights of the Release
In the December quarter, NextEra Energy Partners’ total adjusted operating expenses were $166 million, up 1.8% from the year-ago quarter’s $163 million.
In the same period, the partnership’s operating income summed $46 million, up 7% from $43 million in the year-ago quarter.
Remarkably, in 2020, the firm successfully executed its strategic initiatives with NextEra Energy Resources.
Financial Condition
NextEra Energy Partners had cash and cash equivalents worth $108 million as of Dec 31, 2020 compared with $128 million as of Dec 31, 2019.
Long-term debt was $3,376 million as of Dec 31, 2020 compared with $4,132 million as of Dec 31, 2019.
Net cash provided by operating activities at the end of 2020 was $665 million, higher than $346 million at 2019 end.
In December, NextEra Energy Partners issued $600 million convertible notes and redeemeda portion of its outstanding 4.25% senior notes due 2024.
Guidance
For 2021, the firm reaffirmed the run rate for cash available for distribution (CAFD) in the range of $600-$680 million.
The partnership continues to expect 12-15% per year growth for limited partner distributions through 2024.
Zacks Rank
NextEra Energy Partners currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Here are a few stocks from the same industry that have the right combination of elements to beat on earnings in the upcoming releases:
Clearway Energy (CWEN - Free Report) is likely to come up with an earnings beat when it reports fourth-quarter results. It has an Earnings ESP of +1.22% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
TC Energy Corp. (TRP - Free Report) is expected to deliver a beat when it announces fourth-quarter results. It has an Earnings ESP of +4.46% and a Zacks Rank of 3.
Ameresco Inc. (AMRC - Free Report) is likely to surpass on earnings when it releases fourth-quarter results. It has an Earnings ESP of +5.09% and a Zacks Rank #2 (Buy).
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>