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NextEra (NEE) Q1 Earnings Beat Estimates, Revenues Miss
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NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%. The bottom line was also up 10.5% from the prior-year quarter. This year-over-year improvement was owing to the solid performance of Florida Power & Light Company along with the expansion of its customer base.
GAAP loss for the first quarter was 23 cents against earnings per share of 84 cents in the year-ago period.
Total Revenues
For the first quarter, NextEra’s operating revenues were $2,890 million, which lagged the Zacks Consensus Estimate of $5,178 million by 44.2%. The top line also decreased 22.4% year over year.
NextEra Energy, Inc. Price, Consensus and EPS Surprise
Florida Power & Light Company (FPL): Revenues amounted to $3,712 million, up 25% from the prior-year figure of $2,970 million. Segmental earnings came in at 44 cents per share compared with 39 cents recorded a year ago.
NextEra Energy Resources: Earnings came in at 32 cents per share compared with 30 cents in the year-ago quarter.
Corporate and Other: Operating loss for the reported quarter was 2 cents per share, on par with the year-ago period.
Highlights of the Release
During the quarter, FPL placed in service nearly 450 megawatts (MW) of additional cost-effective solar projects to be recovered through base rates, as part of its new four-year settlement agreement that became effective on Jan 1, 2022. FPL’s North Florida Resiliency Connection and 1,200-MW Dania Beach Clean Energy Center are progressing well for completion later this year.
Courtesy of Florida’s ongoing economic improvement, FPL's average number of customers in first-quarter 2022 increased nearly 91,000 from the prior-year period.
NextEra Energy Resources expanded the contracted renewables backlog by adding 1,770 MW of renewable projects during first-quarter 2022. NextEra Energy Resources' backlog additions also include nearly 440 MW of solar projects and 130 MW of battery storage projects.
Financial Update
The company had cash and cash equivalents of $1,477 million as of Mar 31, 2022 compared with $639 million on Dec 31, 2021.
Long-term debt as of Mar 31, 2022 was $50.97 billion, up from $50.96 billion on Dec 31, 2021.
Cash flow from operating activities for the first three months of 2022 was $1,962 million compared with $1,292 million in the comparable prior-year period.
Guidance
NextEra reiterated its 2022 earnings expectation in the range of $2.75-$2.85 per share. The midpoint of the range is $2.80 per share, lower than the Zacks Consensus Estimate of $2.82.
For 2023, NextEra Energy maintained earnings per share expectation in the range of $2.93-$3.08. For 2023 through 2025, NextEra Energy expects earnings per share to grow 6-8% per year, off the expected increased 2022 adjusted earnings per share.
The company’s unit, Energy Resources currently aims to add 22,675-30,000 MW of renewable power projects to its portfolio within the 2021-2024 time frame.
Zacks Rank
Currently, NextEra carries a Zacks Rank #3 (Hold).
Xcel Energy (XEL - Free Report) is scheduled to announce first-quarter 2022 results on Apr 28. The Zacks Consensus Estimate for earnings per share is pegged at 69 cents.
Xcel Energy’s long-term (three to five years) earnings growth is 6.4%. The Zacks Consensus Estimate for 2022 earnings per share indicates year-over-year growth of 7.4%.
Dominion Energy (D - Free Report) is scheduled to announce first-quarter 2022 results on May 5. The Zacks Consensus Estimate for earnings is pegged at $1.17 per share.
Dominion’s long-term earnings growth is projected at 6%. The Zacks Consensus Estimate for 2022 earnings per share suggests year-over-year growth of 6.7%.
Duke Energy (DUK - Free Report) is set to release first-quarter 2022 results on May 9. The Zacks Consensus Estimate for earnings per share is pegged at $1.37.
Duke Energy’s long-term earnings growth is projected at 6.2%. The Zacks Consensus Estimate for 2022 earnings per share indicates year-over-year growth of 4.4%.
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NextEra (NEE) Q1 Earnings Beat Estimates, Revenues Miss
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%. The bottom line was also up 10.5% from the prior-year quarter. This year-over-year improvement was owing to the solid performance of Florida Power & Light Company along with the expansion of its customer base.
GAAP loss for the first quarter was 23 cents against earnings per share of 84 cents in the year-ago period.
Total Revenues
For the first quarter, NextEra’s operating revenues were $2,890 million, which lagged the Zacks Consensus Estimate of $5,178 million by 44.2%. The top line also decreased 22.4% 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 $3,712 million, up 25% from the prior-year figure of $2,970 million. Segmental earnings came in at 44 cents per share compared with 39 cents recorded a year ago.
NextEra Energy Resources: Earnings came in at 32 cents per share compared with 30 cents in the year-ago quarter.
Corporate and Other: Operating loss for the reported quarter was 2 cents per share, on par with the year-ago period.
Highlights of the Release
During the quarter, FPL placed in service nearly 450 megawatts (MW) of additional cost-effective solar projects to be recovered through base rates, as part of its new four-year settlement agreement that became effective on Jan 1, 2022. FPL’s North Florida Resiliency Connection and 1,200-MW Dania Beach Clean Energy Center are progressing well for completion later this year.
Courtesy of Florida’s ongoing economic improvement, FPL's average number of customers in first-quarter 2022 increased nearly 91,000 from the prior-year period.
NextEra Energy Resources expanded the contracted renewables backlog by adding 1,770 MW of renewable projects during first-quarter 2022. NextEra Energy Resources' backlog additions also include nearly 440 MW of solar projects and 130 MW of battery storage projects.
Financial Update
The company had cash and cash equivalents of $1,477 million as of Mar 31, 2022 compared with $639 million on Dec 31, 2021.
Long-term debt as of Mar 31, 2022 was $50.97 billion, up from $50.96 billion on Dec 31, 2021.
Cash flow from operating activities for the first three months of 2022 was $1,962 million compared with $1,292 million in the comparable prior-year period.
Guidance
NextEra reiterated its 2022 earnings expectation in the range of $2.75-$2.85 per share. The midpoint of the range is $2.80 per share, lower than the Zacks Consensus Estimate of $2.82.
For 2023, NextEra Energy maintained earnings per share expectation in the range of $2.93-$3.08. For 2023 through 2025, NextEra Energy expects earnings per share to grow 6-8% per year, off the expected increased 2022 adjusted earnings per share.
The company’s unit, Energy Resources currently aims to add 22,675-30,000 MW of renewable power projects to its portfolio within the 2021-2024 time frame.
Zacks Rank
Currently, NextEra carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Xcel Energy (XEL - Free Report) is scheduled to announce first-quarter 2022 results on Apr 28. The Zacks Consensus Estimate for earnings per share is pegged at 69 cents.
Xcel Energy’s long-term (three to five years) earnings growth is 6.4%. The Zacks Consensus Estimate for 2022 earnings per share indicates year-over-year growth of 7.4%.
Dominion Energy (D - Free Report) is scheduled to announce first-quarter 2022 results on May 5. The Zacks Consensus Estimate for earnings is pegged at $1.17 per share.
Dominion’s long-term earnings growth is projected at 6%. The Zacks Consensus Estimate for 2022 earnings per share suggests year-over-year growth of 6.7%.
Duke Energy (DUK - Free Report) is set to release first-quarter 2022 results on May 9. The Zacks Consensus Estimate for earnings per share is pegged at $1.37.
Duke Energy’s long-term earnings growth is projected at 6.2%. The Zacks Consensus Estimate for 2022 earnings per share indicates year-over-year growth of 4.4%.