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NextEra Energy (NEE) Q4 Earnings & Revenues Beat Estimates
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NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% from the prior-year quarter. The year-over-year improvement was due to the solid performance of Florida Power & Light Company.
GAAP earnings per share for the fourth quarter were 59 cents compared with earnings of 76 cents in the year-ago period.
NextEra Energy’s 2023 adjusted earnings were $3.17 compared with $2.90 in 2022, reflecting an increase of 9.3%. Its adjusted earnings were above the guidance range of $2.98-$3.13 per share.
Total Revenues
For the fourth quarter, NextEra’s operating revenues were $6.87 billion, which surpassed the Zacks Consensus Estimate of $6.1 billion by 13.4%. The top line improved 11.2% year over year.
NextEra Energy’s 2023 total revenues were $28.1 billion compared with $20.95 billion in 2022, reflecting an increase of 34.1% year over year.
NextEra Energy, Inc. Price, Consensus and EPS Surprise
Florida Power & Light Company (“FPL”): The segment’s revenues amounted to nearly $4.2 billion, up 3.1% from the prior-year figure of $4.07 billion. Its earnings came in at 56 cents per share compared with 38 cents recorded a year ago.
NextEra Energy Resources: Its revenues amounted to $2.65 billion, up 26.9% from the prior-year figure of $2.09 billion. The segment’s earnings came in at 18 cents per share in comparison with 20 cents in the year-ago quarter.
Corporate and Other: Operating revenues for the reported quarter were $25 million. The operating loss in the reported quarter was 7 cents per share, flat year over year.
Highlights of the Release
NextEra Energy’s operating income in the fourth quarter was $2.66 billion compared with $2.04 billion in the year-ago period.
Courtesy of Florida’s ongoing economic improvement, FPL's average number of customers in fourth-quarter 2023 increased by nearly 81,000 from the prior-year period.
NextEra Energy Resources expanded its contracted renewables backlog by adding 2,060 megawatts (“MW”) of renewable projects during fourth-quarter 2023. Its backlog additions include nearly 75 MW of wind projects, 1,005 MW of solar projects, 805 MW of battery storage projects and 1755 MW of wind repowering. The company’s renewables backlog is now nearly 20 gigawatts after commissioning roughly 5,600 MW of renewables and storage for the year.
Financial Update
The company had cash and cash equivalents of nearly $2.7 billion as of Dec 31, 2023, compared with $1.6 billion on Dec 31, 2022.
Long-term debt, as of Dec 31, 2023, was $61.4 billion, up from $55.25 billion on Dec 31, 2022.
Cash flow from operating activities in 2023 was $11.3 billion compared with $8.26 billion in the prior year.
Guidance
NextEra Energy reaffirmed 2024 earnings in the range of $3.23-$3.43 per share. The midpoint of the range is $3.33 per share, lower than the Zacks Consensus Estimate of $3.39.
For 2025, the company expects earnings per share of $3.45-$3.70. Through 2026, NextEra Energy expects earnings per share to grow 6-8% per year, taking the 2024 adjusted earnings per share as the base. This translates to earnings per share of $3.63-$4.00 for 2026.
The company’s unit, Energy Resources, currently aims to add 32,700-41,800 MW of renewable power projects to its portfolio in the 2023-2026 span.
FirstEnergy Corporation (FE - Free Report) is set to release fourth-quarter 2023 results on Feb 8. The Zacks Consensus Estimate for earnings per share is pegged at 60 cents.
The Zacks Consensus Estimate for 2024 earnings per share indicates year-over-year growth of 4.1%. FirstEnergy delivered an earnings surprise of 3.5% in the last reported quarter.
Alliant Energy Corporation (LNT - Free Report) is scheduled to announce fourth-quarter 2023 results on Feb 15. The Zacks Consensus Estimate for earnings per share is pegged at 55 cents.
Alliant Energy’s long-term (three- to five-year) earnings growth rate is 6.3%. The Zacks Consensus Estimate for 2024 earnings per share indicates a year-over-year increase of 6.8%.
Dominion Energy (D - Free Report) is scheduled to announce fourth-quarter 2023 results on Feb 22. The Zacks Consensus Estimate for earnings is pegged at 40 cents per share.
Dominion’s long-term earnings growth rate is projected at 4%. The Zacks Consensus Estimate for 2024 earnings per share suggests a year-over-year increase of 20.4%.
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NextEra Energy (NEE) Q4 Earnings & Revenues Beat Estimates
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% from the prior-year quarter. The year-over-year improvement was due to the solid performance of Florida Power & Light Company.
GAAP earnings per share for the fourth quarter were 59 cents compared with earnings of 76 cents in the year-ago period.
NextEra Energy’s 2023 adjusted earnings were $3.17 compared with $2.90 in 2022, reflecting an increase of 9.3%. Its adjusted earnings were above the guidance range of $2.98-$3.13 per share.
Total Revenues
For the fourth quarter, NextEra’s operating revenues were $6.87 billion, which surpassed the Zacks Consensus Estimate of $6.1 billion by 13.4%. The top line improved 11.2% year over year.
NextEra Energy’s 2023 total revenues were $28.1 billion compared with $20.95 billion in 2022, reflecting an increase of 34.1% 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”): The segment’s revenues amounted to nearly $4.2 billion, up 3.1% from the prior-year figure of $4.07 billion. Its earnings came in at 56 cents per share compared with 38 cents recorded a year ago.
NextEra Energy Resources: Its revenues amounted to $2.65 billion, up 26.9% from the prior-year figure of $2.09 billion. The segment’s earnings came in at 18 cents per share in comparison with 20 cents in the year-ago quarter.
Corporate and Other: Operating revenues for the reported quarter were $25 million. The operating loss in the reported quarter was 7 cents per share, flat year over year.
Highlights of the Release
NextEra Energy’s operating income in the fourth quarter was $2.66 billion compared with $2.04 billion in the year-ago period.
Courtesy of Florida’s ongoing economic improvement, FPL's average number of customers in fourth-quarter 2023 increased by nearly 81,000 from the prior-year period.
NextEra Energy Resources expanded its contracted renewables backlog by adding 2,060 megawatts (“MW”) of renewable projects during fourth-quarter 2023. Its backlog additions include nearly 75 MW of wind projects, 1,005 MW of solar projects, 805 MW of battery storage projects and 1755 MW of wind repowering. The company’s renewables backlog is now nearly 20 gigawatts after commissioning roughly 5,600 MW of renewables and storage for the year.
Financial Update
The company had cash and cash equivalents of nearly $2.7 billion as of Dec 31, 2023, compared with $1.6 billion on Dec 31, 2022.
Long-term debt, as of Dec 31, 2023, was $61.4 billion, up from $55.25 billion on Dec 31, 2022.
Cash flow from operating activities in 2023 was $11.3 billion compared with $8.26 billion in the prior year.
Guidance
NextEra Energy reaffirmed 2024 earnings in the range of $3.23-$3.43 per share. The midpoint of the range is $3.33 per share, lower than the Zacks Consensus Estimate of $3.39.
For 2025, the company expects earnings per share of $3.45-$3.70. Through 2026, NextEra Energy expects earnings per share to grow 6-8% per year, taking the 2024 adjusted earnings per share as the base. This translates to earnings per share of $3.63-$4.00 for 2026.
The company’s unit, Energy Resources, currently aims to add 32,700-41,800 MW of renewable power projects to its portfolio in the 2023-2026 span.
Zacks Rank
Currently, NextEra Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
FirstEnergy Corporation (FE - Free Report) is set to release fourth-quarter 2023 results on Feb 8. The Zacks Consensus Estimate for earnings per share is pegged at 60 cents.
The Zacks Consensus Estimate for 2024 earnings per share indicates year-over-year growth of 4.1%. FirstEnergy delivered an earnings surprise of 3.5% in the last reported quarter.
Alliant Energy Corporation (LNT - Free Report) is scheduled to announce fourth-quarter 2023 results on Feb 15. The Zacks Consensus Estimate for earnings per share is pegged at 55 cents.
Alliant Energy’s long-term (three- to five-year) earnings growth rate is 6.3%. The Zacks Consensus Estimate for 2024 earnings per share indicates a year-over-year increase of 6.8%.
Dominion Energy (D - Free Report) is scheduled to announce fourth-quarter 2023 results on Feb 22. The Zacks Consensus Estimate for earnings is pegged at 40 cents per share.
Dominion’s long-term earnings growth rate is projected at 4%. The Zacks Consensus Estimate for 2024 earnings per share suggests a year-over-year increase of 20.4%.