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NextEra Energy (NEE) Q2 Earnings Beat, Sales Miss Estimates
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NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2018 adjusted earnings of $2.11 per share, beating the Zacks Consensus Estimate of $2.07 by 1.93%. Earnings were up 13.4% year over year.
The year-over-year earnings growth was led by solid contribution from both Florida Power & Light Company and NextEra Energy Resources segments. The enhanced growth was primarily due to new investments made at both the segments.
On a GAAP basis, NextEra Energy recorded earnings of $1.64 per share, down from $1.68 a year ago.
NextEra Energy, Inc. Price, Consensus and EPS Surprise
In the second quarter, NextEra Energy’s operating revenues were $4,069 million, lagging the Zacks Consensus Estimate of $4,491 million by 10.4%. Reported revenues were down 7.6% year over year.
Segmental Results
Florida Power & Light Company: Earnings came in at $1.32 per share, up 17.9% from $1.12 recorded in the prior-year quarter. Revenues amounted to $2,908 million, down 5.9% from the prior-year quarter.
Continued investments to strengthen its operation not only increased reliability of services but also allowed it to efficiently serve its expanding customer base.
NextEra Energy Resources: Quarterly earnings came in at 86 cents per share, up from 74 cents in the year-ago quarter. Revenues amounted to $1,162 million, down 10.3% from the prior-year quarter.
Corporate and Other: Operating Loss in the reported quarter was 7 cents compared with breakeven earnings in the year-ago quarter.
Highlights of the Release
In the reported quarter, NextEra Energy’s total operating expenses were down 7.1% to $2,907 million.
Interest expenses in the quarter were $394 million, down 8.4% from the year-ago quarter.
In the reported quarter, Florida Power & Light Company’s total average customer count went up 56,000 or 1.1% year over year.
NextEra Energy Resources expanded its backlog of renewable projects in excess of 1,620 MW in the second quarter of 2018, adding 535 MW of wind projects and 90 MW of battery storage projects.
Financial Update
NextEra Energy had cash and cash equivalents of $478 million as of Jun 30, 2018 compared with $1,714 million on Dec 31, 2017.
Long-term debt as of Jun 30, 2018 was $28.35 billion, down from $31.4 billion on Dec 31, 2017.
NextEra Energy’s cash flow from operating activities in the first six months of 2018 was $2,933 million compared with $3,251 million in the first six months of 2017.
2018 Guidance
NextEra Energy reiterated its adjusted earnings guidance in the range of $7.45-$7.95 for 2018. The company expects its earnings to register a compound annual growth rate of 6-8% per year through 2021, off its 2018 earnings midpoint of $7.70.
Dominion Energy (D - Free Report) is scheduled to report second-quarter 2018 results on Aug 1. The Zacks Consensus Estimate is pegged at 77 cents.
Eversource Energy (ES - Free Report) is scheduled to announce second-quarter 2018 results on Aug 1. The Zacks Consensus Estimate stands at 75 cents.
Exelon Corp. (EXC - Free Report) is scheduled to report second-quarter 2018 results on Aug 2. The Zacks Consensus Estimate is pegged at 81 cents.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
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NextEra Energy (NEE) Q2 Earnings Beat, Sales Miss Estimates
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2018 adjusted earnings of $2.11 per share, beating the Zacks Consensus Estimate of $2.07 by 1.93%. Earnings were up 13.4% year over year.
The year-over-year earnings growth was led by solid contribution from both Florida Power & Light Company and NextEra Energy Resources segments. The enhanced growth was primarily due to new investments made at both the segments.
On a GAAP basis, NextEra Energy recorded earnings of $1.64 per share, down from $1.68 a year ago.
NextEra Energy, Inc. Price, Consensus and EPS Surprise
NextEra Energy, Inc. Price, Consensus and EPS Surprise | NextEra Energy, Inc. Quote
Total Revenues
In the second quarter, NextEra Energy’s operating revenues were $4,069 million, lagging the Zacks Consensus Estimate of $4,491 million by 10.4%. Reported revenues were down 7.6% year over year.
Segmental Results
Florida Power & Light Company: Earnings came in at $1.32 per share, up 17.9% from $1.12 recorded in the prior-year quarter. Revenues amounted to $2,908 million, down 5.9% from the prior-year quarter.
Continued investments to strengthen its operation not only increased reliability of services but also allowed it to efficiently serve its expanding customer base.
NextEra Energy Resources: Quarterly earnings came in at 86 cents per share, up from 74 cents in the year-ago quarter. Revenues amounted to $1,162 million, down 10.3% from the prior-year quarter.
Corporate and Other: Operating Loss in the reported quarter was 7 cents compared with breakeven earnings in the year-ago quarter.
Highlights of the Release
In the reported quarter, NextEra Energy’s total operating expenses were down 7.1% to $2,907 million.
Interest expenses in the quarter were $394 million, down 8.4% from the year-ago quarter.
In the reported quarter, Florida Power & Light Company’s total average customer count went up 56,000 or 1.1% year over year.
NextEra Energy Resources expanded its backlog of renewable projects in excess of 1,620 MW in the second quarter of 2018, adding 535 MW of wind projects and 90 MW of battery storage projects.
Financial Update
NextEra Energy had cash and cash equivalents of $478 million as of Jun 30, 2018 compared with $1,714 million on Dec 31, 2017.
Long-term debt as of Jun 30, 2018 was $28.35 billion, down from $31.4 billion on Dec 31, 2017.
NextEra Energy’s cash flow from operating activities in the first six months of 2018 was $2,933 million compared with $3,251 million in the first six months of 2017.
2018 Guidance
NextEra Energy reiterated its adjusted earnings guidance in the range of $7.45-$7.95 for 2018. The company expects its earnings to register a compound annual growth rate of 6-8% per year through 2021, off its 2018 earnings midpoint of $7.70.
Zacks Rank
Currently, NextEra Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Dominion Energy (D - Free Report) is scheduled to report second-quarter 2018 results on Aug 1. The Zacks Consensus Estimate is pegged at 77 cents.
Eversource Energy (ES - Free Report) is scheduled to announce second-quarter 2018 results on Aug 1. The Zacks Consensus Estimate stands at 75 cents.
Exelon Corp. (EXC - Free Report) is scheduled to report second-quarter 2018 results on Aug 2. The Zacks Consensus Estimate is pegged at 81 cents.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>