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NextEra Energy books higher profits in Q2

The Tuscola Bay II Wind Energy Center. Photo by: NextEra Energy Resources (www.nexteraenergyresources.com)

July 26 (Renewables Now) - US clean energy company NextEra Energy Inc (NYSE:NEE) on Wednesday reported a second-quarter (Q2) attributable net profit on a GAAP basis of USD 795 million (EUR 679m), marking an increase from USD 793 million a year earlier.

NextEra Energy operates through rate-regulated electric utility Florida Power & Light Company (FPL) and renewable energy producer NextEra Energy Resources LLC. Its earnings per share (EPS) in April-June went down to USD 1.64 from USD 1.68 in the year-ago period. Adjusted to exclude effects of non-qualifying hedges and tax reform impacts, among others, net profit improved to USD 1 billion, or USD 2.11 per share, from USD 881 million, or USD 1.86 per share.

"NextEra Energy delivered strong second-quarter results and remains on track to meet its objectives for the year," said chairman and CEO Jim Robo. He added that the performance of NextEra’s two subsidiaries was “excellent” and that the company is well-positioned to achieve its full-year forecast.

The table below shows FPL's Q2 results.

Amounts in USD Q2 2018 Q2 2017
GAAP net profit 626 million 526 million
GAAP EPS 1.32 1.12

FPL is currently building four solar parks of 74.5-MW each as part of a plan to add more than 3,200 MW of photovoltaic (PV) capacity in Florida over the coming years.

Details about NextEra Energy Resources' Q2 performance can be seen in the table:

Amounts in USD Q2 2018 Q2 2017
GAAP net profit 274 million 301 million
GAAP EPS 0.55 0.64
Adjusted net profit (non-GAAP) 408 million 351 million
Adjusted EPS 0.86 0.74

NextEra Energy Resources added 1,082 MW of renewable energy projects to its backlog during the past few months, including 300 MW of wind, 692 MW of solar and 90 MW of battery storage schemes. Its wind repowering backlog expanded by an additional 535 MW in Q2.

Looking ahead, NextEra Energy reiterated its forecast for adjusted EPS of between USD 7.45 and USD 7.95 for 2018 and said it will aim at the midpoint of USD 7.70 per share. It also confirmed its projections for compound annual growth rate in adjusted EPS of between 6% and 8% through 2021, off a base at the midpoint of the 2018 range. CEO Robo noted that he expects compound annual growth rate in adjusted EPS to be at or near the top of the provided forecast.

(USD 1.0 = EUR 0.854)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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