US clean energy company NextEra Energy Inc (NYSE:NEE) managed to lift its third-quarter (Q3) attributable net profit on a GAAP basis to USD 1 billion (EUR 871.7m) but saw its revenues decline to USD 4.4 billion.
In a press release on Tuesday, the company said its net profit increased from USD 847 million a year earlier, with attributable earnings per share (EPS) rising to USD 2.10, from USD 1.79. The adjusted net result, which excludes non-qualifying hedges, tax reform impacts and others, stands at USD 1.04 billion, or USD 2.18 per share, up from USD 875 million, or USD 1.85 per share.
"NextEra Energy delivered strong third-quarter results and remains well-positioned to meet our 2018 expectations and long-term growth prospects," said chairman and CEO Jim Robo. He added that the company is “as well-positioned as ever” to drive long-term shareholder value in the next few years.
NextEra Energy operates through rate-regulated electric utility Florida Power & Light Company (FPL) and renewable energy producer NextEra Energy Resources LLC.
The table below shows FPL's Q3 results.
| Amounts in USD |
Q3 2018 |
Q3 2017 |
| GAAP net profit |
654 million |
566 million |
| GAAP EPS |
1.37 |
1.19 |
The unit’s improved results mirror the continued investment in the business, NextEra said, adding that FPL successfully executes its major capital initiatives. Among those is the construction of four solar parks of 74.5-MW each, while potential sites have been secured for over 6,000 MW of solar projects.
The table below shows NextEra Energy Resources' Q3 performance.
| Amounts in USD |
Q3 2018 |
Q3 2017 |
| GAAP net profit |
214 million |
292 million |
| GAAP EPS |
0.44 |
0.62 |
| Adjusted net profit |
348 million |
292 million |
| Adjusted EPS |
0.73 |
0.62 |
NextEra Energy Resources expanded its backlog by adding almost 2,100 MW of renewable energy projects over the past few months, including 850 MW of wind, 447 MW of solar and 120 MW of battery storage schemes. The wind repowering backlog grew by an additional 650 MW.
The clean energy group confirmed its full-year 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 reiterated its outlook for adjusted EPS of USD 8.70-9.20 in 2020 and USD 9.40-9.95 in 2021, in line with the compound annual growth rate of between 6% and 8% through 2021, off a base at the midpoint of the 2018 range.
(USD 1.0 = EUR 0.872)
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The Tuscola Bay II Wind Energy Center. Photo by: NextEra Energy Resources (www.nexteraenergyresources.com)
