US clean energy company NextEra Energy Inc (NYSE:NEE) saw its second-quarter attributable net profit and revenues drop but reiterated its long-term financial projections for adjusted metrics.
The company said on Friday that its attributable net income slumped by 80% year-on-year to USD 256 million (EUR 217.3m) in the April-June quarter, while on an adjusted basis, the result improved by 8.5% to USD 1.4 billion. The adjusted metrics exclude non-qualifying hedges, net investment gains by NextEra Energy Partners, change in unrealised gains and losses on equity securities and others.
The table below gives more details about NextEra Energy’s second-quarter and first-half results.
|
Figures in USD million
|
Q2 2021 |
Q2 2020 |
H1 2021 |
H1 2020 |
| Operating revenues |
3,927 |
4,204 |
7,653 |
8,817 |
| GAAP net profit |
256 |
1,275 |
1,922 |
1,695 |
| GAAP EPS |
0.13 |
0.65 |
0.98 |
0.86 |
| Adjusted net profit |
1,395 |
1,286 |
2,724 |
2,456 |
| Adjusted EPS |
0.71 |
0.65 |
1.38 |
1.25 |
On January 1, 2021, Gulf Power Company merged into another one of NextEra Energy’s business units and fellow rate-regulated electric utility -- Florida Power & Light Company (FPL). Their financial performance is reported separately below.
In the second quarter, FPL booked a net profit of USD 819 million, up from USD 749 million in the same quarter of 2020. This growth, according to NextEra Energy, stems from its continued investment in the business, with capital expenditures of roughly USD 1.6 billion for the second quarter. In the full year, those investments are seen in the range of USD 6.6 billion-6.8 billion.
The unit boosted its customer base and brought online 373 MW of new solar parks. It also started building a 409-MW energy storage complex that is due to go online later this year.
Meanwhile, Gulf Power lifted its second-quarter net profit to USD 63 million from USD 55 million. The utility spent USD 150 million during the three months and intends to reach a total of USD 800 million-900 million in the full 2021.
NextEra Energy Resources, the clean energy business of NextEra Energy, posted a second-quarter attributable net loss of USD 315 million, against a profit of USD 481 million in the preceding quarter. On an adjusted basis, it earned USD 574 million, up from USD 531 million a year before.
Since April, NextEra Energy Resources has added around 285 MW of wind and wind repowering projects to its backlog and signed contracts for 1,450 MW of solar and 105 MW of battery storage projects. It ended the second quarter with a total renewable and energy storage backlog of 1,840 MW.
"NextEra Energy delivered strong second-quarter results and remains well-positioned to meet our 2021 and longer-term growth expectations," said chairman and CEO Jim Robo.
Looking ahead, the company reiterated its forecast for adjusted earnings per share (EPS) of USD 2.55-2.75 for 2022 and USD 2.77-2.97 for 2023. In 2021, it expects to record adjusted EPS within the USD 2.40-2.54 range.
(USD 1.0 = EUR 0.849)
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The Tuscola Bay II Wind Energy Center. Photo by: NextEra Energy Resources (www.nexteraenergyresources.com)
