NextEra Energy's Q3 net profit down, renewables backlog grows by 1.4 GW

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

October 23 (Renewables Now) - US clean energy company NextEra Energy Inc (NYSE:NEE) saw its third-quarter (Q3) attributable net profit on a GAAP basis decline to USD 879 million (EUR 790.2m) from USD 1 billion a year back, even though it booked a 26% rise in revenues.

This translated into attributable earnings per share (EPS) of USD 1.81, against USD 2.10 in the year-ago period, NextEra said on Tuesday. The company’s adjusted bottom line result, which excludes non-qualifying hedges, tax reform impacts and others, improved to USD 1.16 billion from USD 1.04 billion a year before. At USD 5.57 billion, total operating revenues were up from USD 4.42 billion in the previous year.

"NextEra Energy delivered strong third-quarter results and, building upon the solid progress made in the first half of the year, remains well-positioned to meet our overall objectives for the year," said chairman and CEO Jim Robo. He explained those results were achieved thanks to the “strong execution” at the company’s three business units -- rate-regulated electric utilities Florida Power & Light Company (FPL) and Gulf Power Company and renewable energy producer NextEra Energy Resources LLC.

The table below shows more details about FPL's Q3 results.

Amounts in USD Q3 2019 Q3 2018
GAAP net profit 683m 654m
GAAP EPS 1.40 1.37

The improved performance of FPL stems from the continued investment in the business, NextEra said, adding that all of its major capital projects are progressing well. Among them is the construction of a 750-MW portfolio of solar parks that will go live early next year, with the scheme being on track and on budget. They are part of a broader plan under which the utility will install over 30 million solar panels by 2030 and thus add 10 GW of fresh solar to its network.

Details on Gulf Power Company’s Q3 results are presented below:

Amounts in USD Q3 2019 Q3 2018
GAAP net profit 76m N/A
Adjusted net profit 80m N/A

The integration of recently-acquired Gulf Power within NextEra is still in progress, with major capital investments and capital reduction plans advancing well and remaining on track.

The table below gives more details on NextEra Energy Resources' Q3 results.

Amounts in USD Q3 2019 Q3 2018
GAAP net profit 367m 212m
GAAP EPS 0.75 0.44
Adjusted net profit 424m 346m
Adjusted EPS 0.87 0.73

NextEra Energy Resources expanded its backlog by adding 1,375 MW of renewables projects, including 285 MW of wind, 747 MW of solar and 341 MW of battery storage. The company carried out almost 400 MW of wind repowering projects, with its renewables backlog totalling almost 12,300 MW.

Looking ahead, NextEra Energy confirmed its full-year forecast for adjusted EPS at or near the top of its previous projection for a compound annual growth rate of 6% to 8% through 2021, off the 2018 base of USD 7.70 per share. At that rate, 2019 adjusted earnings are seen at USD 8.32 apiece.

(USD 1.0 = EUR 0.899)

More stories to explore
Share this story
About the author
Browse all articles from Veselina Petrova

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.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription