Dive Brief:
- NextEra Energy's revenue for Q3 2014 was $4.65 billion, ahead of analysts’ $4.49 billion projection and up 5.9% from Q3 2013’s $4.40 billion, on the strength of key subsidiaries. Q3 2014 profit was $660 million, $1.50 per share, below analysts’ expectations of $1.54 per share and down from Q3 2013’s $698 million, $1.64 per share. Earnings excluding special items associated with renewables investments were up to $1.55 per share from Q3 2013’s $1.43 per share.
- On 1.8% growth in its customer base, regulated utility subsidiary Florida Power & Light increased Q3 2014 earnings to $462 million, $1.05 per share, from Q3 2103’s $422 million, $0.99 per share .
- Renewables subsidiary NextEra Energy Resources’ Q3 2014 earnings were down to $204 million, $0.46 per share, from Q3 2013’s $281 million, $0.66 per share, but it grew its renewables generation capacity by 445 megawatts with acquisitions of wind and utility-scale and rooftop solar projects.
Dive Insight:
NextEra Energy expects continued growth with 2014 adjusted earnings per share at between $5.15 and $5.35, those for 2015 at between $5.40 and $5.70, and those for 2016 at between $5.50 and $6.00.
NextEra Energy continued work on the Sabal Trail Transmission and Florida Southeast Connection natural gas pipelines and added the 300-mile Mountain Valley natural gas pipeline project in Q3.
FPL won regulatory approval to reduce residential electricity bills by about $2 per month starting in 2015.
NextEra Energy Resources expects to reach over 4,500 megawatts of wind and solar capacity by 2017.
"NextEra Energy Resources delivered excellent adjusted earnings growth, driven by strong contributions from growth in the contracted renewables portfolio,” said Chair/CEO Jim Robo. “NextEra Energy Resources also had a very strong quarter in terms of new contracted renewables.”
