NextEra Energy Exceeds Q2 Expectations; Reaffirms FY23 & FY24 Outlook

NextEra Energy Inc NEE reported Q2 2023 revenue of $7.35 billion, beating the street estimate of $6.23 billion. 

Adjusted EPS of $0.88 surpassed the consensus of $0.82.

FPL's net income rose to $1.15 billion from $989 million a year ago, led by continued investment in the business.

NextEra Energy Resources adjusted net income stood at $781 million vs $683 million a year ago.

Outlook: The company reiterated expectations for 2023 and 2024.

Adjusted EPS for 2023 is projected to be $2.98-$3.13 (consensus: $3.11) and for 2024 at $3.23-$3.43 (consensus: $3.40). 

For 2025 and 2026, NextEra Energy expects adjusted EPS to grow 6% to 8%, vs. the 2024 figure, resulting in adjusted EPS of $3.45-$3.70 for 2025 and $3.63-$4.00 for 2026.

The company continues to expect dividends per share annual growth of roughly 10% through at least 2024, vs. 2022 base.

John Ketchum, chairman, president and chief executive officer said, "NextEra Energy Resources added approximately 1,665 megawatts of new renewables and storage projects to its backlog, which now totals roughly 20 gigawatts, net of projects placed in service. Due to our continued strong execution and visible earnings growth across both businesses, we remain confident in our longterm growth prospects. We will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges in each year through 2026 while at the same time maintaining our strong balance sheet and credit ratings."

Price Action: NEE shares are trading lower by 0.68% at $74.99 on the last check Tuesday.