NextEra Energy, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • NextEra Energy reported adjusted earnings per share (EPS) of $0.67, up nearly 14% year-over-year compared to Q1 2020 EPS.
  • GAAP net income was $1.67 billion, or $0.84 per share.
  • NextEra Energy Partners (NEP) delivered strong growth, with adjusted EBITDA up ~20% and cash available for distribution (CAFD) up ~36% year-over-year.

Florida Power & Light (FPL)

  • Net income: $720 million (up $78 million vs. Q1 2020).
  • EPS contribution increased by $0.04 year-over-year.
  • Regulatory capital employed grew 10.8% year-over-year.
  • Invested $1.4B in capex for the quarter; full-year expectation: $6.6B–$6.8B.
  • Added 300 MW of new solar under SolarTogether; FPL now operates ~2,640 MW of solar.
  • Dania Beach Clean Energy Center (1,200 MW) and Manatee Energy Storage Center (409 MW) on schedule and budget.
  • Customer count grew 1.4% year-over-year (71,400 new customers).
  • Weather-normalized retail sales increased 1.3% year-over-year.

Gulf Power

  • Net income: $57 million, up 43% year-over-year.
  • Operational cost improvements drove results: O&M down 21% vs. Q1 2020 and 34% vs. 2018.
  • No OSHA recordable incidents year-to-date.
  • Customer count grew 1.1% year-over-year; retail sales up 2.9% due to favorable weather.

Energy Resources (Renewables & Storage)

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Operator: Good day and welcome to the NextEra Energy and NextEra Energy Partners First Quarter 2021 Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jessica Aldridge, Director of Investor Relations. Please go ahead ma'am. Jessica Aldridge: Thank you, Rocco. Good morning, everyone, and thank you for joining our first quarter 2021 combined earnings conference call for NextEra Energy and NextEra Energy Partners. With me this morning are Jim Robo, Chairman and Chief Executive Officer of NextEra Energy; Rebecca Kujawa, Executive Vice President and Chief Financial Officer of NextEra Energy; John Ketchum, President and Chief Executive Officer of NextEra Energy Resources and Mark Hickson, Executive Vice President of NextEra Energy, all of whom are also officers of NextEra Energy Partners as well as Eric Silagy, President and Chief Executive Officer of Florida Power & Light Company. Rebecca will provide an overview of our results and our executive team will then be available to answer your questions. We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release and the comments mad

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