NextEra Energy, Inc. Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Key Takeaways

  • NextEra Energy delivered strong financial and operational results despite COVID‑19. Adjusted EPS increased over 11% year-over-year.
  • FPL and Gulf Power continued strong execution, with customer growth and major renewable and grid modernization projects progressing on schedule.
  • Energy Resources added 1,730 MW to its renewables backlog, bringing the total backlog to ~14,400 MW — the largest in the company’s history.
  • NextEra Energy Partners (NEP) posted significant year-over-year growth: adjusted EBITDA +23% and cash available for distribution +46%.
  • The company reaffirmed its long-term adjusted EPS growth expectations of 6%–8% annually through 2022 and dividend growth of roughly 10% per year through at least 2022.

Financial Performance

  • NextEra Energy Adjusted EPS: $2.61 (up from prior-year quarter by $0.26).
  • GAAP Net Income: $1.275 billion or $2.59 per share.
  • Liquidity remains strong with ~$13 billion available.
  • Operating cash flow expected to reach ~$8.5 billion for 2020.

Florida Power & Light (FPL)

  • Net Income: $749 million or $1.52 per share (+$0.15 year-over-year).
  • Regulatory capital employed up more than 10% year-over-year, driving 13% net income growth.
  • CapEx for the quarter: ~$1.8 billion; full-year expected at $6.5–$6.7 billion.

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Operator: Good morning, everyone, and welcome to the NextEra Energy Inc. and NextEra Energy Partners Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note today's event is being recorded. At this time, I'd like to turn the conference call over to Matt Roskot, Director of Investor Relations. Sir please go ahead. Matt Roskot: Thank you, Jamie. Good morning, everyone, and thank you for joining our Second Quarter 2020 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 assumptio

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