NextEra Energy, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • NextEra Energy adjusted EPS grew approx. 8.6% year-over-year (comparing Q2 2023 to Q2 2022).
  • Through the first half of 2023, adjusted EPS increased approx. 11% compared to the first half of 2022.
  • NextEra Energy GAAP net income for Q2 2023: $2.795 billion or $1.38 per share.
  • Adjusted earnings: $1.777 billion or $0.88 per share.

Florida Power & Light (FPL)

  • FPL Q2 2023 net income: approx. $1.152 billion or $0.57 per share, up $0.07 year-over-year.
  • Regulatory capital employed increased 12.1% vs. Q2 2022.
  • Capital expenditures: approx. $2.5 billion for the quarter; full-year 2023 expected at $8.5–$9.5 billion.
  • ROE for regulatory purposes (12 months ending June 2023): approx. 11.8%.
  • Solar buildout:
    • 225 MW added this quarter; nearly 1,200 MW added YTD.
    • 1,600 MW commissioned over the last two years.
    • FPL expects to add ~3,100 MW in the remaining period through 2025.
  • FPL projects $32–$34 billion in capital investment over the current settlement period (2022–2025).
  • Florida economy remains strong: unemployment at 2.6%, private sector jobs up 412,000 YoY, GDP up 9% YoY.
  • Customer growth: +66,000 customers YoY; weather-normalized retail sales up approx. 0.6%.

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Operator: Good morning, and welcome to the NextEra Energy and NextEra Energy Partners' Q2 2023 Earnings Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Kristin Rose, Director of Investor Relations. Please go ahead. Kristin Rose : Thank you, Anthony. Good morning, everyone, and thank you for joining our second quarter 2023 combined earnings conference call for NextEra Energy and NextEra Energy Partners. With me this morning are John Ketchum, Chairman President and Chief Executive Officer of NextEra Energy; Kirk Crews, Executive Vice President and Chief Financial Officer of NextEra Energy; Rebecca Kujawa, 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 Armando Pimentel, President and Chief Executive Officer of Florida Power & Light Company. Kirk 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

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