NextEra Energy, Inc. Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Company Performance

  • NextEra Energy delivered strong results despite COVID-19 impacts.
  • Adjusted EPS increased more than 11% year-over-year for the quarter.
  • Year-to-date adjusted EPS grew more than 10% versus 2019.
  • Renewables development environment described as the strongest in company history.
  • Backlog now exceeds 15,000 MW—larger than the entire existing renewables fleet built over 20 years.

Florida Power & Light (FPL)

  • Q3 net income: $757 million (up $74 million YoY); EPS of $1.54 (up $0.14 YoY).
  • Regulatory capital employed grew 11% YoY, driving earnings growth.
  • Capital expenditures: $1.3 billion for the quarter; full-year expected $6.5–$6.7 billion (higher than earlier expectations).
  • Regulated ROE at 11.6%, the top of the allowed band.
  • Customer bills remain 30% below national average; reliability remains best‑in‑class.
  • Strong customer growth with 80,000 new customers YoY.
  • Retail sales up 2.8% YoY driven by weather, usage, and growth.
  • Major solar and battery storage projects remain on schedule, including SolarTogether expansions and the Manatee Energy Storage Center.
  • Dania Beach Clean Energy Center on track for 2022 completion.
  • Storm Protection Plan settlement approved, enabling large-scale grid hardening investments.

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Operator: Good morning and welcome to the NextEra Energy, Inc. and NextEra Energy Partners Third Quarter 2020 Earnings 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 Matt Roskot of Investor Relations. Please go ahead. Matt Roskot: Thank you, Andrea. Good morning, everyone, and thank you for joining our third 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 assumptions are incorrect or because of other factors discussed in today’s earnings news release and the comments made du

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