NextEra Energy, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Key Takeaways

  • NextEra Energy delivered strong Q3 results with adjusted EPS up approximately 12% year-over-year, reflecting continued execution across both Florida Power & Light (FPL) and Energy Resources.
  • FPL and Gulf Power both reported higher net income driven by capital investments and cost efficiencies. Energy Resources posted record backlog additions in renewables and storage.
  • NextEra Energy Partners (NEP) maintained distribution growth at the high end of its 12%–15% target and executed additional accretive asset acquisitions.
  • Management reaffirmed confidence in full-year guidance and growth targets through 2023.

Financial Performance

NextEra Energy (Consolidated)

  • Q3 2021 GAAP net income: $447 million (vs. prior-year period not specified).
  • Adjusted earnings: $1.48 billion or $0.75 per share, up $0.03 year-over-year.
  • Full-year 2021 adjusted EPS expected at $2.40–$2.54; management expects to be near the high end.
  • 2022–2023 EPS expected to grow 6%–8% per year from 2021 levels.

Florida Power & Light (FPL)

  • Q3 net income: $836 million, up $79 million (+10%) year-over-year.
  • EPS contribution: $0.42, up $0.04.
  • Regulatory capital employed increased 10.5% year-over-year.
  • Customer growth: +77,500 (+1.5%).
  • Retail sales: -1.4% year-over-year; weather-normalized sales up 1.3%.

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Operator: Good morning, everyone, and welcome to the NextEra Energy and NextEra Energy Partners Q3 2021 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] Please also note, today's event is being recorded. At this time, I'd like to turn the conference call over to Jessica Aldridge, Director of Investor Relations. Ma'am, please go ahead. Jessica Aldridge: Thank you, Jamie. Good morning, everyone, and thank you for joining our third 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

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