NextEra Energy, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Company Performance

  • Adjusted EPS increased approximately 10.6% year-over-year, reflecting strong consolidated performance.
  • NextEra Energy maintains positive long-term growth visibility supported by Florida Power & Light (FPL)'s capital plan and NextEra Energy Resources' 21+ GW renewables and storage backlog.
  • Company reiterates expectations to deliver financial results at or near the top end of adjusted EPS ranges from 2023–2026.

Florida Power & Light (FPL)

  • Q3 EPS contribution increased $0.04 year-over-year, driven by 13.6% growth in regulatory capital employed.
  • FPL capital expenditures were approximately $2.6 billion for the quarter; full-year 2023 expected between $9–$9.5 billion.
  • Reported regulatory ROE expected to be ~11.8% for the 12 months ending September 2023.
  • Retail sales increased 3% from the prior-year quarter; weather-normalized underlying growth was ~1%.
  • The company maintains over $1.2 billion in reserve amortization.
  • FPL continues to expect 9% average annual regulatory capital employed growth through 2025.
  • FPL plans to file a new rate case in early 2025 for rates effective 2026.

NextEra Energy Resources

  • Adjusted earnings grew 21% year-over-year.

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Operator: Good morning, and welcome to the NextEra Energy and NextEra Energy Partners, LP Third Quarter 2023 Earnings 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, 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, Vaish [ph]. Good morning, everyone, and thank you for joining our third quarter 2023 combined financial results 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

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