NextEra Energy, Inc. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • NextEra Energy delivered strong Q3 2024 results, with adjusted EPS up approximately 10 percent year-over-year.
  • Adjusted EPS reached 1.03 dollars per share, reflecting solid performance at both Florida Power & Light (FPL) and Energy Resources.
  • The company added another 3 gigawatts of renewables and storage to its backlog for the second consecutive quarter, bringing the total additions over the past year to 11 gigawatts.
  • New framework agreements were signed with two Fortune 50 companies, adding up to 10.5 gigawatts of potential development through 2030. Combined with last quarter’s Entergy agreement, the company now has up to 15 gigawatts of incremental potential development outside the current backlog.

Florida Power & Light (FPL) Performance

  • FPL EPS contribution rose 0.05 dollars year-over-year driven by regulatory capital employed growth of 9.5 percent.
  • Retail sales increased 1 percent year-over-year, and 1.6 percent on a weather-normalized basis.
  • Capital expenditures were approximately 2 billion dollars for Q3, with full-year 2024 expectations between 8 and 8.8 billion dollars.
  • Storm impacts: Hurricanes Helene and Milton caused significant outages (680,000 and 2 million customers affected respectively), but FPL restored 95 percent of impacted customers within two to four days.

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Operator: Good day, and welcome to the NextEra Energy Inc. and NextEra Energy Partners LP Third Quarter 2024 Earnings 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 Mark Edelman, Director of Investor Relations. Please go ahead. Mark Edelman : Thank you, Dave. Good morning, everyone, and thank you for joining our third quarter 2024 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; Brian Bolster, 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. John will start with opening remarks and then Brian will provide an overview of our results. 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

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