NextEra Energy, Inc. Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • NextEra Energy (NEE) delivered strong financial and operational performance in 2020, despite challenges from the pandemic and an active hurricane season.
  • Adjusted EPS for 2020 was $2.31, up 10.5% from 2019.
  • NEE deployed more than $14 billion in capital, the largest annual investment program in company history.
  • NextEra Energy Partners (NEP) delivered a 32% total unitholder return and grew distributions 15% year-over-year.

Financial Highlights – NextEra Energy

  • Full-year GAAP net income: $2.92 billion ($1.48 per share).
  • Adjusted earnings: $4.55 billion ($2.31 per share), up from $2.09 per share in 2019.
  • Fourth-quarter adjusted EPS: $0.40.
  • Refinancing during Q4 reduced 2020 adjusted net income by ~$103 million but positioned the company for future interest savings.
  • 2021 adjusted EPS expected in the range of $2.40 to $2.54; reaffirmed growth expectations of 6% to 8% in 2022 and 2023 off the 2021 base.

Operational Highlights – Florida Power & Light (FPL)

  • Full-year 2020 net income: $2.65 billion ($1.35 per share), up from $1.20 per share in 2019.
  • Regulatory capital employed up 11% year-over-year, driving >13% earnings growth.
  • Commissioned over 1,100 MW of new solar; expects another 670 MW in 2021.

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Operator: Good morning and welcome to the NextEra Energy, Inc. and NextEra Energy Partners Fourth Quarter and Full Year 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 Jessica Aldridge, Director of Investor Relations. Please go ahead. Jessica Aldridge: Thank you, Jason. Good morning, everyone, and thank you for joining our fourth quarter and full year 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. Jim will provide some opening remarks and will then turn the call over to Rebecca for a review of our fourth quarter and full year 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 our forward-looking statements

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