NextEra Energy, Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Highlights

  • NextEra Energy (NEE) and NextEra Energy Partners (NEP) reported strong 2022 performance despite inflation, supply chain challenges, and market volatility.
  • 2022 adjusted EPS for NEE: $2.90, up nearly 14% from 2021 (high end of guidance).
  • Record renewables development and backlog at Energy Resources (19 GW at year‑end).
  • Extension of financial guidance for both NEE and NEP through 2026.
  • Leadership transition: FPL CEO Eric Silagy retiring; Armando Pimentel returning as CEO.

Key Financial Performance

NextEra Energy (Consolidated)

  • Q4 2022 GAAP EPS: $0.76; Adjusted EPS: $0.51.
  • Full-year GAAP EPS: $2.10; Adjusted EPS: $2.90 (+14% YoY).
  • Over $19 billion invested in infrastructure during 2022.
  • Operating cash flow grew more than 9% YoY.
  • Capital recycling exceeded $5 billion through asset sales and tax equity financing.

Florida Power & Light (FPL)

  • Q4 2022 net income: $763 million ($0.38/share), up $0.07 YoY.
  • Full-year net income: $3.7 billion ($1.87/share), up $0.24 YoY.
  • Non-fuel O&M cost/MWh reduced 8.6% vs. 2021.
  • Solar expansion: ~450 MW placed into service in 2022; ~1,200 MW expected in 2023.
  • Customer growth strong: +74,000 average in Q4 YoY.

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Operator: Good morning, and welcome to the NextEra Energy and NextEra Energy Partners Fourth Quarter 2022 Earnings Call. All participants will be in listen-only mode. [Operator instructions] After today's presentation there will be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference over to Jessica Geoffroy, Director of Investor Relations. Please go ahead. Jessica Geoffroy: Thank you, Jason. Good morning everyone, and thank you for joining our fourth quarter and full-year 2022 combined earnings 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 Eric Silagy, Chairman, President and Chief Executive Officer of Florida Power & Light Company. John will provide some opening remarks and will then turn the call over to Kirk 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 re

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