NextEra Energy, Inc. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • NextEra Energy (NEE) and NextEra Energy Partners (NEP) reported strong Q1 2020 performance despite the COVID‑19 backdrop.
  • Adjusted EPS for NEE increased 8% year-over-year, driven by strong operations across regulated utilities and Energy Resources.
  • NEP reported ~30% growth in adjusted EBITDA and ~200% growth in cash available for distribution (CAFD) year-over-year, benefiting from prior acquisitions and improved wind resource.

Key Financial Results

Florida Power & Light (FPL)
  • Q1 2020 net income: $642 million ($1.31/share), +$0.09/share vs. Q1 2019.
  • Regulatory capital employed +9% vs. prior year, driving similar earnings growth.
  • Capital expenditures: $1.4 billion; on track for $5.8–$6.3 billion in 2020.
  • Regulatory ROE: 11.6% (top of allowed band).
  • Reserve amortization used: $149 million (less than Q1 2019 usage), leaving $744 million balance.
  • FPL expects sufficient reserve amortization to avoid base rate increases through 2021.
Gulf Power
  • Q1 2020 net income: $40 million ($0.08/share).
  • Capital expenditures: $340 million; full-year forecast $800–$900 million.
  • Regulatory capital employed +25% year-over-year.
  • Reported ROE: 11.2%.

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Operator: Good morning everyone and welcome to the NextEra Energy Inc. and NextEra Energy Partners LP earnings conference call. All participants will be in listen-only mode. [Operator Instructions] Please also note today’s event is being recorded. I would now like to turn the conference call over to Matt Roskot, Director of Investor Relations. Please go ahead. Matt Roskot: Thank you, Grant. Good morning everyone and thank you for joining our first quarter 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 first quarter 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 if any of our key assumptions are incorrect or becau

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