financetom
Business
financetom
/
Business
/
NextEra beats quarterly profit estimates on strength in utilities business
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
NextEra beats quarterly profit estimates on strength in utilities business
Apr 23, 2024 6:20 AM

April 23 (Reuters) - NextEra Energy reported

first-quarter profit that beat Wall Street estimates on Tuesday,

as the world's largest renewable energy company added more

customers to its regulated utilities business.

Florida Power & Light, NextEra's regulated utilities

business that generates most of its electricity from natural

gas, benefited from a 32.6% decline in prices since the start of

2024 through lower fuel spend.

The utility also added 100,000 more customers over the same

quarter last year.

FPL filed a 10-year site plan in April, aiming to increase

its solar power generation from 6% in 2023 to 38% in 2033, while

doubling battery storage capacity.

However, NextEra missed revenue estimates for the quarter,

reporting $5.73 billion versus analysts' expectations of $6.15

billion, according to LSEG data, in part due to lower retail

sales at FPL during a milder-than-expected winter.

The company's clean energy unit, NextEra Energy

Resources, added nearly 2,765 megawatts of new renewable and

storage projects in the first quarter. However, it reported a

lower net income of $966 million, or 47 cents per share,

compared to $1.44 billion, or 72 cents per share last year.

On an adjusted basis, NextEra earned 91 cents per share

in the reported quarter, beating analysts' average estimate of

78 cents, according to LSEG data.

The Juno Beach, Florida-based company maintained its

adjusted earnings per share forecast for 2024 at between $3.23

and $3.43.

NextEra Energy Partners ( NEP ), a unit of the company

created to acquire, manage and own contracted energy projects,

said it would use the proceeds from the sale of STX Midstream to

Kinder Morgan, to "complete the NEP Renewables II buyouts due in

June 2024 and 2025".

The unit reported a core profit of $462 million against

$447 million reported last year.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Truist Financial Lowers 2024 Revenue Guidance as First-Quarter Results Decline
Truist Financial Lowers 2024 Revenue Guidance as First-Quarter Results Decline
Apr 22, 2024
09:11 AM EDT, 04/22/2024 (MT Newswires) -- Truist Financial's ( TFC ) first-quarter results declined annually with revenue missing market estimates, prompting the financial services company to lower its full-year bottom line outlook. Revenue on a taxable equivalent basis is now set to be down about 4% to 5% for 2024, the company said in an investor presentation Monday, compared...
BioXcel Therapeutics to Launch At-Home Trial of Potential Bipolar, Schizophrenia Agitation Treatment
BioXcel Therapeutics to Launch At-Home Trial of Potential Bipolar, Schizophrenia Agitation Treatment
Apr 22, 2024
09:12 AM EDT, 04/22/2024 (MT Newswires) -- BioXcel Therapeutics ( BTAI ) said Monday it plans to initiate an at-home phase 3 trial of BXCL501, a potential treatment for agitation linked to bipolar disorder or schizophrenia, based on the US Food and Drug Administration's feedback. The trial aims to enroll around 200 patients, who will self-administer 120 mcg of BXCL501...
Maxeon Solar Files Patent Infringement Lawsuit Against Hanwha Q Over Cell Technology
Maxeon Solar Files Patent Infringement Lawsuit Against Hanwha Q Over Cell Technology
Apr 22, 2024
09:12 AM EDT, 04/22/2024 (MT Newswires) -- Maxeon Solar Technologies ( MAXN ) said Monday it has initiated a lawsuit against Hanwha Q Cells (HQCL) alleging patent infringement of its Tunnel Oxide Passivated Contact solar cell technology. Maxeon filed the lawsuit in the Eastern District of Texas following another patent infringement suit over the same technology against REC Solar on...
Adial Pharmaceuticals Granted US Patent for Genetic Diagnostic, AD04 Combination to Treat Alcohol Use Disorder
Adial Pharmaceuticals Granted US Patent for Genetic Diagnostic, AD04 Combination to Treat Alcohol Use Disorder
Apr 22, 2024
09:12 AM EDT, 04/22/2024 (MT Newswires) -- Adial Pharmaceuticals ( ADIL ) said Monday it has been granted a US patent covering the combination of its proprietary genetic diagnostic and its lead Investigational New Drug AD04 to treat alcohol use disorder and other drug dependencies. We have identified specific genotypes that have responded with clinically meaningful changes in drinking behavior...
Copyright 2023-2026 - www.financetom.com All Rights Reserved