NEE NextEra Energy Inc

By Rob Curran

NextEra Energy posted a 27% drop in third-quarter earnings as higher operating expenses offset an increase in revenue for the Florida utility and renewable-energy giant.

The Juno Beach, Fla., power producer said net income declined to $1.22 billion, or 60 cents a share, for the quarter ended Sept. 30, from $1.68 billion, or 86 cents a share, a year earlier. Excluding items such as nonqualified hedges and changes in value of investments held in a nuclear decommissioning fund, NextEra registered adjusted earnings of 94 cents a share, surpassing the average Wall Street target of 89 cents a share, as tallied by FactSet.

Third-quarter revenue rose 6.7% to $7.17 billion, topping the average analyst estimate of $7.07 billion, as determined by a FactSet survey.

Operating expenses rose 6% to $5.34 billion.

Florida Power & Light, NextEra's biggest unit and the largest U.S. electric utility by customers, had a $2.6 billion capital-expenditure outlay for the quarter. For the year, Florida Power & Light anticipates capital expenditure between $9 billion and $9.5 billion.

NextEra Energy Resources, NextEra's renewable-energy arm, added about 3,245 megawatts of new wind-and-solar and storage capacity to its backlog.

NextEra Energy reiterated its financial projections for 2023 and 2024. For 2023, NextEra Energy continues to expect adjusted earnings per share to be in the ranges of $2.98 to $3.13. For 2024, NextEra is still targeting earnings in a range between $3.23 and $3.43 a share.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

October 24, 2023 08:25 ET (12:25 GMT)

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