NEE Nextera Energy Inc

By Rob Curran

NextEra Energy Inc. swung to a first-quarter profit, helped by population growth in Florida and its investment in solar power.

The Juno beach, Fla., power producer logged earnings of $2.09 billion, or $1.04 a share, for the three months ended March 31, compared with a loss of $451 million, or 23 cents a share, a year earlier.

Excluding items such as nonqualified hedges and losses on investments held in a nuclear decommissioning fund, NextEra registered adjusted earnings of 84 cents a share.

Revenue more than doubled to $6.72 billion.

NextEra Energy Resources, NextEra's renewable-energy arm, swung to a profit of $1.44 billion.

Florida Power & Light, NextEra's biggest unit and the largest U.S. electric utility, generated earnings of $1.1 billion, up from $875 million a year earlier. Capital expenditure supported this growth, the company said.

Florida Power & Light put an additional 970 megawatts of solar-produced power in service during the quarter. The utility also added 65,000 customers as Florida's population continued to rise.

NextEra reiterated its projections for 2023 adjusted earnings in a range between $2.98 and $3.13 a share. For 2024, NextEra also backed a prior projection of adjusted earnings between $3.23 and $3.43 a share.

For 2025, NextEra expects adjusted earnings of $3.45 to $3.70 a share; and for 2026, the company forecast adjusted net income of $3.63 to $4 a share.

NextEra plans to boost dividends by 10% a year through 2024, at least, working off a 2022 baseline.

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

(END) Dow Jones Newswires

April 25, 2023 08:20 ET (12:20 GMT)

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