NextEra 3Q Profit Tops Expectations
October 21 2020 - 08:44AM
Dow Jones News
By Dieter Holger
NextEra Energy Inc. profit grew above Wall Street's expectations
in the latest quarter though sales came below forecasts and there
was a decline in earnings among its renewable-energy division.
The Juno Beach, Fla.-based power provider on Wednesday reported
third-quarter earnings of $1.23 billion, or $2.50 a share, up from
$879 million, or $1.81 a share, a year ago.
Adjusted earnings were $2.66 a share, rising from $2.39 last
year. Analysts polled by FactSet expected adjusted earnings of
$2.59 a share.
NextEra Energy Resources, the company's renewable-energy
division, was the only segment to post a decline in profit to $376
million compared with $381 million in the previous year. But the
company said it added a record-high 2,200 megawatts worth of orders
to its backlog in the quarter.
Operating revenues at NextEra fell to $4.79 billion in the
quarter, down from $5.57 billion in the previous year. Analysts had
expected higher sales of $5.4 billion.
NextEra, which is the biggest rate-regulated electric utility in
the U.S., has sought a $60 billion takeover of Duke Energy Corp.
that was rebuffed, The Wall Street Journal reported in late
September.
Write to Dieter Holger at dieter.holger@wsj.com
(END) Dow Jones Newswires
October 21, 2020 08:29 ET (12:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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