NextEra Energy 1Q Adjusted Earnings Beat Wall Street Views
April 21 2021 - 8:25AM
Dow Jones News
By Micah Maidenberg
NextEra Energy Inc. reported a better-than-expected adjusted
profit in the first quarter as the company continued to invest in
renewable energy assets.
The utility operator and renewable-power company Wednesday said
it earned net income attributable to the company of $1.67 billion,
up from $421 million a year earlier.
Profit on a per-share basis increased to 84 cents from 21 cents.
Following adjustments, NextEra's earnings amounted to 67 cents a
share, it said.
Revenue of $3.73 billion was down from $4.61 billion, the
company said.
Analysts had expected the company to earn 61 cents a share in
adjusted profit on $4.87 billion in revenue, according to
FactSet.
The Juno Beach, Fla.-based company said net income from its
Florida Power & Light business rose to $720 million from $642
million a year earlier.
The company's competitive renewable-energy business generated
$598 million in adjusted profit in the quarter, up from $529
million, it said.
That business continued to add renewable-energy assets. It
completed, for example, a deal to buy a company that owns about 700
miles of high-voltage transmission lines in the first quarter.
Revenue at the renewables business amounted to $781 million in
the first quarter, down from $1.77 billion, the company said. That
decline accounts for why the company missed expectations from
analysts for overall company revenue in the period.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
April 21, 2021 08:10 ET (12:10 GMT)
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