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


(END) Dow Jones Newswires

April 21, 2021 08:10 ET (12:10 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.