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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