NextEra Energy (NEE) Q2 2024 earnings summary

Executive summary

• Q2 2024 adjusted EPS increased over 9% year-over-year to $0.96, with strong performance at FPL and Energy Resources, and year-to-date adjusted EPS at $1.71.

• FPL's earnings per share rose by $0.03 to $0.60, driven by new investments and customer growth, while regulatory capital employed grew 10.7% year-over-year.

• Energy Resources added over 3,000 MW of renewables and storage to backlog, including 860 MW for Google data centers, with the total renewables backlog now at 22.6 GW.

• NextEra Energy Partners delivered $560 million in adjusted EBITDA and $220 million in CAFD for the quarter.

• Net income attributable to NEE for Q2 2024 was $1.62 billion ($0.79/share), down from $2.80 billion ($1.38/share) in Q2 2023, mainly due to lower NEER results from unfavorable hedge activity.

Financial highlights

• Adjusted EPS for Q2 2024 was $0.96, up from $0.88 in Q2 2023; GAAP EPS was $0.79, down from $1.38.

• FPL Q2 net income was $1.232 billion, up from $1.152 billion year-over-year; FPL's Q2 retail sales increased 3.7% year-over-year.

• Energy Resources' adjusted net income rose to $865 million from $781 million year-over-year.

• NextEra Energy Partners declared a quarterly distribution of $0.9050 per common unit.

• Operating revenues for NEE decreased to $6.07 billion in Q2 2024 from $7.35 billion in Q2 2023.

Outlook and guidance

• 2024 adjusted EPS expected in the range of $3.23–$3.43, with 6–8% annual growth targeted through 2027.

• Dividend per share growth targeted at roughly 10% per year through at least 2026.

• NextEra Energy Partners targets 5–8% annual LP distribution growth through at least 2026.

• No need for growth equity at NEP until 2027; no acquisition or related financing needed in 2024.

• FPL expects continued growth in rate base driven by investments in solar generation and transmission/distribution.