NextEra Energy (NEE) Q3 2024 earnings summary

Executive summary

• Q3 2024 adjusted EPS rose 10% year-over-year to $1.03, driven by strong performance at FPL and Energy Resources, with FPL's net income at $1.293 billion and NEER's adjusted earnings up 11% year-over-year.

• NextEra Energy Resources added 3 GW of renewables and storage to its backlog, now totaling over 24 GW, and signed framework agreements with Fortune 50 customers for up to 10.5 GW by 2030.

• NextEra Energy Partners increased its wind repowering target to 1.9 GW through 2026 and declared a quarterly distribution of $0.9175 per unit, up nearly 6% year-over-year.

• FPL's smart grid and hardening investments enabled rapid restoration after Hurricanes Helene and Milton, restoring 95% of customers within days.

• Corporate and Other results declined due to unfavorable hedge activity, especially from interest rate derivatives.

Financial highlights

• Q3 2024 adjusted EPS was $1.03, up from $0.94 in Q3 2023; GAAP EPS was $0.90, up from $0.60.

• FPL's regulatory capital employed grew 9.5% year-over-year to $68.9 billion; Q3 net income was $1.293 billion.

• NextEra Energy Partners Q3 adjusted EBITDA was $453 million and cash available for distribution was $155 million, both down year-over-year due to asset divestitures.

• FPL capital expenditures were ~$2 billion for the quarter; full-year 2024 capex expected between $8–$8.8 billion.

• Nine-month 2024 GAAP net income was $5.74 billion ($2.79/share), down from $6.10 billion ($3.02/share) year-over-year.

Outlook and guidance

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

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

• FPL expects to file for a $1.2 billion storm surcharge in Q4 2024 to recover restoration costs.

• NEP expects 2024 run rate adjusted EBITDA of $1.9–$2.1 billion and will update distribution and cash flow guidance by Q4 2024 call.

• NEER anticipates continued growth from new wind, solar, and battery storage investments, with capital expenditures planned through 2028.