XPLR Infrastructure (XIFR) Q3 2024 earnings summary

Executive summary

• Adjusted EPS grew ~10% year-over-year in Q3 2024, driven by strong performance at FPL and Energy Resources, with FPL EPS up $0.05 and Energy Resources adjusted EPS up $0.04.

• Added approximately 3 GW to renewables and storage backlog for the second consecutive quarter, totaling 11 GW over the last four quarters.

• Announced new framework agreements with two Fortune 50 customers and Entergy for up to 15 GW of renewables and storage by 2030.

• Restoration efforts after hurricanes Helene and Milton restored power to 95% of affected customers within days, aided by grid investments.

• NextEra Energy Partners increased distributions per unit by nearly 6% and expanded its wind repowering target to 1.9 GW through 2026.

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 net income rose to $1,293M from $1,183M year-over-year; FPL EPS increased to $0.63 from $0.58.

• Energy Resources reported 11% adjusted earnings growth year-over-year, with a $0.04 increase in adjusted EPS.

• 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 and higher debt service.

• Q3 2024 operating revenues for NEP were $319 million, up from $308 million in Q3 2023; net loss attributable to NEP was $40 million.

Outlook and guidance

• Expects 6–8% annual adjusted EPS growth through 2027, off the 2024 range of $3.23–$3.43.

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

• NextEra Energy Partners targets 2024 year-end run-rate adjusted EBITDA of $1.9–$2.1 billion.

• NEP to complete strategic review and provide updated distribution and cash flow guidance by Q4 2024 call.

• Board authorized a Q4 2024 distribution of $0.9175 per common unit, payable November 14, 2024.