NextEra Energy $NEE reported better than expected second quarter earning before the market opened Wednesday, announcing increased renewables Backlog.
NextEra Energy $NEE reported better than expected second quarter earning before the market opened Wednesday. The company announced it added 631 megawatts to its contracted renewables backlog and commissioned two natural gas pipelines. $NEE’s focus on expanding its renewable fleet ind meet regulatory mandates on carbon emission.
Earnings: Reported an EPS of $1.86 beating consensus estimate of $1.76. Revenues of $4,404 million higher than consensus estimates of $4,353 million
Reaction: NextEra Energy Inc NYSE: $NEE lunch 144.39 +1.28 (+0.89%)
During the second quarter 2017, NextEra Energy’ principal electric subsidiary Florida Power & Light Company’s average customer count went up by 1.3% year over year. Florida Power & Light Company (FPL), reported second-quarter 2017 net income of $526 million, or $1.12 per share, compared to $448 million, or $0.96 per share, for the prior-year quarter.
“FPL’s major capital initiatives remain on track, including leading one of the largest solar expansions ever in the eastern United States. Construction is underway at eight 74.5-megawatt (MW) solar energy centers across FPL’s service territory. Once complete, the eight solar energy centers will produce nearly 600 MW of combined solar capacity – enough to power approximately 120,000 homes.” NextEra said
NextEra Energy continues to expect adjusted earnings per share to be in the range of $6.35 to $6.85 for 2017. For 2018, the company expects adjusted earnings per share to be in the range of $6.80 to $7.30 and in the range of $7.85 to $8.45 for 2020, implying a compound annual growth rate off a 2016 base of 6 to 8 percent.
About NextEra Energy
NextEra Energy, Inc. $NEE is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE $NEP).
Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin.
Source: NextEra Energy, AlphaStreet, Criterion Research
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