“We will be disappointed if we are not able to deliver financial results at, or near the top of our adjusted earnings per share expectations ranges in each year through 2026,” Ketchum said. — Reuters
NEW YORK: NextEra Energy expects financial results to be at least near the top of its earnings per share expectations for the next three years, chief executive officer John Ketchum says.
The firm’s third-quarter profit beat Wall Street estimates on the back of higher retail sales at its utilities business and additional projects at its renewable energy units.
NextEra, which generates more wind and solar power than any other company in the world, has benefited from a clean energy investment push in the United States after the passage of the Inflation Reduction Act last year.
“We will be disappointed if we are not able to deliver financial results at, or near the top of our adjusted earnings per share expectations ranges in each year through 2026,” Ketchum said.
Florida Power & Light, NextEra’s regulated utilities business, added 65,000 more customers from a year earlier, indicating higher retail sales due to warmer weather in Florida.
NextEra Energy Resources, its clean energy unit, added nearly 3,245 megawatts of new renewable and storage projects, which now totals over 21 gigawatts, net of projects placed in service.
The firm’s solar newbuilds are at a record level and wind newbuilds are close to an all-time high despite the increase in interest rates, Raymond James analyst Pavel Molchanov noted.
“We should underscore that the cost of capital is not the only variable that matters. Hardware costs have come down sharply, which helps to cancel out the effect of high interest rates,” he said.
The parent company in its conference call announced it expects to transfer nearly US$400mil in tax credits this year, and they are likely to grow to approximately US$1.6bil to US$1.8bil by 2026.
Shares of NextEra Energy were up 6.7% at US$54.96. — Reuters
