NextEra Energy’s Robust Q1 Results; Adds 2,765 MW Renewables, Storage to Backlog

NextEra Energy, Inc. disclosed its first-quarter results for 2024, reporting a net income attributable to NextEra Energy on a GAAP basis of $2.268 billion, or $1.10 per share, marking a rise from the previous year’s $2.086 billion, or $1.04 per share. Adjusted earnings for the quarter stood at $1.873 billion, or $0.91 per share, compared to $1.678 billion, or $0.84 per share, in the first quarter of 2023. John Ketchum, the company’s chairman, president, and CEO, expressed satisfaction with an approximately 8.3% year-over-year increase in adjusted earnings per share, attributing the growth to robust performances by both FPL and NextEra Energy Resources.

FPL reported a net income of $1.172 billion, or $0.57 per share, in the first quarter of 2024, showcasing significant growth driven by ongoing investments in the business. The utility added approximately 1,640 megawatts (MW) of new solar capacity during the quarter, expanding its owned and operated solar portfolio to over 6,400 MW, the largest in the country. FPL also announced reductions in customer bills due to projected 2024 fuel savings and filed its Ten-Year Site Plan, aiming for substantial increases in solar and storage capacity.

NextEra Energy Resources posted a first-quarter net income of $966 million, or $0.47 per share, on a GAAP basis, while adjusted earnings amounted to $828 million, or $0.40 per share. The division experienced a record-breaking quarter for new renewables and storage origination, adding approximately 2,765 MW to its backlog, with significant contributions from solar and storage projects.

NextEra Energy maintained its long-term financial outlook, anticipating adjusted earnings per share for 2024 in the range of $3.23 to $3.43, with growth expected in subsequent years. Dividends per share are also projected to increase by approximately 10% annually through at least 2026, building upon the 2024 base.