NextEra Energy Reports Third-Quarter 2024 Financial Results

• NextEra Energy delivers strong third-quarter 2024 results
• FPL grows regulatory capital employed by approximately 9.5% year-over-year
• NextEra Energy Resources adds approximately 3 gigawatts of new renewables and storage projects to its backlog and enters into incremental framework agreements with two Fortune 50 companies

NextEra Energy, Inc. reported 2024 third-quarter net income attributable to NextEra Energy on a GAAP basis of $1.852 billion, or $0.90 per share, compared to $1.219 billion, or $0.60 per share, for the third quarter of 2023. On an adjusted basis, NextEra Energy’s 2024 third-quarter earnings were $2.127 billion, or $1.03 per share, compared to $1.920 billion, or $0.94 per share, in the third quarter of 2023.

“NextEra Energy delivered strong third-quarter results, increasing adjusted earnings per share by approximately 10% year-over-year, reflecting continued solid financial and operational performance at both our businesses,” said John Ketchum, Chairman, President and Chief Executive Officer. “Over the last several weeks, our customers in Florida have been affected by Hurricanes Helene and Milton, and our thoughts go out to all those impacted. FPL’s valuable investments in hardening and smart-grid technology prevented hundreds of thousands of outages, and together with the efforts of our team and mutual assistance partners, we restored service to roughly 95% of affected customers after the second full day of restoration after Hurricane Helene’s landfall and after the fourth full day of restoration after Hurricane Milton’s landfall.”

“For the second consecutive quarter, NextEra Energy Resources added approximately 3 gigawatts of new renewables and storage projects to its backlog, delivering another strong renewables origination quarter. We are also pleased to announce incremental framework agreements with two Fortune 50 customers for the potential development of renewables and storage projects, totaling up to 10.5 gigawatts between now and 2030. The continued strong performance of our businesses and our scale, experience and technology will allow us to capitalize on the opportunity that increased power demand is bringing to our sector. 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 each year through 2027 while maintaining our strong balance sheet and credit ratings,” added Ketchum.

FPL

FPL reported a third-quarter 2024 net income of $1.293 billion, or $0.63 per share, compared to $1.183 billion, or $0.58 per share, for the prior-year comparable quarter. FPL’s growth in the third quarter primarily was driven by continued investment in the business. FPL’s capital expenditures were approximately $2 billion for the quarter, and full-year capital investments are expected to be between $8 billion and $8.8 billion. Regulatory capital employed increased by approximately 9.5% year-over-year.

FPL continued executing against its capital plan and delivering on its strong customer value proposition, which is anchored in providing customer bills that are nearly 40% below the national average and maintaining top-decile reliability. FPL’s smart capital investments in low-cost solar generation and battery 1 storage are continuing to reduce its overall fuel cost and, when combined with generation modernizations, have saved customers nearly $16 billion since 2001. FPL is delivering best-in-class nonfuel O&M that is 70% better than the national average, saving customers $3 billion every year compared to the average utility.

For nearly two decades, FPL has significantly invested in building a stronger, smarter and more storm-resilient grid. The performance of the system during Hurricanes Helene and Milton demonstrates that FPL’s hardening, undergrounding, automation and smart grid investments are providing significant benefits to customers. Hurricane Helene, one of the most destructive hurricanes to ever make landfall in the continental U.S., caused approximately 680,000 FPL customers to lose power. Hurricane Milton, which produced numerous tornadoes, widespread flooding and hurricane-force winds that tore across Florida, resulted in outages for approximately 2 million FPL customers. FPL restored service to roughly 95% of affected customers after the second full day of restoration following Hurricane Helene’s landfall and after the fourth full day of restoration following Hurricane Milton’s landfall.

Initial performance data shows that FPL’s underground distribution power lines performed more than six times better in terms of outage rates than existing overhead distribution power lines in Florida. FPL’s generation fleet, including its solar sites, sustained no significant damage. Despite 66 of FPL’s 88 existing solar sites – or approximately 16 million panels – being exposed to storm conditions during Hurricanes Helene and Milton, less than 0.05% of solar panels were affected.

NextEra Energy Resources

NextEra Energy Resources reported third-quarter 2024 net income attributable to NextEra Energy on a GAAP basis of $1.223 billion, or $0.59 per share, compared to a net loss attributable to NextEra Energy of $230 million, or $0.11 per share, in the prior-year comparable quarter. On an adjusted basis, NextEra Energy Resources’ earnings for the third quarter of 2024 were $979 million, or $0.47 per share, compared to $882 million, or $0.43 per share, for the third quarter of 2023.

NextEra Energy Resources had another strong quarter for new renewables and storage origination, marking the second consecutive quarter of adding approximately 3 gigawatts (GW) to its backlog and bringing its four-quarter total to approximately 11 GW. NextEra Energy Resources’ backlog now totals over 24 GW after taking into account roughly 1 GW of new projects placed into service since the second quarter 2024 financial results call in July. NextEra Energy Resources also is announcing incremental framework agreements with two Fortune 50 customers for the potential development of renewables and storage projects, totaling up to 10.5 GW between now and 2030, none of which is in its backlog today.

Corporate and Other

In the third quarter of 2024 on a GAAP basis, Corporate and Other results decreased $0.45 per share, compared to the prior-year comparable quarter. On an adjusted basis, Corporate and Other results for the third quarter of 2024 were roughly flat, compared to the prior-year comparable quarter.

Outlook

NextEra Energy’s long-term financial expectations remain unchanged. For 2024, NextEra Energy continues to expect adjusted earnings per share to be in the range of $3.23 to $3.43. For 2025, 2026 and 2027, NextEra Energy expects adjusted earnings per share to be in the ranges of $3.45 to $3.70, $3.63 to $4.00 and $3.85 to $4.32, respectively. NextEra Energy also continues to expect to grow its dividends per share at a roughly 10% rate per year through at least 2026, off a 2024 base.