JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE:NEE) reported third-quarter 2024 adjusted earnings that beat analyst expectations, but revenue fell short and the company's guidance disappointed investors, sending shares down 1.45% in early trading.
The clean energy giant posted adjusted earnings per share of $1.03, surpassing the analyst consensus of $0.98. However, revenue came in at $7.57 billion, below estimates of $8.08 billion.
NextEra Energy reaffirmed its full-year 2024 adjusted EPS guidance range of $3.23 to $3.43, which falls below the analyst consensus of $3.41 at the midpoint. For 2025, the company expects adjusted EPS of $3.45 to $3.70, also below the $3.68 consensus estimate.
"NextEra Energy delivered strong third-quarter results, increasing adjusted earnings per share by approximately 10% YoY, reflecting continued solid financial and operational performance at both our businesses," said John Ketchum, chairman, president and CEO.
The company's Florida Power & Light (FPL) subsidiary reported net income of $1.29 billion, or $0.63 per share, up from $1.18 billion, or $0.58 per share, in the same quarter last year. FPL's growth was primarily driven by continued investment in the business, with regulatory capital employed increasing by approximately 9.5% YoY.
NextEra Energy Resources, the company's clean energy business, added approximately 3 gigawatts of new renewables and storage projects to its backlog during the quarter. The segment reported adjusted earnings of $979 million, or $0.47 per share, compared to $882 million, or $0.43 per share, in Q3 2023.
Despite the mixed results and cautious guidance, NextEra Energy maintains its long-term financial expectations and plans to grow dividends at a roughly 10% annual rate through at least 2026.
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