• Adjusted Earnings Per Share (EPS): Increased approximately 10% year-over-year for the third quarter.

• FPL Regulatory Capital Employed Growth: Approximately 9.5% year-over-year.

• FPL Capital Expenditures: Approximately $2 billion for the quarter; expected full-year 2024 investment between $8 billion and $8.8 billion.

• FPL Retail Sales Growth: Increased 1% from the prior year comparable period; 1.6% growth on a weather-normalized basis.

• Storm Recovery Costs: Preliminary estimate of approximately $1.2 billion for restoration costs from Hurricanes Debbie, Helene, and Milton.

• Energy Resources Adjusted Earnings Growth: Approximately 11% year-over-year.

• Energy Resources New Investments Contribution: Increased $0.15 per share year-over-year.

• Energy Resources Backlog: Over 24 gigawatts, with approximately 3 gigawatts added this quarter.

• Consolidated Adjusted EPS: $1.03 per share for the third quarter of 2024.

• NextEra Energy Partners Quarterly Distribution: $91.75 per common unit, up nearly 6% from a year earlier.

• NextEra Energy Partners Adjusted EBITDA: $453 million for the third quarter.

• NextEra Energy Partners Cash Available for Distribution: $155 million for the third quarter.

• Warning! GuruFocus has detected 11 Warning Signs with NEE.

Release Date: October 23, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• NextEra Energy Inc (NYSE:NEE) reported a 10% year-over-year increase in adjusted earnings per share for the third quarter, indicating strong financial and operational performance.

• The company added approximately 3 gigawatts to its renewables and storage backlog for the second consecutive quarter, bringing the total to approximately 11 gigawatts over the past four quarters.

• NextEra Energy Inc (NYSE:NEE) announced new framework agreements with two Fortune 50 customers for potential development of up to 10.5 gigawatts of renewables and storage projects by 2030.

• Florida Power & Light (FPL) demonstrated resilience during Hurricanes Helene and Milton, restoring power to 95% of affected customers within days and showcasing the effectiveness of its smart grid investments.

• NextEra Energy Inc (NYSE:NEE) continues to expect strong growth, with plans to potentially double its renewable generation portfolio from 38 gigawatts to 81 gigawatts by the end of 2027.

Negative Points

• The company faced significant challenges due to Hurricanes Helene and Milton, which caused widespread power outages affecting millions of FPL customers.

• FPL's storm recovery costs are estimated at approximately $1.2 billion, which will be recovered from customers through a surcharge in 2025.

• The customer supply and trading business saw a decrease in contributions by $0.10 per share year-over-year, attributed to normalization of origination activity and margins.

• NextEra Energy Partners experienced a decline in third-quarter adjusted EBITDA and cash available for distribution, impacted by the divestiture of the Texas pipeline portfolio and higher debt service costs.

• The company is facing uncertainties regarding its distribution growth targets and is reviewing its capital allocation strategy, which has caused some market jitters.