NextEra Energy beats by $0.10, reports revs in-line; reaffirms FY17 EPS guidance; reaffirms FY18 EPS guidance
- Reports Q2 (Jun) earnings of $1.86 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus of $1.76; revenues rose 15.4% year/year to $4.4 bln vs the $4.44 bln Capital IQ Consensus.
- Co reaffirms guidance for FY17, sees EPS of $6.35-6.85, excluding non-recurring items, vs. $6.71 Capital IQ Consensus Estimate.
- Co reaffirms guidance for FY18, sees EPS of $6.80-7.30, excluding non-recurring items, vs. $7.22 Capital IQ Consensus Estimate.
- Reaffirms EPS expectations for FY20 of $7.85-8.45 vs $6.19 in FY16.
"NextEra Energy achieved strong second-quarter results, while continuing to deliver on our overall objectives for 2017," said Jim Robo, chairman and chief executive officer of NextEra Energy. "NextEra Energy's second-quarter adjusted earnings per share increased more than 11 percent, primarily driven by new investments at both FPL and NextEra Energy Resources. During the quarter, FPL executed on its innovative and cost-effective approach of advancing affordable, reliable clean energy infrastructure across Florida. In line with this strategy, construction is underway on eight 74.5-megawatt solar energy centers across FPL's service territory, and construction remains on track at our state-of-the-art, natural gas-fueled Okeechobee Clean Energy Center. FPL also is moving forward with plans to modernize the Lauderdale Plant in Dania Beach by building a highly fuel-efficient energy center at the site. By continuing to execute on major capital initiatives to deliver on our outstanding customer value proposition, FPL grew regulatory capital employed by more than 10 percent versus the comparable period. At NextEra Energy Resources, we are well-positioned to capitalize on one of the best environments for renewables development in our history and remain encouraged by the improvement in costs, efficiencies and advancements in battery storage toward providing customers with firm renewable power. The Energy Resources team built on the origination success with which we started the year, signing more than 631 megawatts of additional wind and solar power purchase agreements and adding an additional 200 megawatts to our repowering backlog. Overall, we believe we have one of the best organic growth opportunity sets in our industry, and, as I've said previously, we will be disappointed if we are not able to deliver financial results at or near the top of our 6 to 8 percent adjusted earnings per share growth range through 2020."