Fourth Quarter and Full Year 2024 Earnings Conference Call January 24, 2025 NextEra Energy 1 Cautionary Statements and Risk Factors That May Affect Future Results This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. Factors that could cause actual results to differ are discussed in the Appendix herein and in NextEra Energy's SEC filings. Non-GAAP Financial Information This present ...

Financial Data and Key Metrics Changes - NextEra Energy reported its fourth quarter and full year 2024 financial results, with specific metrics to be detailed by the CFO later in the call [3]. Business Line Data and Key Metrics Changes - The executive team, including the CEO of Florida Power & Light Company and the CEO of NextEra Energy Resources, will provide insights into the performance of various business lines during the call [3]. Market Data and Key Metrics Changes - Market-specific data and metrics will be discussed, highlighting the company's performance in different regions and sectors [3]. Company Strategy and Development Direction and Industry Competition - The company will outline its strategic direction and competitive positioning within the energy sector, emphasizing its focus on renewable energy and sustainability [3]. Management's Comments on Operating Environment and Future Outlook - Management will provide commentary on the current operating environment and future outlook, addressing potential risks and uncertainties that could impact results [4]. Other Important Information - The call will include forward-looking statements based on current expectations, with a caution that actual results may differ due to various risks and uncertainties [4]. Q&A Session All Questions and Answers Question: What are the expectations for future growth? - The management team will address questions regarding growth expectations and strategic initiatives during the Q&A session [3].

Core Insights - NextEra Energy, Inc. (NEE) reported fourth-quarter 2024 adjusted earnings of 53 cents per share, exceeding the Zacks Consensus Estimate of 51 cents by 3.9% and showing a year-over-year increase of nearly 1.9% [1] - The company's total revenues for the fourth quarter were $5.38 billion, falling short of the Zacks Consensus Estimate of $6.49 billion by 17% and representing a 21.7% decline year over year [3] - NextEra Energy reaffirmed its 2025 earnings guidance in the range of $3.45-$3.70 per share, with the midpoint lower than the Zacks Consensus Estimate of $3.68 [12] Financial Performance - GAAP earnings per share for the fourth quarter were 58 cents, compared to 59 cents in the same period last year [2] - Adjusted earnings for 2024 were $3.43 per share, an 8.2% increase from $3.17 in 2023, matching the upper end of the guided range [2] - Operating revenues for 2024 totaled $24.8 billion, down from $28.1 billion in 2023 [3] Segment Results - Florida Power & Light Company (FPL) generated revenues of nearly $3.86 billion, an 8.1% decrease from $4.19 billion in the prior year, with earnings per share remaining at 41 cents [4] - NextEra Energy Resources reported revenues of $1.44 billion, down 45.5% from $2.56 billion in the previous year, with earnings per share increasing to 22 cents from 18 cents [4] - Corporate and Other segment revenues were $82 million, up from $25 million in the year-ago period, but the operating loss widened to 10 cents per share from a loss of 7 cents [5] Operational Highlights - FPL's non-fuel O&M cost per customer is 50% lower than the second-best in its peer group, saving customers over $24 monthly on a typical residential bill [6] - FPL's typical residential customer bill is nearly 40% below the national average [7] - NextEra Energy Resources expanded its contracted renewables backlog by adding nearly 3.3 gigawatts (GW) of renewable projects, bringing the total backlog to over 25 GW [8] Financial Position - As of December 31, 2024, NEE had cash and cash equivalents of nearly $1.49 billion, down from $2.7 billion a year earlier [10] - Long-term debt increased to $72.4 billion from $61.4 billion on December 31, 2023 [11] - Cash flow from operating activities in 2024 was $13.26 billion, compared to $8.42 billion in 2023 [11] Future Outlook - For 2026 and 2027, NextEra Energy expects adjusted earnings per share to be in the range of $3.63 to $4.00 and $3.85 to $4.32, respectively [12] - The company aims to grow its dividend per share at a roughly 10% rate per year through at least 2026, based on 2024 figures [12] - NextEra Energy Resources plans to add 36,500-46,500 MW of renewable power projects to its portfolio from 2024 to 2027 [13]

Core Insights - NextEra Energy (NEE) reported quarterly earnings of $0.53 per share, exceeding the Zacks Consensus Estimate of $0.51 per share, and showing a slight increase from $0.52 per share a year ago, resulting in an earnings surprise of 3.92% [1] - The company posted revenues of $5.39 billion for the quarter ended December 2024, which fell short of the Zacks Consensus Estimate by 17.33%, and represented a decline from $6.88 billion in the same quarter last year [2] - NextEra has consistently surpassed consensus EPS estimates over the last four quarters, but has not been able to beat revenue estimates during the same period [2] Earnings Outlook - The future performance of NextEra's stock will largely depend on management's commentary during the earnings call and the revisions of earnings estimates [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.06 on revenues of $7.01 billion, and for the current fiscal year, it is $3.68 on revenues of $29.81 billion [7] Industry Context - The Utility - Electric Power industry, to which NextEra belongs, is currently ranked in the top 38% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked using tools like the Zacks Rank [5][6]

Financial Performance - NextEra Energy reported 2024 fourth-quarter net income of $1.203 billion, or $0.58 per share, compared to $1.210 billion, or $0.59 per share, in Q4 2023[2] - Full-year 2024 adjusted earnings per share grew by 8.2% year-over-year to $3.43, compared to $3.17 in 2023[3] - NextEra Energy expects 2025 adjusted earnings per share to be in the range of $3.45 to $3.70, with continued dividend growth of approximately 10% annually through at least 2026[15] - Operating revenues for NextEra Energy totaled $5.385 billion for the three months ended December 31, 2024, with FPL contributing $3.855 billion and NEER contributing $1.448 billion[27] - Net income attributable to NextEra Energy, Inc. was $1.203 billion, with FPL contributing $845 million and NEER reporting a net loss of $442 million[27] - Adjusted earnings for NextEra Energy were $1.095 billion, with FPL contributing $845 million and NEER contributing $446 million[27] - Earnings per share (EPS) attributable to NextEra Energy, Inc. was $0.58, with adjusted EPS at $0.53[27] - NextEra Energy's operating revenues for Q4 2023 were $6.877 billion, with FPL contributing $4.196 billion and NEER contributing $2.656 billion[29] - Net income attributable to NextEra Energy, Inc. for Q4 2023 was $1.210 billion, with FPL contributing $1.146 billion and NEER contributing $885 million[29] - Adjusted earnings for NextEra Energy, Inc. in Q4 2023 were $1.067 billion, with FPL contributing $846 million and NEER contributing $361 million[29] - Earnings per share (EPS) attributable to NextEra Energy, Inc. for Q4 2023 was $0.59, with adjusted EPS at $0.52[29] - Operating revenues for NextEra Energy totaled $24.753 billion, with FPL contributing $17.019 billion and NEER contributing $7.542 billion[31] - Net income attributable to NextEra Energy, Inc. was $6.946 billion, with FPL contributing $4.543 billion and NEER contributing $2.299 billion[31] - Adjusted earnings for NextEra Energy were $7.063 billion, with FPL contributing $4.543 billion and NEER contributing $3.118 billion[31] - Earnings per share (EPS) attributable to NextEra Energy, Inc. was $3.37, with adjusted EPS at $3.43[31] - NextEra Energy's total operating revenues for the twelve months ended December 31, 2023, were $28.114 billion, with FPL contributing $18.365 billion and NEER contributing $9.672 billion[34] - Net income attributable to NextEra Energy, Inc. for the twelve months ended December 31, 2023, was $7.310 billion, with FPL contributing $4.552 billion and NEER contributing $3.558 billion[34] - Adjusted earnings for NextEra Energy, Inc. for the twelve months ended December 31, 2023, were $6.441 billion, with FPL contributing $4.251 billion and NEER contributing $2.757 billion[34] - Earnings per share attributable to NextEra Energy, Inc. (assuming dilution) for the twelve months ended December 31, 2023, were $3.60, with FPL contributing $2.24 and NEER contributing $1.75[34] - Adjusted earnings per share for NextEra Energy, Inc. for the twelve months ended December 31, 2023, were $3.17, with FPL contributing $2.09 and NEER contributing $1.36[34] - Net income for the twelve months ended December 31, 2024, was $5.698 billion, with FPL contributing $4.543 billion and NEER contributing $1.051 billion[40] - Net income for the twelve months ended December 31, 2023, was $6.282 billion, with FPL contributing $4.552 billion and NEER reporting a loss of $800 million[42] - 2023 earnings per share attributable to NextEra Energy, Inc. was $3.60, with FPL contributing $2.24 and NEER contributing $1.75[43] - 2024 earnings per share attributable to NextEra Energy, Inc. is projected to be $3.37, with FPL contributing $2.21 and NEER contributing $1.12[43] - Adjusted earnings per share for 2024 is projected to be $3.43, up from $2.55 in 2021 and $1.33 in 2014[45] Renewable Energy and Storage Projects - NextEra Energy placed approximately 8.7 gigawatts of new renewables and storage projects into service in 2024, expanding its leadership in power generation[4] - FPL commissioned roughly 2.2 gigawatts of new solar capacity in 2024, contributing to customer savings of nearly $16 billion since 2001[7][8] - NextEra Energy Resources added more than 12 gigawatts of new renewables and battery storage projects to its backlog in 2024, bringing the total backlog to over 25 gigawatts[12] - NextEra Energy Resources is evaluating the recommissioning of its Duane Arnold Energy Center, with potential restart of operations as early as the end of 2028[13] Capital Investments and Expenditures - FPL's full-year 2024 capital investments totaled approximately $8.2 billion, with regulatory capital employed increasing by 10% year-over-year[6] - Capital expenditures for FPL during the twelve months ended December 31, 2024, were $7.992 billion, while NEER's independent power and other investments amounted to $16.215 billion[40] - Capital expenditures for FPL were $9.302 billion, while NEER's independent power and other investments totaled $15.565 billion for the twelve months ended December 31, 2023[42] Rate Adjustments and Customer Impact - FPL estimates a proposed rate adjustment would increase typical residential customer bills by an average annual rate of approximately 2.5% from 2025 through 2029[9] Operating Expenses and Costs - Total operating expenses for NextEra Energy were $4.478 billion, with fuel, purchased power, and interchange costs accounting for $1.092 billion[27] - Total operating expenses for Q4 2023 were $4.611 billion, with FPL accounting for $2.908 billion and NEER accounting for $1.593 billion[29] - Total operating expenses for NextEra Energy were $17.626 billion, with fuel, purchased power, and interchange costs accounting for $5.029 billion[31] Interest and Tax Expenses - Interest expense for NextEra Energy totaled $725 million, with FPL accounting for $304 million and NEER for $47 million[27] - Interest expense for Q4 2023 was $1.981 billion, with NEER contributing $584 million and Corporate and Other contributing $1.090 billion[29] - Income tax expense for NextEra Energy was $171 million, with FPL contributing $157 million and NEER benefiting from a $258 million tax benefit[27] - Interest expense for NextEra Energy totaled $(2.235) billion, with FPL contributing $(1.178) billion and NEER contributing $(1.114) billion[31] Investment Gains and Losses - XPLR Infrastructure, LP investment gains contributed $1.033 billion pretax and $781 million after tax to NEER's results[27][28] - XPLR Infrastructure, LP investment gains contributed $1.129 billion to pretax earnings and $852 million after tax[31][32] - Net losses associated with non-qualifying hedges had an after-tax impact of $(666) million, reducing EPS by $(0.32)[32] - Change in unrealized losses on equity securities held in NEER's nuclear decommissioning funds reduced after-tax earnings by $(74) million and EPS by $(0.03)[32] - Net losses (gains) associated with non-qualifying hedges had an after-tax impact of $(1.497) billion, with NEER contributing $(1.729) billion and Corporate and Other contributing $232 million[35] - Net losses associated with non-qualifying hedges for 2024 are projected to be $0.45, compared to $1.04 in 2021 and $0.18 in 2014[45] - XPLR Infrastructure, LP investment gains for 2024 are projected to be $0.55, compared to $0.02 in 2021 and $0 in 2014[45] - Change in unrealized losses on equity securities held in NEER's nuclear decommissioning funds for 2024 is projected to be $0.05, compared to $0.14 in 2021 and $0 in 2014[45] Asset and Liability Management - Total current assets as of December 31, 2024, were $11.951 billion, with FPL contributing $4.783 billion and NEER contributing $6.403 billion[37] - Total other assets as of December 31, 2024, were $178.193 billion, with FPL contributing $93.358 billion and NEER contributing $82.995 billion[37] - Total liabilities as of December 31, 2024, were $129.283 billion, with FPL contributing $55.065 billion and NEER contributing $35.509 billion[37] - Total equity as of December 31, 2024, was $60.460 billion, with FPL contributing $43.076 billion and NEER contributing $53.488 billion[37] - Total assets for NextEra Energy as of December 31, 2023, amounted to $177.489 billion, with current assets at $15.361 billion and other assets at $162.128 billion[38] - Total current liabilities as of December 31, 2023, were $27.963 billion, with FPL at $8.076 billion and NEER at $13.086 billion[38] - Total equity as of December 31, 2023, was $57.768 billion, with common shareholders' equity at $47.468 billion and noncontrolling interests at $10.300 billion[38] Cash Flow and Financing Activities - Net cash provided by operating activities for the twelve months ended December 31, 2024, was $13.260 billion, with FPL contributing $8.506 billion and NEER contributing $4.527 billion[40] - Long-term debt issuances for the twelve months ended December 31, 2024, totaled $24.769 billion, with FPL issuing $3.205 billion and NEER issuing $7.971 billion[40] - Retirements of long-term debt for the twelve months ended December 31, 2024, amounted to $10.113 billion, with FPL retiring $1.721 billion and NEER retiring $2.381 billion[40] - Net cash used in investing activities for the twelve months ended December 31, 2024, was $22.264 billion, with FPL using $8.384 billion and NEER using $13.532 billion[40] - Net cash provided by financing activities for the twelve months ended December 31, 2024, was $7.000 billion, with FPL using $61 million and NEER providing $8.402 billion[40] - Net cash provided by operating activities for the twelve months ended December 31, 2023, was $11.301 billion, with FPL contributing $8.296 billion and NEER contributing $3.539 billion[42] Corporate and Other Segment - Corporate and Other segment reported a net loss of $0.39 per share for 2023, with a projected net gain of $0.04 per share for 2024[43]

Core Insights - NextEra Energy, Inc. has released its fourth-quarter and full-year 2024 financial results, which are available on the company's website [1] - The company's leadership, including John Ketchum and Brian Bolster, will discuss these financial results in a live webcast presentation [2] Company Overview - NextEra Energy, Inc. is a leading clean energy company based in Juno Beach, Florida, and owns Florida Power & Light Company, the largest electric utility in America [3] - Florida Power & Light serves over 6 million customer accounts, providing clean and reliable electricity to approximately 12 million people in Florida [3] - NextEra Energy Resources, LLC, a subsidiary, is the world's largest generator of renewable energy from wind and solar, and a leader in battery storage [3] - The company also operates seven commercial nuclear power units across Florida, New Hampshire, and Wisconsin, generating emissions-free electricity [3] - NextEra Energy has received recognition for its sustainability efforts, corporate responsibility, ethics, compliance, and diversity [3]

NextEra Energy Inc. NEE is ready to report its fourth-quarter earnings on Friday before the market opens. Analysts expect the energy giant to report earnings per share (EPS) of 52 cents and revenues of $7.53 billion.Despite recent setbacks—the company’s stock is down 4.31% over the past six months and 3.64% year-to-date—NextEra Energy has a lot to prove as it faces increasing competition in the renewable energy space.JPMorgan’s Mark Strouse believes that the growth-oriented strategy of NextEra's subsidiary, ...

NextEra Energy Inc. (NEE) is slated to report fourth-quarter 2024 results on Jan. 24, 2025.See the Zacks Earnings Calendar to stay ahead of market-making news.The Zacks Consensus Estimate for NEE’s fourth-quarter revenues is pegged at $6.49 billion, indicating a decline of 5.62% from the year-ago reported figure.The consensus estimate for earnings is pegged at 51 cents per share. The Zacks Consensus Estimate for NEE’s fourth-quarter earnings has declined by 7.3% in the past 60 days. The estimate suggests a ...

In its upcoming report, NextEra Energy (NEE) is predicted by Wall Street analysts to post quarterly earnings of $0.51 per share, reflecting a decline of 1.9% compared to the same period last year. Revenues are forecasted to be $6.52 billion, representing a year-over-year decrease of 5.3%.Over the last 30 days, there has been an upward revision of 6.6% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial ...

NextEra Energy (NEE) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on January 24, 2025, might help the stock move higher if these key numbers are better tha ...