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NextEra Energy(NEE) - 2024 Q4 - Annual Results
NEENextEra Energy(NEE)2025-01-24 12:34

Financial Performance - NextEra Energy reported 2024 fourth-quarter net income of 1.203billion,or1.203 billion, or 0.58 per share, compared to 1.210billion,or1.210 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,comparedto3.43, compared to 3.17 in 2023[3] - NextEra Energy expects 2025 adjusted earnings per share to be in the range of 3.45to3.45 to 3.70, with continued dividend growth of approximately 10% annually through at least 2026[15] - Operating revenues for NextEra Energy totaled 5.385billionforthethreemonthsendedDecember31,2024,withFPLcontributing5.385 billion for the three months ended December 31, 2024, with FPL contributing 3.855 billion and NEER contributing 1.448billion[27]−NetincomeattributabletoNextEraEnergy,Inc.was1.448 billion[27] - Net income attributable to NextEra Energy, Inc. was 1.203 billion, with FPL contributing 845millionandNEERreportinganetlossof845 million and NEER reporting a net loss of 442 million[27] - Adjusted earnings for NextEra Energy were 1.095billion,withFPLcontributing1.095 billion, with FPL contributing 845 million and NEER contributing 446million[27]−Earningspershare(EPS)attributabletoNextEraEnergy,Inc.was446 million[27] - Earnings per share (EPS) attributable to NextEra Energy, Inc. was 0.58, with adjusted EPS at 0.53[27]−NextEraEnergy′soperatingrevenuesforQ42023were0.53[27] - NextEra Energy's operating revenues for Q4 2023 were 6.877 billion, with FPL contributing 4.196billionandNEERcontributing4.196 billion and NEER contributing 2.656 billion[29] - Net income attributable to NextEra Energy, Inc. for Q4 2023 was 1.210billion,withFPLcontributing1.210 billion, with FPL contributing 1.146 billion and NEER contributing 885million[29]−AdjustedearningsforNextEraEnergy,Inc.inQ42023were885 million[29] - Adjusted earnings for NextEra Energy, Inc. in Q4 2023 were 1.067 billion, with FPL contributing 846millionandNEERcontributing846 million and NEER contributing 361 million[29] - Earnings per share (EPS) attributable to NextEra Energy, Inc. for Q4 2023 was 0.59,withadjustedEPSat0.59, with adjusted EPS at 0.52[29] - Operating revenues for NextEra Energy totaled 24.753billion,withFPLcontributing24.753 billion, with FPL contributing 17.019 billion and NEER contributing 7.542billion[31]−NetincomeattributabletoNextEraEnergy,Inc.was7.542 billion[31] - Net income attributable to NextEra Energy, Inc. was 6.946 billion, with FPL contributing 4.543billionandNEERcontributing4.543 billion and NEER contributing 2.299 billion[31] - Adjusted earnings for NextEra Energy were 7.063billion,withFPLcontributing7.063 billion, with FPL contributing 4.543 billion and NEER contributing 3.118billion[31]−Earningspershare(EPS)attributabletoNextEraEnergy,Inc.was3.118 billion[31] - Earnings per share (EPS) attributable to NextEra Energy, Inc. was 3.37, with adjusted EPS at 3.43[31]−NextEraEnergy′stotaloperatingrevenuesforthetwelvemonthsendedDecember31,2023,were3.43[31] - NextEra Energy's total operating revenues for the twelve months ended December 31, 2023, were 28.114 billion, with FPL contributing 18.365billionandNEERcontributing18.365 billion and NEER contributing 9.672 billion[34] - Net income attributable to NextEra Energy, Inc. for the twelve months ended December 31, 2023, was 7.310billion,withFPLcontributing7.310 billion, with FPL contributing 4.552 billion and NEER contributing 3.558billion[34]−AdjustedearningsforNextEraEnergy,Inc.forthetwelvemonthsendedDecember31,2023,were3.558 billion[34] - Adjusted earnings for NextEra Energy, Inc. for the twelve months ended December 31, 2023, were 6.441 billion, with FPL contributing 4.251billionandNEERcontributing4.251 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,withFPLcontributing3.60, with FPL contributing 2.24 and NEER contributing 1.75[34]−AdjustedearningspershareforNextEraEnergy,Inc.forthetwelvemonthsendedDecember31,2023,were1.75[34] - Adjusted earnings per share for NextEra Energy, Inc. for the twelve months ended December 31, 2023, were 3.17, with FPL contributing 2.09andNEERcontributing2.09 and NEER contributing 1.36[34] - Net income for the twelve months ended December 31, 2024, was 5.698billion,withFPLcontributing5.698 billion, with FPL contributing 4.543 billion and NEER contributing 1.051billion[40]−NetincomeforthetwelvemonthsendedDecember31,2023,was1.051 billion[40] - Net income for the twelve months ended December 31, 2023, was 6.282 billion, with FPL contributing 4.552billionandNEERreportingalossof4.552 billion and NEER reporting a loss of 800 million[42] - 2023 earnings per share attributable to NextEra Energy, Inc. was 3.60,withFPLcontributing3.60, with FPL contributing 2.24 and NEER contributing 1.75[43]−2024earningspershareattributabletoNextEraEnergy,Inc.isprojectedtobe1.75[43] - 2024 earnings per share attributable to NextEra Energy, Inc. is projected to be 3.37, with FPL contributing 2.21andNEERcontributing2.21 and NEER contributing 1.12[43] - Adjusted earnings per share for 2024 is projected to be 3.43,upfrom3.43, up from 2.55 in 2021 and 1.33in2014[45]RenewableEnergyandStorageProjects−NextEraEnergyplacedapproximately8.7gigawattsofnewrenewablesandstorageprojectsintoservicein2024,expandingitsleadershipinpowergeneration[4]−FPLcommissionedroughly2.2gigawattsofnewsolarcapacityin2024,contributingtocustomersavingsofnearly1.33 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 8.2billion,withregulatorycapitalemployedincreasingby108.2 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 16.215billion[40]−CapitalexpendituresforFPLwere16.215 billion[40] - Capital expenditures for FPL were 9.302 billion, while NEER's independent power and other investments totaled 15.565billionforthetwelvemonthsendedDecember31,2023[42]RateAdjustmentsandCustomerImpact−FPLestimatesaproposedrateadjustmentwouldincreasetypicalresidentialcustomerbillsbyanaverageannualrateofapproximately2.515.565 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 1.092billion[27]−TotaloperatingexpensesforQ42023were1.092 billion[27] - Total operating expenses for Q4 2023 were 4.611 billion, with FPL accounting for 2.908billionandNEERaccountingfor2.908 billion and NEER accounting for 1.593 billion[29] - Total operating expenses for NextEra Energy were 17.626billion,withfuel,purchasedpower,andinterchangecostsaccountingfor17.626 billion, with fuel, purchased power, and interchange costs accounting for 5.029 billion[31] Interest and Tax Expenses - Interest expense for NextEra Energy totaled 725million,withFPLaccountingfor725 million, with FPL accounting for 304 million and NEER for 47million[27]−InterestexpenseforQ42023was47 million[27] - Interest expense for Q4 2023 was 1.981 billion, with NEER contributing 584millionandCorporateandOthercontributing584 million and Corporate and Other contributing 1.090 billion[29] - Income tax expense for NextEra Energy was 171million,withFPLcontributing171 million, with FPL contributing 157 million and NEER benefiting from a 258milliontaxbenefit[27]−InterestexpenseforNextEraEnergytotaled258 million tax benefit[27] - Interest expense for NextEra Energy totaled (2.235) billion, with FPL contributing (1.178)billionandNEERcontributing(1.178) billion and NEER contributing (1.114) billion[31] Investment Gains and Losses - XPLR Infrastructure, LP investment gains contributed 1.033billionpretaxand1.033 billion pretax and 781 million after tax to NEER's results[27][28] - XPLR Infrastructure, LP investment gains contributed 1.129billiontopretaxearningsand1.129 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,reducingEPSby(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)millionandEPSby(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,withNEERcontributing(1.497) billion, with NEER contributing (1.729) billion and Corporate and Other contributing 232million[35]−Netlossesassociatedwithnon−qualifyinghedgesfor2024areprojectedtobe232 million[35] - Net losses associated with non-qualifying hedges for 2024 are projected to be 0.45, compared to 1.04in2021and1.04 in 2021 and 0.18 in 2014[45] - XPLR Infrastructure, LP investment gains for 2024 are projected to be 0.55,comparedto0.55, compared to 0.02 in 2021 and 0in2014[45]−ChangeinunrealizedlossesonequitysecuritiesheldinNEER′snucleardecommissioningfundsfor2024isprojectedtobe0 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 0.14in2021and0.14 in 2021 and 0 in 2014[45] Asset and Liability Management - Total current assets as of December 31, 2024, were 11.951billion,withFPLcontributing11.951 billion, with FPL contributing 4.783 billion and NEER contributing 6.403billion[37]−TotalotherassetsasofDecember31,2024,were6.403 billion[37] - Total other assets as of December 31, 2024, were 178.193 billion, with FPL contributing 93.358billionandNEERcontributing93.358 billion and NEER contributing 82.995 billion[37] - Total liabilities as of December 31, 2024, were 129.283billion,withFPLcontributing129.283 billion, with FPL contributing 55.065 billion and NEER contributing 35.509billion[37]−TotalequityasofDecember31,2024,was35.509 billion[37] - Total equity as of December 31, 2024, was 60.460 billion, with FPL contributing 43.076billionandNEERcontributing43.076 billion and NEER contributing 53.488 billion[37] - Total assets for NextEra Energy as of December 31, 2023, amounted to 177.489billion,withcurrentassetsat177.489 billion, with current assets at 15.361 billion and other assets at 162.128billion[38]−TotalcurrentliabilitiesasofDecember31,2023,were162.128 billion[38] - Total current liabilities as of December 31, 2023, were 27.963 billion, with FPL at 8.076billionandNEERat8.076 billion and NEER at 13.086 billion[38] - Total equity as of December 31, 2023, was 57.768billion,withcommonshareholders′equityat57.768 billion, with common shareholders' equity at 47.468 billion and noncontrolling interests at 10.300billion[38]CashFlowandFinancingActivities−NetcashprovidedbyoperatingactivitiesforthetwelvemonthsendedDecember31,2024,was10.300 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 8.506billionandNEERcontributing8.506 billion and NEER contributing 4.527 billion[40] - Long-term debt issuances for the twelve months ended December 31, 2024, totaled 24.769billion,withFPLissuing24.769 billion, with FPL issuing 3.205 billion and NEER issuing 7.971billion[40]−Retirementsoflong−termdebtforthetwelvemonthsendedDecember31,2024,amountedto7.971 billion[40] - Retirements of long-term debt for the twelve months ended December 31, 2024, amounted to 10.113 billion, with FPL retiring 1.721billionandNEERretiring1.721 billion and NEER retiring 2.381 billion[40] - Net cash used in investing activities for the twelve months ended December 31, 2024, was 22.264billion,withFPLusing22.264 billion, with FPL using 8.384 billion and NEER using 13.532billion[40]−NetcashprovidedbyfinancingactivitiesforthetwelvemonthsendedDecember31,2024,was13.532 billion[40] - Net cash provided by financing activities for the twelve months ended December 31, 2024, was 7.000 billion, with FPL using 61millionandNEERproviding61 million and NEER providing 8.402 billion[40] - Net cash provided by operating activities for the twelve months ended December 31, 2023, was 11.301billion,withFPLcontributing11.301 billion, with FPL contributing 8.296 billion and NEER contributing 3.539billion[42]CorporateandOtherSegment−CorporateandOthersegmentreportedanetlossof3.539 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]