NextEra Energy(NEE)2024-07-24 16:41Financial Performance - Net income attributable to NEE decreased by $1,173 million for the three months ended June 30, 2024, reflecting lower results at NEER and Corporate and Other, partly offset by higher results at FPL[124]. - NEE's earnings per share for the three months ended June 30, 2024, was $0.79, compared to $1.38 in the same period of 2023[121]. - For the six months ended June 30, 2024, NEE reported a net income of $1,489 million, compared to $2,764 million for the same period in 2023, reflecting a decrease of approximately 46%[173]. - Net income for the three months ended June 30, 2024, was $1.296 billion, down 49.5% from $2.564 billion in the same period last year[223]. - Comprehensive income attributable to NEE for the three months ended June 30, 2024, was $1.618 billion, compared to $2.795 billion for the same period in 2023[223]. - Net income for the six months ended June 30, 2024, was $3,233 million, a decrease from $4,349 million in the same period of 2023, representing a decline of approximately 25.6%[239]. Revenue and Expenses - Operating revenues for NEE for the six months ended June 30, 2024, were $11,801 million, down from $28,114 million in the previous year, representing a decline of approximately 58%[173]. - Operating revenues for the three months ended June 30, 2024, were $6.069 billion, a decrease of 17.4% compared to $7.349 billion for the same period in 2023[222]. - Operating income for the six months ended June 30, 2024, was $3.682 billion, a decline of 35.7% compared to $5.741 billion for the same period in 2023[222]. - Total operating expenses for the three months ended June 30, 2024, were $4.428 billion, a decrease of 2.8% from $4.556 billion in the same period last year[222]. - Revenue from contracts with customers for the three months ended June 30, 2024, was approximately $6.0 billion, a decrease from $6.3 billion in the same period of 2023, reflecting a decline of about 4.8%[256]. Capital Expenditures - FPL's capital expenditures for the six months ended June 30, 2024, totaled $4,408 million, compared to $4,732 million in the same period of 2023[129]. - NEER's total capital expenditures for the six months ended June 30, 2024, were $10,120 million, an increase from $8,292 million in the prior year[129]. - Capital expenditures of Florida Power & Light (FPL) were $4,260 million for the six months ended June 30, 2024, down from $4,664 million in the prior year, indicating a reduction of approximately 8.7%[239]. Liquidity and Debt - NEE's total net available liquidity was approximately $13.6 billion as of June 30, 2024[131]. - NEE's total current liabilities stood at $26,231 million, with total noncurrent liabilities at $99,057 million, highlighting significant obligations[170]. - NEE's long-term debt as of June 30, 2024, was $25,037 million, up from $23,609 million as of December 31, 2023, indicating an increase of approximately 6%[272]. - Issuances of long-term debt, including premiums and discounts, totaled $14,111 million for the six months ended June 30, 2024, compared to $9,978 million in the same period of 2023, reflecting an increase of about 41.5%[239]. Investments and Assets - NEE's total assets increased to $95,055 million as of June 30, 2024, from $91,469 million at the end of 2023[133]. - Total current assets for NEE as of June 30, 2024, were $12,803 million, while total noncurrent assets were $171,921 million, indicating a strong asset base[170]. - As of June 30, 2024, NEE subsidiaries had investments totaling approximately $5,505 million, primarily in commingled funds and asset-backed securities[163]. - The assets and liabilities of eight indirect subsidiaries owning solar generation facilities were approximately $1,749 million and $533 million, respectively, at June 30, 2024[316]. Risk Management - NEE's risk management policies are in place to monitor and manage market risks associated with commodity prices, interest rates, and equity prices[172]. - NEE's exposure management committee oversees market risk management policies and receives periodic updates on market positions and credit exposures[182]. - The company faces risks related to regulatory changes that could materially affect its financial condition and operations[258]. - NEE's credit risk exposure associated with energy marketing and trading operations totaled approximately $3.0 billion as of June 30, 2024, with 92% of this exposure to investment-grade companies[202]. Shareholder Returns - The company has a share repurchase program authorized for up to 180 million shares, with 12,923 shares purchased at an average price of $76.91 during the three months ended June 30, 2024[207]. - Dividends on common stock for the six months ended June 30, 2024, amounted to $2,115 million, up from $1,876 million in the same period of 2023, representing an increase of approximately 12.7%[239]. - Dividends to NEE for the six months ended June 30, 2024, were $3,700 million, an increase from $2,065 million in the same period of 2023[252][253]. Operational Efficiency - The company is continuously seeking to improve operational efficiency and effectiveness[196]. - The company plans to continue focusing on market expansion and new technology development to drive future growth[224].