NextEra Energy(NEE) - 2024 Q4 - Annual Results

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]