NextEra Energy(US:NEE)2023-11-06 16:00Financial Performance - Operating revenues for Q3 2023 were $7,172 million, a 6.7% increase from $6,719 million in Q3 2022[21] - Net income attributable to NextEra Energy (NEE) for Q3 2023 was $1,219 million, down 28.2% from $1,696 million in Q3 2022[21] - Earnings per share attributable to NEE for Q3 2023 were $0.60, compared to $0.86 in Q3 2022, reflecting a decrease of 30.2%[21] - Comprehensive income attributable to NEE for Q3 2023 was $1,192 million, down from $1,641 million in Q3 2022, representing a decrease of 27.3%[23] - Net income for the nine months ended September 30, 2023, was $5,367 million, a significant increase from $1,979 million in 2022, representing a growth of approximately 171%[29] - Net income for the nine months ended September 30, 2023, was $3,406 million, compared to $2,939 million for the same period in 2022, reflecting an increase of 15.9%[47] - NEE's net income (loss) decreased by $885 million for the three months ended September 30, 2023, while it increased by $3,383 million for the nine months[207] Operating Expenses - Total operating expenses for Q3 2023 were $5,343 million, an increase of 6.3% from $5,028 million in Q3 2022[21] - Operating expenses for the nine months ended September 30, 2023, increased by $400 million, primarily due to a $226 million rise in O&M expenses and a $213 million increase in depreciation and amortization[214] Assets and Liabilities - Total assets as of September 30, 2023, were $171,674 million, an increase from $158,935 million as of December 31, 2022[27] - Total liabilities as of September 30, 2023, were $115,106 million, compared to $109,499 million as of December 31, 2022, indicating an increase of 5.0%[27] - The company reported a total current liabilities of $8,652 million as of September 30, 2023, compared to $7,843 million at the end of 2022, an increase of 10.3%[45] - The company’s long-term debt increased to $59,183 million as of September 30, 2023, from $55,256 million as of December 31, 2022, reflecting a rise of 3.5%[27] Cash Flow - Net cash provided by operating activities increased to $8,423 million in 2023 from $7,267 million in 2022, reflecting a rise of about 16%[29] - The company reported net cash used in investing activities of $18,777 million, compared to $13,849 million in 2022, marking an increase of about 35%[29] - Cash paid for interest (net of amount capitalized) was $1,797 million for the nine months ended September 30, 2023, compared to $828 million in 2022[29] Capital Expenditures - Total capital expenditures for FPL were $7,279 million, up from $6,021 million in the previous year, indicating an increase of approximately 21%[29] - Capital expenditures for the nine months ended September 30, 2023, totaled $7,279 million, compared to $6,021 million in 2022, reflecting an increase of 20.9%[47] - NextEra Energy expects estimated capital expenditures of approximately $35.855 billion from 2023 through 2027, with significant investments in generation, transmission, and distribution[160] Dividends - Dividends on common stock for the three months ended September 30, 2023, were $946 million, with a dividend per share of $0.4675[32] - Dividends to NEE for the nine months ended September 30, 2023, were $3,565 million, compared to $2,000 million in 2022, indicating an increase of 78.3%[47] Derivative Instruments and Risks - NEE and FPL utilize derivative instruments to manage risks associated with fuel and electricity purchases, with fair value changes recorded as regulatory assets or liabilities[55] - NEE's total derivative assets amounted to $3,737 million, while total derivative liabilities were $2,664 million, resulting in a net derivative asset position of $1,073 million[68] - The aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features in a liability position was approximately $4.2 billion as of September 30, 2023[86] Legal and Regulatory Matters - The company is involved in ongoing legal proceedings, including a class action lawsuit related to service interruptions from Hurricane Irma, which could impact its financial condition[175] - The Florida Public Service Commission (FPSC) approved FPL's request to recover a 2022 fuel under-recovery of approximately $2.1 billion over 21 months, effective April 2023[147] Acquisitions and Investments - NextEra Energy Resources acquired a portfolio of renewable energy projects for approximately $1.1 billion in cash and the assumption of $34 million in debt, consisting of 31 biogas projects[117] - In June 2023, NextEra Energy Resources sold five wind and three solar generation facilities with a total capacity of 688 MW for approximately $566 million[151] Miscellaneous - NEE is the world's largest generator of renewable energy from wind and solar based on 2022 MWh produced on a net generation basis[184] - NEE's effective income tax rates for the three months ended September 30, 2023, were approximately (5)%, compared to 17% for the same period in 2022[195]