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NextEra Energy Beats Wall Street's Estimates On Lower Gas Prices

The world's largest utility company, NextEra Energy Inc. (NYSE:NEE), has topped Wall Street's revenue and earnings estimates for Q4 2023, helped in large part by lower natural gas prices. NextEra has reported Q4 Non-GAAP EPS of $0.52, $0.03 above the Wall Street consensus, while revenue of $6.87B (+11.5% Y/Y) beat by $550M. The electric utility, which generates most of its electricity from natural gas, received a big boost after gas prices fell about 14% in the quarter from the third quarter, on milder-than-expected winter and ample storage. 

NextEra Energy owns Florida Power & Light Company, America's largest electric utility that sells more power than any other utility. Florida Power & Light increased its average number of customers by nearly 81,000 in the final quarter despite retail sales coming in 1.8% lower due to weather-related problems.

Unfortunately, NextEra Energy's renewable energy subsidiary, NextEra Energy Resources, has reported a fall in earnings despite record installations. The company posted adjusted earnings per share of $0.18 compared to $0.20 in Q4 2022. According to Chief Executive Officer John Ketchum, NextEra Energy Resources, for the full year, the company added 9,000 MW of new renewables and battery storage projects to its backlog, marking its best-ever year for originations.

NextEra Energy's management has revealed that the company's long-term financial expectations remain unchanged. For FY 2024, the company expects adjusted earnings per share to clock in in the $3.23 to $3.43 range, with the metric expected to expand by 6% to 8% in FY 2025 and FY 2026, off the 2024 adjusted earnings per share range. This works out to adjusted earnings of $3.45 to $3.70 for 2025 and $3.63 to $4.00 for 2026. NextEra Energy has also announced that it expects to grow its dividend by ~10% per year through at least 2024, off a 2022 base.

Alex Kimani for Oilprice.com

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