NextEra 3Q Profit Tops Expectations

By Dieter Holger

NextEra Energy Inc. profit grew above Wall Street's expectations in the latest quarter though sales came below forecasts and there was a decline in earnings among its renewable-energy division.

The Juno Beach, Fla.-based power provider on Wednesday reported third-quarter earnings of $1.23 billion, or $2.50 a share, up from $879 million, or $1.81 a share, a year ago.

Adjusted earnings were $2.66 a share, rising from $2.39 last year. Analysts polled by FactSet expected adjusted earnings of $2.59 a share.

NextEra Energy Resources, the company's renewable-energy division, was the only segment to post a decline in profit to $376 million compared with $381 million in the previous year. But the company said it added a record-high 2,200 megawatts worth of orders to its backlog in the quarter.

Operating revenues at NextEra fell to $4.79 billion in the quarter, down from $5.57 billion in the previous year. Analysts had expected higher sales of $5.4 billion.

NextEra, which is the biggest rate-regulated electric utility in the U.S., has sought a $60 billion takeover of Duke Energy Corp. that was rebuffed, The Wall Street Journal reported in late September.

Write to Dieter Holger at [e-mail]

(END) Dow Jones Newswires

October 21, 2020 08:29 ET (12:29 GMT)

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