NextEra Energy Earnings More Than Double in First Quarter

By Dimitrios Kontos

NextEra Energy Inc. (NEE) on Tuesday said earnings more than doubled in its first quarter reflecting the impact of the recent tax reform and the de-consolidation of NextEra Energy Partners LP (NEP) from its financial statements.

The Florida-based energy company reported a quarterly profit of $4.43 billion, or $9.32 a share, up from $1.58 billion, or $3.37 a share, a year earlier.

Excluding items, NextEra Energy reported an adjusted profit of $1.94 a share, compared with $1.75 a share last year and analysts' forecasts of $1.81 a share.

Sales fell to $3.86 billion from $3.97 billion in the year-earlier period. This compares with analysts' forecasts of $4.23 billion.

The company said that it continues to expect 2018 adjusted earnings per share to be in the range of $7.45 to $7.95.

Chief Executive Jim Robo said "I will be disappointed if we are not able to continue to deliver financial results at or near the top of our 6% to 8% adjusted earnings per share compound annual growth rate range through 2021."

Write to Dimitrios Kontos at [e-mail]

(END) Dow Jones Newswires

April 24, 2018 08:40 ET (12:40 GMT)

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