NextEra Energy Inc (NYSE: NEE) stock rose over 0.7% on 22nd April, 2021 (as of 09:58:27 UTC-4 · USD; Source: Google finance) after the company posted decent results for the first quarter of FY 21. NEE in the first quarter of FY 21 has reported the adjusted earnings per share of 67 cents, beating the analysts’ estimates for the adjusted earnings per share of 61 cents.
FPL has increased the net income by approximately $78 million from the prior-year comparable period, which was due to continued investment in the business for the benefit of the customers. During the first quarter, FPL successfully placed in service about 300 megawatts of additional cost-effective solar projects built under its SolarTogether program, which remains the largest community solar program in the nation.
FPL now owns and operates approximately 2,640 megawatts of solar on its combined system, which is more than any other utility in the country. FPL’s other major capital investments, including the 409-megawatt Manatee Energy Storage Center and highly efficient 1,200 megawatt Dania Beach Clean Energy Center are also on schedule and on budget.
Moreover, Gulf Power has posted a 43% increase in net income year-over-year, mainly due to year-to-date O&M costs declining by approximately 21% compared to the prior-year comparable period, and by more than 34% relative to 2018. At Energy Resources, the adjusted earnings increased 13% year-over-year and has the backlog increasing by approximately 1,750 megawatts. Gulf Power has reported first quarter 2021 net income of $57 million and its capital expenditures were $170 million for the quarter as the company continues to execute on smart capital investments for the benefit of customers. All of Gulf Power’s major capital investments, including the North Florida Resiliency Connection are expected to be in service in mid-2022.
The company has added 916 megawatts of new wind projects to the backlog for 2022. The company has added approximately 1,750 megawatts this quarter, the backlog of signed contracts at Energy Resources now totals approximately 15,250 megawatts, supporting the industry leading long term growth expectations.
For fiscal 2021, NextEra left its adjusted earnings forecast unchanged, with profits expected to grow up to 8% year-over-year to be in the range of $2.40 and $2.54 per share. The analysts polled by FactSet are expecting earnings of $2.51 per share for the year.