NextEra Energy (NEE) Beats Q1 Earnings, Revenue Estimates
Zacks Investment Research | Apr 20, 2017 10:42PM ET
NextEra Energy, Inc. (NYSE:NEE) reported first-quarter 2017 adjusted earnings of $1.75 per share, beating the Zacks Consensus Estimate of $1.56 by 12.2%. Reported earnings were also up by 10.1% year over year.
The year over year growth in earnings was primarily due to solid contribution from both Florida Power & Light Company and NextEra Energy Resources segments.
On a GAAP basis, NextEra Energy recorded first-quarter earnings of $3.37 per share, up from $1.41 a year ago. The variance between GAAP and adjusted earnings was primarily due to gain of $2.33 from the sale of fiber optic telecommunication business and 37 cents from hedges. The gains were offset by one time charges like merger related expenses of 7 cents, operating loss in Spain solar projects of 2 cents and income tax expenses of 99 cents.
Total Revenue
In the first quarter, NextEra Energy’s operating revenues were $3,972 million, surpassing the Zacks Consensus Estimate of $3,943 million by nearly 0.7%. Reported revenues also improved 3.6% from $3,835 million a year ago.
Segmental Results
Florida Power & Light Company (FPL): Earnings came in at 95 cents per share, up 11.8% from the prior-year quarter figure. Revenues amounted to $2,527 million, up 9.7% from $2,303 in the prior-year quarter.
NextEra Energy Resources (NEER): Quarterly earnings came in at 76 cents per share, up from 66 cents in the year-ago quarter. Revenues dropped 1.2% to $1,424 million.
Corporate and Other: Quarterly earnings were 4 cents compared with year ago earnings of 8 cents. Revenues in the reported quarter came in at $21 million, down 76.9%.
NextEra Energy, Inc. Price, Consensus and EPS Surprise
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Upcoming Peer Releases
DTE Energy Co. (NYSE:DTE) is expected to report first-quarter 2017 results on Apr 26. The Zacks Consensus Estimate is pegged at $1.57.
Entergy Corp. (NYSE:ETR) is slated to report first-quarter 2017 results on Apr 26. The Zacks Consensus Estimate stands at $1.02.
CMS Energy Corp. (NYSE:CMS) is scheduled to report first-quarter 2017 results on May 1. The Zacks Consensus Estimate stands at 66 cents.
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