NextEra Energy 1Q Sales Fall at Both Segments
By Dean Seal
NextEra Energy logged higher earnings but lower revenue in the first quarter, with top line declines at both its major electric utility and its renewables business.
The renewable energy provider posted a profit of $2.27 billion, or $1.10 a share, compared with $2.09 billion, or $1.04 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were 91 cents a share. Analysts surveyed by FactSet had been expecting 80 cents a share.
Quarterly revenue fell to $5.73 billion from $6.72 billion last year, below analysts' forecasts of $6.15 billion, according to FactSet.
Revenue at NextEra Energy Resources, NextEra's renewable-energy arm, fell to $1.86 billion from $2.79 billion in the year-ago quarter.
NextEra's biggest unit and the largest U.S. electric utility, Florida Power & Light, recorded operating revenue of $3.83 billion, sliding from $3.92 billion a year ago.
Operating expenses across the company were about flat with where they were a year ago.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 23, 2024 08:23 ET (12:23 GMT)
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