Summary
NextEra Energy, Inc. (NEE) reported a significant increase in net income for the three months ended June 30, 2011, compared to the same period in the prior year, reaching $580 million, or $1.39 per diluted share, up from $417 million, or $1.02 per diluted share. This growth was driven by strong performance in both its regulated utility segment (FPL) and its competitive energy business (NextEra Energy Resources), with FPL benefiting from rate base growth and NextEra Energy Resources seeing improved wind resource and lower depreciation expenses, despite a notable impairment charge. For the six months ended June 30, 2011, net income decreased to $848 million ($2.03 per diluted share) from $973 million ($2.37 per diluted share) in the prior year. This decline was primarily due to lower results from NextEra Energy Resources, impacted by extended refueling outages at nuclear plants and a significant change in unrealized mark-to-market gains/losses from non-qualifying hedges. However, FPL demonstrated resilience with increased net income for the period due to rate base growth and capital expenditure recovery. The company maintained a strong liquidity position with approximately $6.1 billion in net available liquidity.
Financial Highlights
42 data points| Revenue | $3.96B |
| Operating Expenses | $3.05B |
| Operating Income | $858.00M |
| Net Income | $580.00M |
| EPS (Basic) | $0.35 |
| EPS (Diluted) | $0.34 |
| Shares Outstanding (Basic) | 1.67B |
| Shares Outstanding (Diluted) | 1.68B |
Key Highlights
- 1Net income for the three months ended June 30, 2011, increased by 39% to $580 million, or $1.39 per diluted share, compared to $417 million, or $1.02 per diluted share, in the prior year.
- 2For the six months ended June 30, 2011, net income decreased by 13% to $848 million, or $2.03 per diluted share, compared to $973 million, or $2.37 per diluted share, in the prior year.
- 3FPL's net income increased by 14% to $301 million for the quarter and by 11% to $506 million for the six months, driven by rate base growth and cost recovery.
- 4NextEra Energy Resources recorded an impairment charge of $51 million ($31 million after-tax) related to certain long-lived assets, primarily wind and oil-fired generation assets.
- 5The company reported strong operating cash flow of $1,991 million for the six months ended June 30, 2011, an increase from $1,748 million in the prior year.
- 6Total assets grew to $54.56 billion as of June 30, 2011, up from $52.99 billion at the end of 2010, primarily due to increases in property, plant, and equipment.
- 7NextEra Energy maintained robust liquidity, with approximately $6.1 billion in net available liquidity as of June 30, 2011.