Summary
NextEra Energy, Inc. (NEE) reported a decrease in net income for the third quarter and nine months ended September 30, 2011, compared to the prior year. For the three months, net income was $407 million, down from $720 million in 2010, and for the nine months, it was $1.26 billion, down from $1.69 billion. This decline was primarily driven by a significant loss on assets held for sale and a decrease in earnings from NextEra Energy Resources, its competitive energy business. However, Florida Power & Light (FPL), the regulated utility segment, showed improved earnings due to rate base growth and capital expenditure recovery. Investors should note the ongoing strategic divestitures within NextEra Energy Resources, which contributed to the reported losses but may streamline the company's portfolio.
Financial Highlights
42 data points| Revenue | $4.38B |
| Operating Expenses | $3.47B |
| Operating Income | $902.00M |
| Net Income | $407.00M |
| EPS (Basic) | $0.24 |
| EPS (Diluted) | $0.24 |
| Shares Outstanding (Basic) | 1.67B |
| Shares Outstanding (Diluted) | 1.68B |
Key Highlights
- 1Net income for the third quarter of 2011 was $407 million ($0.97 per diluted share), a decrease from $720 million ($1.74 per diluted share) in the same period of 2010.
- 2Net income for the first nine months of 2011 was $1.26 billion ($3.00 per diluted share), a decrease from $1.69 billion ($4.11 per diluted share) in the comparable period of 2010.
- 3A significant factor in the reduced earnings was a loss of $148 million related to assets held for sale, primarily natural gas-fired generating plants.
- 4Florida Power & Light (FPL) reported an increase in net income for both the three and nine-month periods, driven by rate base growth and higher earnings from capital expenditures recovered through cost recovery clauses.
- 5NextEra Energy Resources, the competitive energy segment, experienced a substantial decline in net income, impacted by lower results from trading businesses, impairment charges, and the loss on asset sales.
- 6The company maintained a strong liquidity position, with approximately $5.5 billion in net available liquidity at September 30, 2011.
- 7Capital expenditures remain significant, with planned investments totaling over $10 billion for FPL and over $5.6 billion for NextEra Energy Resources through 2015, focused on generation, transmission, and distribution improvements.