Summary
NextEra Energy Inc. (NEE) reported a net income of $272 million for the first quarter of 2013, a decrease from $461 million in the prior year period. This decline was primarily driven by a significant $300 million impairment charge related to its Spain solar projects, impacting its competitive energy business (NEER). While Florida Power & Light (FPL) saw an increase in net income due to investments in its rate base and favorable regulatory orders, NEER's results were also affected by lower contributions from new investments and a significant unrealized mark-to-market loss on non-qualifying hedges. The company continues to invest heavily in capital projects, with an estimated $10.9 billion for FPL and $2.9 billion for NEER planned through 2017. Despite the quarterly dip in earnings, NEE maintained a strong liquidity position with approximately $5.7 billion in net available liquidity. The company also announced a gain from discontinued operations related to the sale of hydropower generation plants. Investors should monitor the ongoing legal proceedings regarding the Spain solar projects, which could impact future financial performance, and the company's ability to manage its significant capital expenditure plans.
Financial Highlights
43 data points| Revenue | $3.28B |
| Operating Expenses | $2.85B |
| Operating Income | $434.00M |
| Net Income | $272.00M |
| EPS (Basic) | $0.16 |
| EPS (Diluted) | $0.16 |
| Shares Outstanding (Basic) | 1.68B |
| Shares Outstanding (Diluted) | 1.69B |
Key Highlights
- 1Net income decreased by 41% year-over-year to $272 million, largely due to a $300 million impairment charge on Spain solar projects.
- 2Florida Power & Light (FPL) reported an increase in net income to $288 million, driven by regulatory approvals and investments in its rate base.
- 3NextEra Energy Resources (NEER) experienced a net loss of $40 million, significantly impacted by the impairment charge and mark-to-market losses on derivative instruments.
- 4The company recognized a significant gain of $188 million from discontinued operations, primarily from the sale of hydropower generation plants.
- 5Total assets stood at $63.8 billion at the end of the quarter, with property, plant, and equipment remaining the largest component.
- 6NEE maintained strong liquidity with approximately $5.7 billion in net available liquidity.
- 7Capital expenditures remain a significant focus, with planned investments of $10.9 billion for FPL and $2.9 billion for NEER through 2017.