Summary
NextEra Energy Inc. (NEE) reported its financial results for the second quarter and first six months of 2013, showcasing a mixed performance across its operating segments. For the three months ended June 30, 2013, NEE's net income slightly increased to $610 million ($1.44/share diluted) from $607 million ($1.45/share diluted) in the prior year. However, for the six months ended June 30, 2013, net income decreased to $883 million ($2.08/share diluted) from $1,068 million ($2.57/share diluted) in the same period last year. The company's performance was significantly impacted by a substantial impairment charge of $300 million ($342 million after-tax) related to its Spain solar projects, which heavily influenced the year-to-date results. Florida Power & Light (FPL), the regulated utility segment, demonstrated steady performance with increased net income driven by investments in plant in service. In contrast, NextEra Energy Resources (NEER), the competitive energy business, experienced a decline in earnings, primarily due to the aforementioned impairment and unfavorable mark-to-market derivative impacts, partially offset by contributions from new investments and discontinued operations gains.
Financial Highlights
43 data points| Revenue | $3.83B |
| Operating Expenses | $2.85B |
| Operating Income | $981.00M |
| Net Income | $610.00M |
| EPS (Basic) | $0.36 |
| EPS (Diluted) | $0.36 |
| Shares Outstanding (Basic) | 1.69B |
| Shares Outstanding (Diluted) | 1.70B |
Key Highlights
- 1For the second quarter of 2013, NextEra Energy reported a slight increase in net income to $610 million, or $1.44 per diluted share, compared to $607 million, or $1.45 per diluted share, in the prior year's quarter.
- 2First six months of 2013 net income decreased to $883 million ($2.08/share diluted) from $1,068 million ($2.57/share diluted) in the same period of 2012, largely due to a significant $300 million impairment charge.
- 3A substantial impairment charge of $300 million ($342 million after-tax) was recorded in the first half of 2013 related to NEER's Spain solar projects.
- 4Florida Power & Light (FPL) saw an increase in net income for both the quarter ($391 million vs. $353 million) and the first six months ($679 million vs. $592 million), driven by increased investments in its rate base.
- 5NextEra Energy Resources (NEER) experienced a significant decrease in net income for the first six months of 2013 to $189 million from $472 million in 2012, impacted by the Spain solar project impairment and derivative mark-to-market losses.
- 6The company generated $2.25 billion in net cash from operating activities for the first six months of 2013, an increase from $1.93 billion in the prior year, indicating strong operational cash flow.
- 7Total assets grew to $65.2 billion at June 30, 2013, from $64.4 billion at December 31, 2012, reflecting continued investment in property, plant, and equipment.