Summary
NextEra Energy, Inc. (NEE) reported its first-quarter 2016 financial results, showing a slight decrease in net income attributable to NEE to $636 million, or $1.37 per diluted share, compared to $650 million, or $1.45 per diluted share, in the prior year's quarter. This dip was primarily driven by lower results at its competitive energy business, NEER, which were partially offset by stronger performance from its regulated utility, Florida Power & Light (FPL). FPL demonstrated solid growth, with net income increasing to $393 million, supported by ongoing investments in its infrastructure and a higher regulatory return on equity. Conversely, NEER's net income declined, largely due to significant unrealized mark-to-market losses on non-qualifying hedges, a reversal from gains in the previous year, alongside higher interest and administrative expenses. Despite the overall dip in net income, NEE's operating cash flows strengthened significantly, increasing to $1,545 million from $1,181 million in the prior year quarter, indicating robust operational cash generation.
Financial Highlights
43 data points| Operating Expenses | $2.60B |
| Operating Income | $1.23B |
| Net Income | $653.00M |
| EPS (Basic) | $0.35 |
| EPS (Diluted) | $0.35 |
| Shares Outstanding (Basic) | 1.84B |
| Shares Outstanding (Diluted) | 1.85B |
Key Highlights
- 1Net income attributable to NEE decreased by $14 million to $636 million for the three months ended March 31, 2016, compared to $650 million in the same period of 2015.
- 2Diluted earnings per share (EPS) attributable to NEE decreased to $1.37 from $1.45.
- 3Florida Power & Light (FPL) saw its net income increase by $34 million to $393 million, driven by higher earnings from investments in plant in service and regulatory ROE.
- 4NEER's net income decreased by $56 million to $224 million, primarily due to unrealized mark-to-market losses on non-qualifying hedges and higher interest and administrative expenses.
- 5Operating cash flows improved substantially, increasing by $364 million to $1,545 million for the first quarter of 2016.
- 6Capital expenditures increased significantly, with FPL investing $1,195 million and NEER investing $2,641 million, totaling $3,879 million for the quarter, reflecting continued investment in infrastructure and growth projects.