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JUNO BEACH, Fla. (AP) — NextEra Energy Inc. said Tuesday that its net income dropped 36 percent in the fourth quarter, coming off a prior-year period that included a large gain related to hedging.
Its adjusted results, excluding one-time items, beat Wall Street's expectations.
For the period ended Dec. 31, the energy company earned $429 million, or $1.02 per share. That's down from $667 million, or $1.59 per share, a year ago.
Excluding impairments on some investments and other items, earnings were $1.03 per share. Analysts polled by FactSet expected earnings of 95 cents per share.
Operating revenue declined by 12 percent to $3.38 billion. Wall Street forecast $4.6 billion in revenue.
Full-year net income dipped to $1.91 billion, or $4.56 per share, from $1.92 billion, or $4.59 per share, in the previous year.
Adjusted earnings were $4.57 per share.
Annual operating revenue fell 7 percent to $14.26 billion.
Looking ahead, NextEra — with subsidiaries that include Florida Power & Light Co. and NextEra Energy Resources LLC — expects 2013 adjusted earnings of $4.70 to $5 per share.
Analysts predict 2013 earnings of $4.94 per share.
Shares of NextEra fell 5 cents to $72.35 in morning trading.