NextEra 3Q profit up 68 percent
NEWS: NextEra Energy Inc.'s third-quarter profit jumped 68 percent, beating analyst expectations, as profits grew quickly in its renewable energy business.
DETAILS: NextEra, based in Juno Beach, Fla., owns the Florida Power & Light Co. and utility and renewable energy company NextEra Energy Resources. Profits in Florida Power & Light rose 7.7 percent to $422 million as added customers helped offset slightly lower retail sales because of mild weather. Adjusted profits in its NextEra unit rose 17 percent to $190 million as it added more renewable energy projects.
NUMBERS: The company earned $698 million, or $1.64 per share, for the quarter that ended Sept. 30. During the same period last year it earned $415 million, or 98 cents per share. Revenue rose 14.3 percent to $4.39 billion, from $3.84 billion a year earlier. If not for one time items it said it would have earned $1.43 per share in the most recent quarter. Analysts surveyed by FactSet had been expecting a profit of $1.39 per share on revenue of $4.42 billion.
FUTURE: NextEra said adjusted earhings for the full year would be in the upper half of its previous guidance of $4.70 to $5 per share. It now expects adjusted 2014 earnings of $5.05 to $5.45 per share. Analysts had been expecting $4.95 per share for this year and $5.30 for next year.
STOCK: Up $3.93, or 4.6 percent, to $88.68 in morning trading. Earlier in the morning it set a new 52-week high of $89.43.