NextEra Energy Q3 Earnings Beat Estimates, Shares Surge

Record renewable energy and storage origination quarter, ongoing investments contribute to NextEra Energy's Q3 earnings beat with revenue up 6.7% to $7.17 billion.

NextEra Energy reported a 6.7% year-over-year increase in Q3 2023 revenue, beating the estimate of $7.09 billion with revenue reaching $7.17 billion. Adjusted EPS of $0.94 was also higher than the consensus of $0.88.
The company's Florida Power & Light Company net income rose to $1.18 million, up from $1.07 million in Q3 2022, thanks to continued investment in the business.
Renewable energy unit Next Energy Resources observed ~21% growth in adjusted earnings year-over-year, primarily driven by new renewable investments.
NextEra Energy Resources added a record 3,245 megawatts to its backlog in the quarter, making it the best renewables and storage origination quarter in the company's history. The backlog now totals over 21 gigawatts, net of projects placed in service.
NextEra Energy maintains its outlook for adjusted earnings per share for 2023 and 2024, expecting a range of $2.98 to $3.13 and $3.23 to $3.43, respectively. For 2025 and 2026, the company projects growth of 6% to 8%, with earnings per share expected to be $3.45 to $3.70 for 2025 and $3.63 to $4 for 2026.