By Dow Jones Business News, November 01, 2013, 08:13:00 AM EDT
By Nathalie Tadena
NextEra Energy Inc.'s ( NEE ) third-quarter earnings increased 68% on gains at its utility and competitive-energy
NextEra--the largest U.S. renewable-energy generator and owner of the utility Florida Power & Light--has been spending
more for plant upgrades and growth projects to support its expanding customer base. The company also faces challenges
from low natural-gas and power prices at its wholesale power business.
NextEra reported a profit of $698 million, or $1.64 a share, up from $415 million, or 98 cents a share, a year
earlier. Excluding items such as hedging activity and impairment, adjusted earnings rose to $1.43 a share from $1.26 a
share. Operating revenue rose 14% to $4.39 billion.
Analysts polled by Thomson Reuters most recently projected per-share earnings of $1.40 a share on revenue of $4.42
Earnings from Florida Power & Light Co., which accounts for the bulk of the company's revenue, rose 7.7% to $422
million. The company noted it has been increasing investment in Florida Power to improve reliability, reduce emissions
and lower fuel costs.
NextEra Energy resources, the company's competitive energy business, soared to $281 million from $44 million, driven
by gains from new contract renewables projects.
The company projects 2014 adjusted earnings between $5.05 to $5.45, bracketing the $5.29 estimate from analysts.
NextEra continues to expect 2013 earnings to be in the upper half of its prior guidance.
Shares closed at $84.75 and were inactive premarket. Through the close, the stock is up 22% since the start of the
Write to Nathalie Tadena at firstname.lastname@example.org
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