NextEra Energy Inc (NEE, Financial) released its third-quarter 2023 financial results on October 24, 2023. The company reported a GAAP net income of $1,219 million, or $0.60 per share, compared to $1,696 million, or $0.86 per share, for the third quarter of 2022. On an adjusted basis, NextEra Energy's third-quarter 2023 earnings were $1,920 million, or $0.94 per share, compared to $1,683 million, or $0.85 per share, in the third quarter of 2022.
Company Performance and Financial Highlights
NextEra Energy's performance in the third quarter of 2023 was strong, with the company delivering adjusted earnings per share growth of approximately 10.8% through three quarters. The company's renewable energy division, NextEra Energy Resources, added approximately 3,245 megawatts of new renewables and storage projects to its backlog, which now totals over 21 gigawatts, net of projects placed in service.
NextEra Energy Resources reported a net loss of $230 million for the third quarter of 2023, compared to a net income of $655 million in the same period last year. Despite this, the division delivered a record quarter of new renewables and storage origination.
Outlook and Future Expectations
NextEra Energy's long-term financial expectations remain unchanged. The company expects adjusted earnings per share to be in the ranges of $2.98 to $3.13 for 2023 and $3.23 to $3.43 for 2024. For 2025 and 2026, NextEra Energy expects to grow 6% to 8%, off the 2024 adjusted earnings per share range. This translates to a range of $3.45 to $3.70 for 2025 and $3.63 to $4.00 for 2026.
The company also continues to expect to grow its dividends per share at a roughly 10% rate per year through at least 2024, off a 2022 base. This strong financial outlook underscores NextEra Energy's commitment to creating long-term value for its customers and shareholders.
Final Remarks
NextEra Energy Inc (NEE, Financial) continues to demonstrate strong financial performance and growth, despite the challenges presented by the current economic climate. The company's focus on renewable energy and storage projects positions it well for future growth and success in the energy sector.
