Following a concerning Q3 net loss, NextEra Energy Partners, LP (NEP, Financial) saw its stock plunge 9.4% in early trade Wednesday. From the 57 cent per profit noted in the same time last year, NEP reported a net loss of 43 cents per unit, reporting a plummeting drop. Operating revenues dropped 13% to $319 million while the company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) dipped 7.2% YOY to $453 million.
The company's cash for distribution dropped 37% to $155 million, indicating difficulties in the renewable energy space. Notwithstanding these challenges, NextEra Energy Partners increased its wind repowering target to around 1.9 gigabytes of wind projects by 2026, from a previous aim of 1.3 gigabytes.
After disclosing a Q3 net income gain to $1.85 billion, or 90 cent per share, NextEra Energy (NEE, Financial) separately climbed higher in early trading. From a loss of $230 million previously, NextEra Energy Resources, its renewable energy arm, swung to a $1.22 billion profit. Its biggest unit, Florida Power & Light, showed a net income of $1.29 billion, rising from $1.18 billion in the previous year.
