NextEra Energy Misses on Bottom Line for Q4 2013 Earnings
NextEra Energy announced Q4 2013 earnings today, matching top-line expectations but missing on the bottom.
The utility's Q4 revenue clocked in at $3.63 billion, exactly in line with Capital IQ estimates. But the company kept less of its sales than expected, with $0.95 adjusted earnings per share (EPS) missing predictions by $0.02.
With this latest report, NextEra Energy closed out fiscal 2013 with $2.1 billion in earnings, equivalent to an adjusted $4.97 EPS.
"NextEra Energy delivered solid results to finish the year as we executed well on the goals we set for the company," said NextEra Energy Chairman and CEO James Robo in a statement today. "At FPL [Florida Power & Light subisidiary], we completed the modernization of our Cape Canaveral facility, accelerated our storm hardening program and strengthened our electric grid, all of which help to provide our customers with greater efficiency and reliability, as well as the lowest typical residential bill in the state. At NextEra Energy Resources, we executed well on our solar construction program and signed more than 1,100 MW of wind power purchase agreements. Across the enterprise, we delivered great operational performance as well as terrific cost performance as we completed a very strong year."
The utility's current Florida Power & Light modernization projects are on time and on budget, and the company has installed around 4.5 million smart meters to increase the reliability and efficiency of its services. New renewables projects boosted adjusted EPS growth for generation subsidiary Energy Resources, and the company is consistently working its way through its current backlog.
Looking ahead, NextEnergy expects 2014 adjusted EPS to clock in between $5.05 and $5.45, with a compound annual growth rate between 5% and 7% through 2016, using 2012 as the base year.
As of this writing, NextEra Energy shares are up around 2% for the day.
The article NextEra Energy Misses on Bottom Line for Q4 2013 Earnings originally appeared on Fool.com.Justin Loiseau has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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