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NextEra Energy reports profit surge

By Palm Beach Business.com

JUNO BEACH — NextEra Energy, parent of Florida Power & Light, on Wednesday reported first quarter earnings of $461 million, or $1.11 a share, compared with profit of $268 million, or 64 cents a share, for the same period a year ago.

The company cited investment in core utilities business plus wind and renewable sources for the strong results.

On an adjusted basis — tossing out the effects of certain investment hedges for one of its subsidiaries — NextEra earned $422 million, or $1.02 a share, compared with $392 million, or 94 cents a share during the year-ago period.

"NextEra Energy continued to deliver solid results in the first quarter of 2012,” CEO Lew Hay said in a statement. “At Florida Power & Light Co., earnings growth was driven by increased investments in the business that are helping to provide our customers with the lowest bills in the state and reliability that is among the best in the country. At NextEra Energy Resources, results were supported by improved wind resource and new wind projects; and we continue to drive development of our largest-ever backlog of contracted renewable projects."

FPL is in the midst of a five-year $15 billion spending spree aimed at upgrading its power-generating capacity in the Sunshine State. It also has filed with the Florida Public Service Commission for a rate hike.

For 2012, NextEra Energy expects full-year earnings per share to be in the range of $4.35 to $4.65 on an adjusted basis. It continues to expect that adjusted earnings per share in 2014 will be between $5.05 and $5.65.