NextEra Energy (NEE) reported first-quarter adjusted earnings of $1.09 per share, beating analyst estimates due to strong electricity demand and significant growth in its renewables business.
The results, which topped the average analyst estimate of 96 cents per share compiled by LSEG, sent shares up 1.4% in premarket trading.
The utility giant’s performance was driven by its two main divisions. Its regulated utility, Florida Power & Light (FPL), saw net income rise 11.1% from a year earlier to $1.46 billion, adding nearly 100,000 new customers. The company’s renewables and storage unit, NextEra Energy Resources (NER), added 4 gigawatts of new projects to its backlog, including 1.3 GW of battery storage.
The strong quarter highlights the tailwinds for utilities with large development pipelines, as rising U.S. electricity demand is fueled by population growth and the increasing power needs of data centers. NextEra maintained its full-year adjusted earnings forecast of $3.92 to $4.02 per share.
NextEra’s total renewables and storage backlog now stands at approximately 33 GW. The company is also developing 9.5 GW of new gas-fired generation to support large-scale power demand, positioning itself to capitalize on the growth of artificial intelligence and data center infrastructure.
The results suggest NextEra is on track to meet its long-term growth targets. The company reiterated its guidance of more than 8% annual earnings growth through 2032, signaling confidence in its project pipeline and the sustained demand for electricity.
This article is for informational purposes only and does not constitute investment advice.
