By Dave Sebastian

 

NextEra Energy Inc. posted lower first-quarter profit as it booked higher interest expense, though revenue rose.

The utility company reported net income of $421 million, or 86 cents a share, compared with $680 million, or $1.41 a share, in the year-ago period.

Adjusted earnings were $2.38 a share. Analysts polled by FactSet were expecting $2.26 a share on an adjusted basis.

Revenue was $4.61 billion, compared with $4.08 billion in the prior year. Analysts were looking for $4.64 billion.

Interest expense rose to $1.31 billion from $714 million in the year-ago period.

For 2020, the company said it continues to expect adjusted earnings of $8.70 a share to $9.20 a share.

The company said it continues to expect adjusted per-share earnings to grow at a compound annual rate of 6% to 8% through 2021 from the 2018 per-share earnings of $7.70, with the addition of 15 cents and 20 cents in 2020 and 2021, respectively, from Florida acquisitions. For 2022, the company said it expects adjusted earnings per share to grow 6% to 8% from 2021, translating into $10 to $10.75.

"While our expectations always assume normal weather and operating conditions, I have confidence in our ability to meet these expectations even when accounting for a reasonable range of impacts and outcomes that may result from the COVID-19 pandemic," Chairman and Chief Executive Jim Robo said.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

April 22, 2020 08:11 ET (12:11 GMT)

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