NextEra Energy Records Larger 2Q Profit
July 24 2020 - 8:39AM
Dow Jones News
By Matt Grossman
NextEra Energy Inc. on Friday recorded a higher second-quarter
profit compared with last year's as the Juno Beach, Fla.-based
utility reported minimal effects from the Covid-19 pandemic.
NextEra recorded a second-quarter profit of $1.28 billion, or
$2.59 a share, compared with a profit of $1.13 billion, or $2.56 a
share, in the same three-month period a year earlier.
On an adjusted basis, NextEra's profit was $2.61 a share.
Analysts polled by FactSet had forecast an adjusted profit of
$2.50.
Revenue in the quarter was $4.2 billion, down from $4.97 billion
in the second quarter of 2019. Analysts had expected revenue of
$5.17 billion.
In the quarter, net income for the company's Florida Power &
Light Co. subsidiary grew 13% year over year, to $749 million.
NextEra's Gulf Power Co. subsidiary saw income grow 22%, to $55
million. Gulf Power reported a 1-cent-a-share effect from the
coronavirus pandemic, as the company accounted for the $5 million
expected effect of incremental bad-debt expense.
NextEra said it plans to merge the two subsidiaries in January,
pending regulatory approval.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
July 24, 2020 08:24 ET (12:24 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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