NextEra Energy Falls on Mixed Quarterly Results

NextEra topped analysts' earnings estimates but missed on revenue.
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NextEra Energy Inc.  (NEE) - Get Report shares dropped Wednesday after the company reported mixed first-quarter results for its March quarter before the open.

The Juno Beach, Florida-based green energy power company reported first quarter earnings of 67 cents per share on revenue of $3.7 billion. Analysts were expecting earnings of 61 cents per share on revenue of $4.84 billion. 

"After a strong start to the year, we remain as enthusiastic as ever about our long-term growth prospects, and we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings per share expectations ranges in 2021, 2022 and 2023," said NextEra CEO Jim Robo.

For the year, NextEra left its adjusted earnings forecast unchanged, with profits expected to grow up to 8% year-over-year to between $2.40 and $2.54 per share. Analysts polled by FactSet are expecting earnings of $2.51 per share for the year. 

NextEra Energy shares were falling 3% to $78.06 per share at last check Wednesday afternoon.

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NextEra is the world's largest producer of wind and solar energy. The company only operates in its own state of Florida, but its Nextera Resources clean energy segment provides 15,250 megawatts of contracted power, according to today's report. 

The company's backlog increased by about 1,750 megawatts since January. 

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NextEra Resources reported a profit of $598 million, or 30 cents per share on an adjusted basis in the quarter. 

NEE shares are up more than 10% over the past four weeks, but are basically flat since the start of the year.