News Column

NextEra, FPL earnings down slightly for the fourth quarter, up for the full-year

January 28, 2014

By Susan Salisbury, The Palm Beach Post, Fla.

Jan. 28 -- JUNO BEACH -- NextEra Energy, Inc. (NYSE: NEE) today reported 2013 fourth-quarter earnings of $414 million , or 95 cents per share, compared with $433 million , or $1.03 per share, in the fourth quarter of 2012. For the full year NextEra Energy's earnings were $2.1 billion , or $4.97 per share compared with $1.9 billion , or $4.57 per share, in 2012. NextEra Energy's principal rate-regulated utility subsidiary, Florida Power & Light Co. , reported fourth-quarter earnings of $248 million , or 57 cents per share, compared with $256 million , or 61 cents per share, for the prior-year quarter. For the full year, net income was $1.35 billion , or $3.16 per share, compared with $1.24 billion , or $2.96 per share, in 2012. FPL's earnings decreased over the prior-year comparable quarter primarily as a result of transition costs associated with Project Momentum, the corporate-wide initiative to improve productivity. Underlying usage per customer increased 1 percent compared to the fourth quarter of 2012. " NextEra Energy delivered solid results to finish the year as we executed well on the goals we set for the company," said NextEra Energy Chairman and Chief Executive Officer James L. Robo . "At FPL, we completed the modernization of our Cape Canaveral facility, accelerated our storm hardening program and strengthened our electric grid, all of which help to provide our customers with greater efficiency and reliability, as well as the lowest typical residential bill in the state," Robo said. "At NextEra Energy Resources , we executed well on our solar construction program and signed more than 1,100 MW of wind power purchase agreements." Robo said. " Across the enterprise, we delivered great operational performance as well as terrific cost performance as we completed a very strong year." The main driver of FPL's full-year 2013 earnings growth was the investments in clean and efficient power generation and other infrastructure projects that helped improve the company's customer value proposition. Operationally, FPL's fossil fleet set a new record for its fuel efficiency in 2013, bringing its system-wide fuel usage rate down to 7,657 British thermal units per kilowatt hour, which is 23 percent better than the average fuel usage rate for the fossil industry. Since 2001, FPL's fuel efficiency for its fossil fleet has improved by 21 percent, resulting in more than half a billion dollars in savings for customers in 2013. A 9 a.m. conference call with analysts can be accessed at ___ (c)2014 The Palm Beach Post (West Palm Beach, Fla.) Visit The Palm Beach Post (West Palm Beach, Fla.) at Distributed by MCT Information Services

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Source: Palm Beach Post (FL)

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