• Adjusted Earnings Per Share (EPS): Increased approximately 10% year-over-year for the third quarter.

• FPL Regulatory Capital Employed Growth: Approximately 9.5% year-over-year.

• FPL Capital Expenditures: Approximately $2 billion for the quarter; expected full-year 2024 capital investment between $8 billion and $8.8 billion.

• FPL Retail Sales Growth: Increased 1% from the prior year comparable period; 1.6% growth on a weather-normalized basis.

• FPL Reserve Amortization Reversal: Approximately $231 million reversed, ending the quarter with a balance of roughly $817 million.

• Storm Recovery Costs: Preliminary estimate of restoration costs to be recovered from customers is approximately $1.2 billion.

• Energy Resources Adjusted Earnings Growth: Approximately 11% year-over-year.

• Energy Resources New Investments Contribution: Increased $0.15 per share year-over-year.

• Energy Resources Backlog: Added approximately 3 gigawatts, totaling over 24 gigawatts.

• NextEra Energy Partners Quarterly Distribution: $91.75 per common unit, up nearly 6% from a year earlier.

• NextEra Energy Partners Adjusted EBITDA: $453 million for the third quarter.

• NextEra Energy Partners Cash Available for Distribution: $155 million for the third quarter.

• NextEra Energy Partners Wind Repowering Target: Increased to approximately 1.9 gigawatts through 2026.

• Warning! GuruFocus has detected 9 Warning Signs with NEP.

Release Date: October 23, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• NextEra Energy Partners LP (NYSE:NEP) reported a 10% year-over-year increase in adjusted earnings per share for the third quarter, indicating strong financial performance.

• The company added approximately 3 gigawatts to its renewables and storage backlog for the second consecutive quarter, bringing the total to approximately 11 gigawatts over the past year.

• NEP announced new framework agreements with two Fortune 50 companies for potential development of up to 10.5 gigawatts of renewables and storage projects by 2030.

• The company has a robust pipeline of projects, with a total backlog of over 24 gigawatts, providing visibility into future growth.

• NEP's wind repowering target has increased to approximately 1.9 gigawatts through 2026, up from the previous target of 1.3 gigawatts, indicating expanded organic growth opportunities.

Negative Points

• The company faced significant challenges due to Hurricanes Helene and Milton, which caused power outages for millions of customers and required substantial restoration efforts.

• NEP's third quarter adjusted EBITDA and cash available for distribution declined by approximately $35 million and $92 million, respectively, from the same period last year.

• The divestiture of the Texas pipeline portfolio negatively impacted NEP's financial results for the quarter.

• The company is facing increased costs associated with storm recovery, with an estimated $1.2 billion in restoration costs to be recovered from customers.

• NEP is undergoing a strategic review of its yield curve model and distribution policy, creating uncertainty about future capital allocation and distribution growth targets.