Why NextEra Energy Stock Is Tumbling Today
Shares of NextEra Energy (NYSE: NEE) sold off on Wednesday, falling by more than 8% by 10:30 a.m. ET. Weighing on the utility were its fourth-quarter results.
NextEra Energy reported mixed fourth-quarter results. While operating revenue grew to $6.16 billion (up from $5.05 billion in the year-ago period), it missed analysts' expectations for $6.3 billion in revenue. However, adjusted earnings grew by 24.4% to $0.51 per share and were above analyst expectations of $0.49 per share.
Meanwhile, the company produced solid results for the year. Its adjusted earnings per share grew to $2.90 per share, a 13.7% increase from 2021's total. NextEra also delivered another year of market-beating returns, outperforming the S&P 500 by 10%. However, it's worth noting that its stock was still down 10% in a tough year for the broader market, which tumbled nearly 20%.
Source Fool.com
