Why NextEra Energy Stock Surged Thursday Morning
Shares of NextEra Energy (NYSE: NEE) rose 4.1% in early morning trading on Thursday after the utility and renewable energy company exceeded its own adjusted earnings-per-share (EPS) estimates for 2023. NextEra Energy now says it is well positioned for 2024 and expects to hit the top end of its adjusted EPS guidance through 2026.
NextEra Energy earned adjusted EPS of $3.17 a share in 2023, which was up 9% from 2022 and surpassed management's expectations despite a challenging business environment. Key challenges included rising interest rates, higher inflation, and supply issues, particularly in solar.
Both of NextEra Energy's businesses -- Florida Power Light (FPL), which is also the largest electric utility in America, and renewable energy arm NextEra Energy Resources -- grew strongly in the fourth quarter and 2023. Driven by spending worth nearly $9.4 billion on its infrastructure, FPL's earnings surged 20% last year. In Q4, FPL's average customer base increased by 81,000 year over year.
Source Fool.com
