NextEra Energy increases financial expectations and extends outlook by an additional year through 20 | Utilities Message Board Posts
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Msg  1533 of 1557  at  9/14/2020 4:51:45 PM  by

jerrykrause


NextEra Energy increases financial expectations and extends outlook by an additional year through 2023; board of directors approves four-for-one stock split; NextEra Energy to present at a financial conference tomorrow

 

NextEra Energy increases financial expectations and extends outlook by an additional year through 2023; board of directors approves four-for-one stock split; NextEra Energy to present at a financial conference tomorrow

 

JUNO BEACH, Fla., Sept. 14, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that, based on the ongoing strength of the renewables development environment and the continued execution across all of its businesses, it is increasing its financial expectations for 2021 and 2022 and is extending its longer-term growth outlook to 2023. For 2021, NextEra Energy is increasing its financial expectations ranges by $0.20 and now expects adjusted earnings per share to be in the range of $9.60 to $10.15. For 2022 and 2023, NextEra Energy expects to grow 6% to 8%, off the expected increased 2021 adjusted earnings per share.

"The increase and extension of our financial expectations is a reflection of NextEra Energy's continued strong performance across all of its businesses and our belief that we remain as well-positioned as ever with excellent prospects for growth," said Jim Robo, NextEra Energy chairman and chief executive officer. "The market for low-cost renewables continues to rapidly expand, and we believe our best-in-class development skills leave us uniquely positioned to capitalize on these significant investment opportunities. As a result of the strength and diversity of NextEra Energy's underlying businesses, I 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 2020, 2021, 2022, and now 2023, while at the same time maintaining our strong credit ratings and, most importantly, continuing to reliably deliver for our customers. We have a long-standing track record of delivering value for our shareholders and remain focused on delivering on all of our commitments going forward."

In addition, the NextEra Energy board of directors has approved a four-for-one split of NextEra Energy common stock, which is intended to make stock ownership more accessible to a broader base of investors. Each shareholder of record on Oct. 19, 2020, will receive three additional shares of common stock for each then-held share, to be distributed on Oct. 26, 2020. Trading will begin on a stock split-adjusted basis on Oct. 27, 2020.

As a result of the four-for-one stock split, NextEra Energy is updating its adjusted earnings per share financial expectations ranges to reflect the increase in outstanding shares. In 2020, the company now expects adjusted earnings per share to be in the range of $2.18 to $2.30. For 2021, the company expects adjusted earnings per share to be in the range of $2.40 to $2.54, reflecting today's announced increase in the financial expectations as a result of the ongoing strength of the renewables development environment. For 2022 and 2023, NextEra Energy expects to grow 6% to 8%, off the expected increased 2021 adjusted earnings per share. For 2022 and 2023, this translates to a range of $2.55 to $2.75 and $2.77 to $2.97, respectively.

NextEra Energy's adjusted earnings expectations exclude the cumulative effect of adopting new accounting standards; the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and OTTI, none of which can be determined at this time. Adjusted earnings expectations also exclude the effects of NextEra Energy Partners, LP net investment gains; gains on disposal of a business; differential membership interests-related; and acquisition-related expenses. In addition, adjusted earnings expectations assume, among other things, normal weather and operating conditions; supportive commodity markets; current forward curves; public policy support for wind and solar development and construction; market demand and transmission expansion to support wind and solar development; market demand for pipeline capacity; access to capital at reasonable cost and terms; no divestitures other than to NextEra Energy Partners, LP or acquisitions; no adverse litigation decisions; and no changes to governmental tax policy or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.

Lastly, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and chief financial officer of NextEra Energy Partners, is scheduled to participate at the UBS Renewables and Energy Transition Conference on Sept. 15, 2020, at 7 a.m. ET. A live audio webcast and a copy of the updated September presentation materials is now available at www.NextEraEnergy.com/investors. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the link above.



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