NextEra Exceeds Past Earnings Estimates, Appoints Former CFO as CEO

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Jan 25 (Reuters) – U.S. renewable energy firm NextEra Energy Inc (NEE.N) narrowly beat quarterly profit estimates on Tuesday, helped by more companies switching to cleaner energy sources, and named insider John Ketchum as general manager.

The clean energy company said Ketchum, the head of its energy resources unit and former chief financial officer of NextEra, will succeed Jim Robo as CEO in March.

Ketchum took over as President and CEO of NextEra Energy Resources in 2019 and oversaw its largest capital investment program in three years and a near doubling in the size of the energies backlog. unit’s renewables, the company said.

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In the fourth quarter, the average number of customers for NextEra’s Florida Power & Light division increased by approximately 82,000 over the prior year.

However, NextEra’s clean energy division saw a 25% drop in additional capacity from renewable energy and storage projects to 1,500 megawatts (MW) from the previous year.

Revenue for the three months ended Dec. 31 was $5.05 billion, well below market expectations of $6.25 billion.

NextEra shares fell 2.3% to $80 in premarket trading.

Adjusted earnings rose nearly 4% to $814 million, or 41 cents per share, beating analysts’ average estimate of one cent, according to Refinitiv IBES data.

The Juno Beach, Florida-based company raised its full-year 2022 adjusted earnings per share estimate to a range of $2.93 to $3.08, up from the previous range of 2.77. $ to $2.97.

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Reporting by Rithika Krishna and Arunima Kumar in Bengaluru; Edited by Ramakrishnan M.

Our standards: The Thomson Reuters Trust Principles.

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