NextEra Energy, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>NextEra Energy, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial information for itself and its subsidiary, Florida Power & Light Company.</b>

AI Summary

NEXTERA ENERGY INC (NEE-PV) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. NextEra Energy, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data for Florida Power & Light Company, a subsidiary. Key financial statement elements such as Common Stock, Additional Paid-In Capital, Accumulated Other Comprehensive Income, Retained Earnings, Parent, and Noncontrolling Interest are reported. The report covers periods including Q1 2024, Q1 2023, and year-end 2023 and 2022. The company's principal business address is 700 Universe Blvd, Juno Beach, FL 33408.

Why It Matters

For investors and stakeholders tracking NEXTERA ENERGY INC, this filing contains several important signals. This filing provides investors with an updated view of NextEra Energy's financial position and performance for the first quarter of 2024, allowing for analysis of trends and comparison to prior periods. The inclusion of subsidiary data from Florida Power & Light Company offers a more comprehensive understanding of the consolidated financial health of the energy giant.

Risk Assessment

Risk Level: medium — NEXTERA ENERGY INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial disclosures. However, the complexity of the energy sector and potential regulatory changes introduce inherent risks.

Analyst Insight

Investors should review the detailed financial statements and disclosures within the 10-Q to assess NextEra Energy's current financial health and future outlook.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-04-23 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period)

Key Players & Entities

• NEXTERA ENERGY INC (company) — Filer's conforming name
• FLORIDA POWER & LIGHT CO (company) — Filer's conforming name
• 700 UNIVERSE BLVD (location) — Business address
• JUNO BEACH (location) — Business address city
• FL (location) — Business address state
• 33408 (location) — Business address zip
• 561-694-4697 (phone) — Business phone number

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The company operates in a heavily regulated industry, subject to changes in environmental, energy, and utility regulations at federal, state, and local levels.
• Market Conditions [medium — market]: Fluctuations in energy prices, demand, and competition can impact the company's revenues and profitability.
• Operational Risks [medium — operational]: The company faces risks related to the operation and maintenance of its energy generation facilities, transmission, and distribution systems, including potential disruptions.
• Interest Rate and Financial Market Risks [medium — financial]: Changes in interest rates and the availability of capital can affect the company's financing costs and ability to fund capital expenditures.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-23: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.01 — red NextEra Energy, Inc. Common Stock, $0.01 Par Value NEE New York Stock Exchange

Filing Documents

• nee-20240331.htm (10-Q) — 2358KB
• nee-q12024xex22.htm (EX-22) — 12KB
• nee-q12024xex31a.htm (EX-31.A) — 10KB
• nee-q12024xex31b.htm (EX-31.B) — 10KB
• nee-q12024xex31c.htm (EX-31.C) — 10KB
• nee-q12024xex31d.htm (EX-31.D) — 10KB
• nee-q12024xex32a.htm (EX-32.A) — 7KB
• nee-q12024xex32b.htm (EX-32.B) — 7KB
• nee-20240331_g1.jpg (GRAPHIC) — 290KB
• nee-20240331_g2.jpg (GRAPHIC) — 56KB
• 0000753308-24-000023.txt (&nbsp;) — 13048KB
• nee-20240331.xsd (EX-101.SCH) — 82KB
• nee-20240331_cal.xml (EX-101.CAL) — 91KB
• nee-20240331_def.xml (EX-101.DEF) — 496KB
• nee-20240331_lab.xml (EX-101.LAB) — 907KB
• nee-20240331_pre.xml (EX-101.PRE) — 618KB
• nee-20240331_htm.xml (XML) — 2279KB

Forward-Looking Statements

Forward-Looking Statements 4

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 47

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 48 Item 5 . Other Information 48 Item 6. Exhibits 49

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as may result, are expected to, will continue, is anticipated, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict and intend or words of similar meaning) are not statements of historical facts and may be forward looking. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on NEE's and/or FPL's operations and financial results, and could cause NEE's and/or FPL's actual results to differ materially from those contained or implied in forward-looking statements made by or on behalf of NEE and/or FPL in this combined Form 10-Q, in presentations, on their respective websites, in response to questions or otherwise. Regulatory, Legislative and Legal Risks NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected by the extensive regulation of their business. NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected if they are unable to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise. Regulatory decisions that are important to

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NEXTERA ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (millions, except per share amounts) (unaudited) Three Months Ended March 31, 2024 2023 OPERATING REVENUES $ 5,731 $ 6,716 OPERATING EXPENSES Fuel, purchased power and interchange 1,206 1,367 Other operations and maintenance 1,123 1,067 Depreciation and amortization 898 822 Taxes other than income taxes and other – net 549 516 Total operating expenses – net 3,776 3,772 GAINS (LOSSES) ON DISPOSAL OF BUSINESSES/ASSETS – NET 58 ( 2 ) OPERATING INCOME 2,013 2,942 OTHER INCOME (DEDUCTIONS) Interest expense ( 323 ) ( 1,183 ) Equity in earnings of equity method investees 203 101 Allowance for equity funds used during construction 56 31 Gains (losses) on disposal of investments and other property – net 15 ( 4 ) Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net 128 94 Other net periodic benefit income 38 60 Other – net 34 130 Total other income (deductions) – net 151 ( 771 ) INCOME BEFORE INCOME TAXES 2,164 2,171 INCOME TAXES 227 386 NET INCOME 1,937 1,785 NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 331 301 NET INCOME ATTRIBUTABLE TO NEE $ 2,268 $ 2,086 Earnings per share attributable to NEE: Basic $ 1.11 $ 1.04 Assuming dilution $ 1.10 $ 1.04 This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K. 7 NEXTERA ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (millions) (unaudited) Three Months Ended March 31, 2024 2023 NET INCOME $ 1,937 $ 1,785 OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX Reclassification of unrealized losses on cash flow hedges from AOCI to net income (net of $ 0 tax expense and $ 0 tax benefit, respectively) — 1 Net unrealized gains (losses) on available for sale securities: Net unrealized gains (losses) on securities still held (ne

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