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NextEra Energy beats quarterly profit estimates on cost cuts

10/21/2020 | 07:56am EST

Oct 21 (Reuters) - NextEra Energy Inc, the world's largest producer of wind and solar energy, beat estimates for quarterly profit on Wednesday as investments in its Florida Power and Light Company paid off and cuts in expenses also helped.

NextEra briefly crossed oil giant Exxon Mobil Corp's market capitalization last month to take over as the most valuable U.S. energy company, cementing investor focus on cleaner, lower carbon intensity products and services.

The company raised its full-year 2021 adjusted earnings per share estimates by $0.20 and now expects them to be in the range of $9.60 and $10.15.

The Juno Beach, Florida based company posted net income of $1.23 billion, or $2.50 per share, for the third quarter ended Sept. 30, from $879 million, or $1.81 per share, a year earlier. (https://bit.ly/3kjiLfJ)

On an adjusted basis, the company posted a profit of $2.66 per share, beating analysts' estimates of $2.58 per share. (Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EXXON MOBIL CORPORATION 1.21% 38.58 Delayed Quote.-45.36%
LONDON BRENT OIL -0.78% 47.28 Delayed Quote.-27.86%
WTI -1.50% 44.48 Delayed Quote.-26.43%
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