By Matt Grossman
NextEra Energy Inc. on Friday recorded a higher second-quarter profit compared with last year's as the Juno Beach, Fla.-based utility reported minimal effects from the Covid-19 pandemic.
NextEra recorded a second-quarter profit of $1.28 billion, or $2.59 a share, compared with a profit of $1.13 billion, or $2.56 a share, in the same three-month period a year earlier.
On an adjusted basis, NextEra's profit was $2.61 a share. Analysts polled by FactSet had forecast an adjusted profit of $2.50.
Revenue in the quarter was $4.2 billion, down from $4.97 billion in the second quarter of 2019. Analysts had expected revenue of $5.17 billion.
In the quarter, net income for the company's Florida Power & Light Co. subsidiary grew 13% year over year, to $749 million. NextEra's Gulf Power Co. subsidiary saw income grow 22%, to $55 million. Gulf Power reported a 1-cent-a-share effect from the coronavirus pandemic, as the company accounted for the $5 million expected effect of incremental bad-debt expense.
NextEra said it plans to merge the two subsidiaries in January, pending regulatory approval.
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