NextEra Energy sees 8.2% increase in revenue

NextEra Energy Inc. on Monday said they registered an 8.2 % increase in revenue.

In the meantime, its affiliate company NextEra Energy Partners LP will be buy NET Midstream for US$2.1 billion.

NextEra, a clean-energy company, has multiple units, including Florida Power & Light and NextEra Energy Resources. It recently agreed to acquire most of Hawaiian Electric Industries Inc. for about US$2.6 billion, a deal it said would bring cleaner, renewable energy to Hawaii.

NextEra backed its 2015 earnings guidance, but said it is now expecting 2016 earnings to come in at US$5.85 to US$6.35 a share. It had previously forecast earnings of US$5.75 to US$6.25 a share for 2016. For 2018, the company is expecting earnings of US$6.60 to US$7.10 a share.

For the quarter ended June 30, NextEra Energy reported earnings of US$716 million, or US$1.59 per share, compared to US$492 million, or US$1.12 a share, in the prior-year period.

Excluding items, earnings were US$1.56 a share.

Revenue grew to US$4.36 billion from US$4.03 billion a year ago.

Analysts had expected earnings of US$1.50 a share on revenue of US$4.24 billion.

Profit at Florida Power & Light grew to US$435 million from US$423 million a year ago.

NextEra Energy Resources, which is the energy business, reported a profit of US$273 million, up from US$81 million a year ago. The unit benefited from new wind and solar investments.

NextEra Energy Partners is limited partnership formed by NextEra Energy to acquire and manage clean-energy projects.

NextEra Energy Partners’ deal to buy privately-held NET Midstream will add seven natural gas pipelines in Texas to its portfolio. The assets serve power producers, processing plants and producers in the Eagle Ford Shale and customers in the Houston area.

The deal, which includes an initial consideration of US$1.8 billion along with a US$300 million future investment, will reduce the impact of resource variability on its portfolio.