NextEra Energy, Inc.

Earnings Summary by Segment

(millions, except per share amounts) (unaudited)

GAAP RESULTS

For the years ended December 31,

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Net Income (Loss) Attributable to NextEra Energy, Inc.

FPL

$

836

$

789

$

831

$

945

$

1,068

$

1,240

$

1,349

$

1,517

$

1,648

$

1,727

$

1,880

$

2,171

$

2,519

$

2,890

$

3,206

$

3,701

NEER

461

831

759

981

780

706

589

1,014

1,116

1,149

2,997

4,704

1,807

531

599

285

Corporate and Other

15

19

25

31

75

(35)

(30)

(66)

(12)

30

503

(237)

(557)

(502)

(232)

161

Total Net Income Attributable to NextEra Energy, Inc.

$

1,312

$

1,639

$

1,615

$

1,957

$

1,923

$

1,911

$

1,908

$

2,465

$

2,752

$

2,906

$

5,380

$

6,638

$

3,769

$

2,919

$

3,573

$

4,147

Weighted-Average Number of Common Shares

Outstanding - Assuming Dilution

1,602

1,611

1,629

1,652

1,676

1,677

1,708

1,761

1,816

1,863

1,890

1,908

1,942

1,969

1,972

1,979

Earnings (Loss) Per Share (assuming dilution) Attributable to NextEra Energy, Inc.

FPL

$

0.52

$

0.49

$

0.51

$

0.57

$

0.64

$

0.74

$

0.79

$

0.86

$

0.91

$

0.93

$

0.99

$

1.14

$

1.30

$

1.47

$

1.63

$

1.87

NEER

0.29

0.52

0.47

0.59

0.47

0.42

0.34

0.58

0.61

0.62

1.59

2.46

0.93

0.27

0.30

0.14

Corporate and Other

0.01

0.01

0.01

0.02

0.04

(0.02)

(0.01)

(0.04)

-

0.01

0.27

(0.13)

(0.29)

(0.26)

(0.12)

0.09

Total Earnings Per Share Attributable to NextEra Energy, Inc.

$

0.82

$

1.02

$

0.99

$

1.18

$

1.15

$

1.14

$

1.12

$

1.40

$

1.52

$

1.56

$

2.85

$

3.47

$

1.94

$

1.48

$

1.81

$

2.10

ADJUSTED RESULTS (1)

For the years ended December 31,

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016(1)

2017(1)

2018

2019

2020

2021

2022

Adjusted Earnings (Loss)

FPL

$

836

$

789

$

831

$

945

$

1,068

$

1,240

$

1,349

$

1,517

$

1,648

$

1,727

$

1,930

$

2,171

$

2,539

$

2,890

$

3,206

$

3,701

NEER

553

737

792

801

685

712

813

862

950

1,115

1,261

1,498

1,695

1,953

2,206

2,441

Corporate and Other

15

19

25

32

84

(38)

(44)

(45)

1

36

(26)

4

(172)

(291)

(391)

(400)

Total Adjusted Earnings

1,404

1,545

1,648

1,778

1,837

1,914

2,118

2,334

2,599

2,878

3,165

3,673

4,062

4,552

5,021

5,742

Certain items (after-tax)

(92)

94

(33)

179

86

(3)

(210)

131

153

28

2,215

2,965

(293)

(1,633)

(1,448)

(1,595)

Total Net Income Attributable to NextEra Energy, Inc.

$

1,312

$

1,639

$

1,615

$

1,957

$

1,923

$

1,911

$

1,908

$

2,465

$

2,752

$

2,906

$

5,380

$

6,638

$

3,769

$

2,919

$

3,573

$

4,147

Weighted-Average Number of Common Shares

Outstanding - Assuming Dilution

1,602

1,611

1,629

1,652

1,676

1,677

1,708

1,761

1,816

1,863

1,890

1,908

1,942

1,969

1,972

1,979

Adjusted Earnings (Loss) Per Share (assuming dilution)

FPL

$

0.52

$

0.49

$

0.51

$

0.57

$

0.64

$

0.74

$

0.79

$

0.86

$

0.91

$

0.93

$

1.02

$

1.14

$

1.31

$

1.47

$

1.63

$

1.87

NEER

0.35

0.46

0.49

0.48

0.41

0.42

0.48

0.49

0.52

0.60

0.67

0.78

0.87

0.99

1.12

1.23

Corporate and Other

0.01

0.01

0.01

0.03

0.05

(0.02)

(0.03)

(0.02)

-

0.02

(0.02)

0.01

(0.09)

(0.15)

(0.20)

(0.20)

Total Adjusted Earnings Per Share

0.88

0.96

1.01

1.08

1.10

1.14

1.24

1.33

1.43

1.55

1.67

1.93

2.09

2.31

2.55

2.90

Certain items (after-tax)

(0.06)

0.06

(0.02)

0.10

0.05

-

(0.12)

0.07

0.09

0.01

1.18

1.54

(0.15)

(0.83)

(0.74)

(0.80)

Total Earnings Per Share Attributable to NextEra Energy, Inc.

$

0.82

$

1.02

$

0.99

$

1.18

$

1.15

$

1.14

$

1.12

$

1.40

$

1.52

$

1.56

$

2.85

$

3.47

$

1.94

$

1.48

$

1.81

$

2.10

  1. See reconciliations of adjusted earnings and adjusted earnings per share to GAAP amounts below.

NextEra Energy, Inc.

Reconciliation of Net Income Attributable to NextEra Energy, Inc. to Adjusted Earnings

($ millions)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016(1)

2017(1)

2018

2019

2020

2021

2022

Net Income Attributable to NextEra Energy, Inc.

$ 1,312

$ 1,639

$ 1,615

$ 1,957

$ 1,923

$ 1,911

$ 1,908

$ 2,465

$ 2,752

$ 2,906

$ 5,380

$ 6,638

$ 3,769

$ 2,919

$ 3,573

$ 4,147

Adjustments:

Net losses (gains) associated with non-qualifying

hedges

144

(283)

27

(286)

(314)

62

112

(309)

(290)

108

216

248

546

877

2,042

890

Change in unrealized losses (gains) on equity

securities held in NEER's nuclear decommissioning

funds and OTTI - net(2)

10

137

20

(8)

11

(53)

(3)

(2)

21

5

(25)

180

(249)

(180)

(276)

453

Acquisition-related expenses

26

135

93

32

54

Loss on sale of natural gas-fired generating assets

151

Gain from discontinued operations (Hydro)

(372)

Loss (gain) associated with Maine fossil

67

(21)

Impairment charges

300

420

1,524

867

Resolution of contingencies related to a previous asset

sale

(9)

Gain on sale of natural gas generation facilities

(445)

Gain on disposal of fiber-optic telecommunications

business

(1,096)

Gain on disposal of Spain solar projects

(273)

Tax reform related, including the impact of income tax

rate change on differential membership interests (3)

(1,881)

(572)

120

117

130

116

NEP investment gains - net

(3,786)

(124)

123

(42)

(243)

Operating loss (income) of Spain solar projects

11

40

(5)

12

(4)

1

(8)

Less related income tax expense (benefit)

(62)

52

(14)

115

66

(6)

95

161

95

166

62

932

(46)

(555)

(406)

(488)

Adjusted Earnings

$ 1,404

$ 1,545

$ 1,648

$ 1,778

$ 1,837

$ 1,914

$ 2,118

$ 2,334

$ 2,599

$ 2,878

$ 3,165

$ 3,673

$ 4,062

$ 4,552

$ 5,021

$ 5,742

  1. Amounts have been retrospectively adjusted for accounting standards update related to leases that was adopted in 2018.
  2. Beginning in 2018, reflects the implementation of an accounting standards update related to financial instruments.
  3. Net of approximately $40 million of income tax benefit at FPL in 2017.

FPL

Reconciliation of Net Income to Adjusted Earnings

($ millions)

2017

2019(1)(2)

Net Income

$ 1,880

$ 2,519

Adjustments:

Tax reform-related(3)

50

Acquisition-related expenses

27

Less related income tax expense (benefit)

(7)

Adjusted Earnings

$ 1,930

$ 2,539

  1. Amounts have been retrospectively adjusted to reflect the FPL merger that occurred in 2021.
  2. Amounts have been retrospectively adjusted to reflect a segment change in 2022.
  3. Net of approximately $40 million of income tax benefit.

There were no adjustments to net income for years not presented.

NEER

Reconciliation of Net Income Attributable to NextEra Energy, Inc. to Adjusted Earnings(1)

($ millions)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016(2)

2017(2)

2018

2019

2020

2021

2022

Net Income Attributable to NextEra Energy, Inc.

$

461

$

831

$

759

$

981

$

780

$

706

$

589

$

1,014

$

1,116

$ 1,149

$ 2,997

$ 4,704

$ 1,807

$

531

$

599

$

285

Adjustments:

Net losses (gains) associated with non-qualifying

hedges

144

(283)

27

(287)

(319)

67

114

(316)

(290)

336

80

(45)

89

595

2,255

1,641

Change in unrealized losses (gains) on equity

securities held in NEER's nuclear decommissioning

funds and OTTI - net(3)

10

137

20

(8)

11

(53)

(3)

(2)

21

5

(25)

180

(249)

(180)

(276)

453

Acquisition-related expenses

6

8

Loss on sale of natural gas-fired generating assets

151

Gain from discontinued operations (Hydro)

(372)

Loss (gain) associated with Maine fossil

67

(21)

Impairment charges

300

420

1,524

867

Resolution of contingencies related to a previous

asset sale

(9)

Gain on sale of natural gas generation facilities

(445)

Gain on disposal of Spain solar projects

(273)

Tax reform related, including the impact of income tax

rate change on differential membership interests

(1,929)

(560)

120

117

130

116

NEP investment gains - net

(3,786)

(124)

123

(42)

(243)

Operating loss (income) of Spain solar projects

11

40

(5)

12

(4)

1

(8)

Less related income tax expense (benefit)

(62)

52

(14)

115

62

(8)

107

147

108

67

(278)

998

52

(484)

(460)

(678)

Adjusted Earnings

$

553

$

737

$

792

$

801

$

685

$

712

$

813

$

862

$

950

$ 1,115

$ 1,261

$ 1,498

$ 1,695

$

1,953

$

2,206

$

2,441

  1. NEER's results for 2018 and prior were retrospectively adjusted to reflect a segment change that occurred in 2019.
  2. Amounts have been retrospectively adjusted for accounting standards update related to leases that was adopted in 2018.
  3. Beginning in 2018, reflects the implementation of an accounting standards update related to financial instruments.

Corporate and Other

Reconciliation of Net Income to Adjusted Earnings(1)

($ millions)

2010

2011

2012

2013

2014

2015

2016(2)

2017(2)

2018

2019(3)(4)

2020(3)(4)

2021(4)

2022

Net Income (Loss)

$

31

$

75

$

(35)

$

(30)

$

(66)

$

(12)

$

30

$

503

$

(237)

$

(557)

$

(502)

$

(232)

$

161

Adjustments:

Net losses (gains) associated with non-qualifying hedges

1

5

(5)

(2)

7

(228)

136

293

457

282

(213)

(751)

Acquisition-related expenses

26

135

93

26

19

Gain on disposal of fiber-optic telecommunications business

(1,096)

Tax reform-related

(2)

(12)

Less related income tax expense (benefit)(5)

4

2

(12)

14

(13)

99

340

(66)

(91)

(71)

54

190

Adjusted Earnings (Loss)

$

32

$

84

$

(38)

$

(44)

$

(45)

$

1

$

36

$

(26)

$

4

$

(172)

$

(291)

$

(391)

$

(400)

  1. Corporate and Other's results for 2018 and prior were retrospectively adjusted to reflect a segment change that occurred in 2019.
  2. Amounts have been retrospectively adjusted for accounting standards update related to leases that was adopted in 2018.
  3. Amounts have been retrospectively adjusted to reflect the FPL merger that occurred in 2021.
  4. Amounts have been retrospectively adjusted to reflect a segment change in 2022.
  5. For 2018 and prior, includes consolidating income tax adjustments.

There were no adjustments to net income for years not presented.

Attachments

Disclaimer

Nexera Energy Inc. published this content on 14 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2023 21:59:27 UTC.