(Reuters) -NextEra Energy reported third-quarter profit that beat Wall Street estimates on Tuesday, on the back of additional projects at its renewable energy unit.
NextEra, which generates more wind and solar power than any other company in the world, has benefited from a clean energy investment push in the U.S. that has received major policy support after the passage of the Inflation Reduction Act last year.
“NextEra Energy Resources had its best renewables and storage origination quarter in its history, adding approximately 3,245 megawatts to its backlog, which now totals over 21 gigawatts, net of projects placed in service,” said CEO John Ketchum.
On an adjusted basis, the company earned 94 cents per share in the reported quarter, compared with estimates of 88 cents, according to LSEG data.
The Juno Beach, Florida-based company lowered its adjusted earnings per share outlook for 2023 and 2024 to $2.98-$3.13 and $3.23-$3.43, respectively, compared with estimates of $3.12 and $3.40.
The company reported revenue at $7.2 billion, beating estimates of around $7.09 billion, according to LSEG data.
(Reporting by Seher Dareen in Bengaluru; Editing by Krishna Chandra Eluri)
