By Rob Curran

NextEra Energy's fourth-quarter net income slipped but the company backed its 2025 earnings forecast as it vowed to capitalize on growing commercial electricity demand via a nuclear-power plant recommissioning and other renewable-energy generation projects.

The Juno Beach, Fla., power producer logged earnings of $1.2 billion, or 58 cents a share, down slightly from $1.21 billion, or 59 cents a share a year earlier. Excluding certain one-off items, NextEra registered adjusted earnings of 53 cents a share, edging the average Wall Street target of 52 cents a share.

Fourth-quarter revenue fell 22% to $5.39 billion.

FPL, or Florida Power & Light, NextEra's biggest unit and the largest U.S. electric utility by customers, generated earnings of $845 million, down from $1.15 billion a year earlier.

NextEra Energy Resources, NextEra's renewable-energy arm, swung to a loss of $442 million from a profit of $885 million a year earlier.

The renewable arm added more than 12 gigawatts of power generating and battery storage projects for a total backlog of more than 25 gigawatts. NextEra Energy Resources is exploring recommissioning of the Duane Arnold Energy Center, a nuclear-power plant in Iowa that was officially shut down in 2020. NextEra has filed notice with the Nuclear Regulatory Commission to request a licensing change, which the company said puts it on track to restart operations as early as the end of 2028.

Nuclear power has returned to favor in the U.S. as tech companies seek extra capacity for data centers backing up artificial-intelligence operations.

NextEra reiterated its projection for 2025 adjusted earnings in a range between $3.45 and $3.70 a share. For 2026, NextEra backed its forecast for earnings between $3.63 and $4 a share. For 2027, the utility giant still expects earnings in a range between $3.85 and $4.32 a share.

NextEra also continues to expect to grow its dividends per share at a roughly 10% rate per year through at least 2026, off a 2024 base.

"We believe NextEra Energy is well positioned to capitalize on the opportunity set that lies ahead and the increased power demand that is happening now in the U.S.," Chairman, President and Chief Executive John Ketchum, said in a statement.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

January 24, 2025 08:05 ET (13:05 GMT)

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