NextEra Energy, Inc (NEE) has reported a 14.33 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $753 million, or $1.62 a share in the quarter, compared with $879 million, or $1.93 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $809 million, or $1.74 a share compared with $730 million or $1.60 a share, a year ago.
Revenue during the quarter dropped 3.01 percent to $4,805 million from $4,954 million in the previous year period. Gross margin for the quarter expanded 439 basis points over the previous year period to 74.67 percent. Total expenses were 73.38 percent of quarterly revenues, up from 70.10 percent for the same period last year. That has resulted in a contraction of 328 basis points in operating margin to 26.62 percent.
Operating income for the quarter was $1,279 million, compared with $1,481 million in the previous year period.
"NextEra Energy delivered strong third-quarter results and, as a result, remains well-positioned to achieve our overall objectives for 2016," said Jim Robo, chairman and chief executive officer of NextEra Energy. "NextEra Energy’s third-quarter adjusted earnings per share increased approximately 9 percent from the prior-year comparable period, primarily reflecting contributions from continued investments at both FPL and NextEra Energy Resources.
For financial year 2016, the company forecasts diluted earnings per share to be in the range of $5.85 to $6.35 on adjusted basis.
Operating cash flow improves
NextEra Energy, Inc has generated cash of $5,294 million from operating activities during the nine month period, up 17.31 percent or $781 million, when compared with the last year period.
The company has spent $6,983 million cash to meet investing activities during the nine month period as against cash outgo of $5,477 million in the last year period. It has incurred net capital expenditure of $2,730 million on net basis during the nine month period, up 10.89 percent or $268 million from year ago period.
Cash flow from financing activities was $1,799 million for the nine month period, up 14.73 percent or $231 million, when compared with the last year period.
Cash and cash equivalents stood at $681 million as on Sep. 30, 2016, down 42.34 percent or $500 million from $1,181 million on Sep. 30, 2015.
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