comscore HEI suitor NextEra posts 51.2% increase in earnings | Honolulu Star-Advertiser
Business | Top News

HEI suitor NextEra posts 51.2% increase in earnings

  • Craig T. Kojima / Dec. 3
    Connie Lau
[ AD HAS BEEN REMOVED FROM THIS STORY ]

NextEra Energy Inc., the Florida-based company looking to buy Hawaiian Electric Industries Inc., said Wednesday its first-quarter profit jumped 51.2 percent to $650 million primarily due to  growth in renewable projects. 

Jim Robo, chief executive officer of NextEra, said the company expects to see more opportunities for renewable energy projects in the near future.

“NextEra Energy Resources delivered excellent adjusted earnings growth and had an excellent quarter in terms of new contracted renewables origination, adding approximately 500 megawatts to its backlog,” Robo said. “We continue to be well positioned to add further projects in the coming months."

The company had earnings per share of $1.45 compared with 98 cents a share in the year-earlier period when it made $430 million.

Florida Power & Light, the electric utility owned by NextEra Energy, reported a profit of $359 million in the quarter, up from $347 million the year before.

NextEra Energy Resources, NextEra’s energy business, posted a profit of $278 million, up from $86 million.

Comments have been disabled for this story...

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature

Scroll Up