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NextEra Energy Plummets 3.99% Amid Revenue Decline Despite Profit Growth

Mover TrackerTuesday, Oct 29, 2024 6:31 pm ET

1min read

On October 29, NextEra Energy (NEE) experienced a decline of 3.99%, hitting its lowest price since September 2024 during intraday trading. This downward trend raises concerns about the company's market performance.

Recently, on October 23, NextEra Energy released its third-quarter financial results for 2024. The company reported an operating revenue of $19.368 billion, reflecting an 8.8% year-over-year decrease. Net profit stood at $4.825 billion, with basic earnings per share of $2.80. Despite the drop in revenue, the company showed resilience with robust profit figures.

NextEra Energy was established in 1984 under Florida law and has grown to become one of the largest electric power and energy infrastructure corporations in North America. It leads the renewable energy sector with two main businesses: Florida Power & Light (FPL) and NextEra Energy Resources (NEER).

FPL is Florida's largest rate-regulated electric utility, known for its investment in power generation, transmission, and distribution facilities. FPL’s strategic focus on low-cost, reliable energy solutions and exceptional customer service benefits over five million customers in Florida. NEER, on the other hand, is recognized as the largest generator of wind and solar energy worldwide, concentrating on long-term asset operations in the U.S. and Canada.

In its recent Q3 report, NextEra Energy reported a Q3 net profit of $1.852 billion, a significant 51.93% increase year-on-year, despite a 10.90% drop in operating revenue to $6.596 billion. These figures suggest the company’s strategic initiatives in renewable energy continue to yield positive financial outcomes, reinforcing its leadership role in the industry.

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