on April 28reported first-quarter 2016 adjusted earnings of $715 million, or $1.55 pershare, compared to $631 million, or $1.41 per share, in the first quarter of2015.
Theresult is above the S&P Global Market Intelligence normalized EPS consensusestimate of $1.39 and was driven by investments in the company's principalrate-regulated electric utility subsidiary, Florida Power & Light Co., and its competitiveenergy business, NextEra EnergyResources LLC.
"At NextEra Energy Resources, growth during the quarterwas driven by contributions from our contracted renewables portfolio andinvestments in natural gas pipelines. FPL performed well during the quarter,with growth driven primarily by investments in the business to furtherstrengthen its customer value proposition," NextEra Energy Chairman andCEO Jim Robo said in a statement.
FPL reported first-quarter 2016 net income of $393 million,or 85 cents per share, compared to $359 million, or 80 cents per share, for theprior-year quarter. The utility reported an increase in the average number ofcustomers, which had a favorable impact on sales of 1.3%. However, customergrowth was more than offset by a 1.4% decline in sales due to mild weatherduring the quarter.
NextEra Energy Resources' first-quarter 2016 adjustedearnings of $306 million, or 66 cents per share, compared to $262 million, or58 cents per share, in the first quarter of 2015. The results reflectapproximately 1,840 MW of new renewables projects placed into service during orafter the first quarter of 2015. It also reflects new investments in naturalgas pipelines.
NextEra reported first-quarter 2016 operating revenues of$3.84 billion, including $2.30 billion from FPL and $1.44 billion from NextEraEnergy Resources. It had generated $4.10 billion in operating revenues duringthe 2015 first quarter, including $2.54 billion from FPL and $1.46 billion fromNextEra Energy Resources.
NextEra's first-quarter 2016 operating expenses were down to$2.60 billion from$2.98 billion in the opening months of 2015; the company's operating income wasup to $1.23 billion from $1.13 billion a year ago.
NextEraEnergy booked $636 million, or $1.37 per share, in first-quarter 2016 GAAPincome attributable to the company, down from $650 million, or $1.45 per share,in the first quarter of 2015.
The company continues to target full-year 2016 adjusted EPSof $5.85 to $6.35.
The company's first-quarter 2016 earnings conference call isscheduled for 9 a.m. ET on April 28.