U.S.-based renewables firm NextEra Energy reported a net income of $1.85 billion for the third quarter (Q3) of 2024, a 52.8% increase from $1.21 billion in the same period of 2023.

Earnings were $2.12 billion, up from $1.92 billion, an increase of 10.4% year-over-year (YoY).

“NextEra Energy delivered strong third-quarter results, increasing adjusted earnings per share by approximately 10% year-over-year, reflecting continued solid financial and operational performance at both our businesses,” said John Ketchum, chairman, president and chief executive officer

Florida Power & Light (FPL), the principal subsidiary of NextEra Energy, saw its net income for the quarter increase to $1.29 billion from $1.183 billion in the same period of the previous year. The growth was driven by continued investment in business operations and capital expenditures, which totaled approximately $2 billion for the quarter.

NextEra Energy Resources (NEER), another subsidiary, reported a net income of $1.2 billion, compared to a net loss of $230 million in the third quarter of 2023. On an adjusted basis, earnings were $979 million, up from $882 million in the previous year.

Operational Highlights

NextEra Energy added approximately 3 GW of new renewables and storage projects to its backlog for the second consecutive quarter. The total backlog now exceeds 24 GW.

The company said that despite the challenges posed by Hurricanes Helene and Milton, FPL’s investments in grid hardening and smart-grid technology minimized outages and facilitated rapid service restoration to affected customers.

NEER has entered into incremental framework agreements with two Fortune 50 companies to potentially develop up to 10.5 GW of renewables and storage projects by 2030.

FPL’s investments in low-cost solar generation and battery storage have significantly reduced fuel costs and saved customers nearly $16 billion since 2001.

The company’s first-quarter net income rose 12% YoY to $2.27 billion.

Last year, NextEra said it would focus solely on growing its renewable energy portfolio and selling its natural gas assets.

Its net income rose by more than 100% in the second quarter of last year, helped by the execution of growth initiatives by the company’s clean energy generation vertical.