NextEra Energy, Inc. (NEE) stock declined over 7% today after the regulated utility, which distributes power to roughly 5 million customers in Florida through its Florida Power & Light subsidiary, announced financial results for the fourth quarter and full year of 2021.
On an adjusted basis, NextEra Energy's 2021 fourth-quarter earnings was $814 million, or $0.41 per share, compared to $785 million, or $0.40 per share, in the fourth quarter of 2020.
The company's full-year 2021 earnings was recorded at $5.021 billion, or $2.55 per share, compared to $4.552 billion, or $2.31 per share, in 2020, which represents year-over-year growth in adjusted earnings per share of approximately 10.4%.
Successful Integration of Gulf Power
"NextEra Energy was successful in executing our 2021 initiatives, ending the year with excellent financial and operational results," said Jim Robo, chairman and CEO of NextEra Energy.
"We grew adjusted earnings per share by more than 10% from 2020 and delivered a total shareholder return of more than 23%, significantly outperforming the S&P 500 Utilities Index."
The company was also successfully able to merge with Gulf Power on January 1, a transaction that will only bolster the company's Florida footprint.
Gulf Power continued as a separate reportable segment of Florida Power & Light and NextEra Energy through 2021, serving its existing customers under separate retail rates.
Contract Backlog
NextEra Energy generated a number of new business contracts throughout 2021.
The company had a record year in 2021 for renewables and storage origination, adding a net 7,200 megawatts approximately to the backlog.
NextEra has capitalized on the industries ongoing clean energy transition that is occurring in the utilities and electric sectors.
Management stated that it had grown backlog of signed contracts "by nearly 25% year-over-year, and we are well on our way to meeting our current development expectations from 2021 through 2024."
