NextEra Gushes on Guidance, Split

NextEra Energy Inc (NYSE:NEE) raised its guidance for 2021 and 2022 and extended its longer-term growth forecast to 2023. The company’s board also approved a four-for-one stock split.

The Juno Beach, Fla.-based firm reported Tuesday announced that, based on the ongoing strength of the renewables development environment and the continued execution across all of its businesses, it is increasing its financial expectations for 2021 and 2022 and is extending its longer-term growth outlook to 2023.

For 2021, NextEra Energy is increasing its financial expectations ranges by $0.20 and now expects adjusted earnings per share to be in the range of $9.60 to $10.15. For 2022 and 2023, NextEra Energy expects to grow 6% to 8%, off the expected increased 2021 adjusted earnings per share.

Said CEO Jim Robo, "The increase and extension of our financial expectations is a reflection of NextEra Energy's continued strong performance across all of its businesses and our belief that we remain as well-positioned as ever with excellent prospects for growth.

"The market for low-cost renewables continues to rapidly expand, and we believe our best-in-class development skills leave us uniquely positioned to capitalize on these significant investment opportunities. As a result of the strength and diversity of NextEra Energy's underlying businesses.”

Reiterating, the board of directors has approved a four-for-one split of NextEra Energy common stock, which is intended to make stock ownership more accessible to a broader base of investors.

Each shareholder of record on Oct. 19 will receive three additional shares of common stock for each then-held share, to be distributed on Oct. 26. Trading will begin on a stock split-adjusted basis on Oct. 27.

NEE shares rushed higher $15.64, or 5.6%, to $297.56.