NextEra Energy Partners (NYSE: NEP) reported Q2 EPS of $0.66, $0.04 better than the analyst estimate of $0.62. Revenue for the quarter came in at $360 million versus the consensus estimate of $375.55 million.
Outlook
From a base of its fourth-quarter 2023 distribution per common unit at an annualized rate of $3.52, NextEra Energy Partners continues to see 5% to 8% growth per year in limited partner distributions per unit, with a current target of 6% growth per year, as being a reasonable range of expectations through at least 2026. The partnership does not expect to need an acquisition in 2024 to achieve its 6% limited partner distribution growth target. The partnership expects the annualized rate of the fourth-quarter 2024 distribution that is payable in February 2025 to be $3.73 per common unit.
NextEra Energy Partners continues to expect run-rate contributions for adjusted EBITDA and CAFD from its forecasted portfolio at Dec. 31, 2024, to be in the ranges of $1.9 billion to $2.1 billion and $730 million to $820 million, respectively. Year-end 2024 run-rate projections reflect calendar-year 2025 contributions from the forecasted portfolio at year-end 2024.

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