What happened
Renewable energy specialist NextEra Energy Partners (NEP -0.89%) gave its investors an unpleasant jolt on Tuesday. The company's shares shed nearly 4% of their value following the release of its latest set of quarterly results. That performance was notably worse than the 0.3% rise of the S&P 500 index on the day.
So what
Before market open NextEra Energy Partners -- a publicly traded renewables subsidiary of NextEra Energy -- released its second-quarter results. For the period, its operating revenue totaled $350 million, which was down from the $362 million in the same frame of 2022.
The bottom-line erosion was more dramatic. Next Era Energy netted a profit of $89 million ($0.53 per share), which compared rather unfavorably to the $538 million of Q2 2022.
Both headline numbers badly missed analyst estimates. On average, prognosticators following the stock were modeling that the company would earn just under $416 million on the top line, and post a per-share net earnings figure of $0.82.
Now what
In its earnings release, NextEra Energy Partners took pains to say that it continues to expand. It pointed out that it added roughly 690 megawatts of renewable assets from another entity under the NextEra Energy umbrella, wind and solar specialist NextEra Energy Resources.
All told, NextEra Energy Partners' collection of renewable assets now comprises over 10,000 megawatts, the company added. It quoted CEO John Ketchum as saying that these "further [strengthen] its position
as the world's seventh largest producer of electricity from the wind and sun."
