NextEra Energy Partners Q2 Profit Surges - Quick Facts

(RTTNews) - NextEra Energy Partners, LP (NEP) today reported second-quarter 2018 net income attributable to the company of $83 million or $1.43 per share, up from $13 million or $0.24 per share in the year-ago period.

Operating revenues for the quarter increased to $225 million from $220 million in the prior-year period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the quarter on revenues of $284.04 million. Analysts' estimates typically exclude special items.

The board of directors of NextEra Energy Partners declared a quarterly distribution of $0.4375 per common unit, corresponding to an annualized rate of $1.75 per common unit, to the unitholders of NextEra Energy Partners.

From a base of its fourth-quarter 2017 distribution per common unit at an annualized rate of $1.62, NextEra Energy Partners continues to expect 12 to 15 percent per year growth in limited partner distributions as being a reasonable range of expectations through at least 2023, subject to the usual caveats.

The partnership expects the annualized rate of the fourth-quarter 2018 distribution, meaning the fourth-quarter distribution that is payable in February 2019, in a range of $1.81 to $1.86 per common unit.