NextEra Energy, Inc. NEE reported third-quarter 2020 adjusted earnings of $2.66 per share, which beat the Zacks Consensus Estimate of $2.65 by 0.4%. The reported earnings were also up 11.3% from $2.39 per share in the prior-year quarter. The year-over-year improvement in earnings was due to strong performance across all businesses despite the challenges created by the COVID-19 outbreak and an extremely active hurricane season.On a GAAP basis, the company recorded earnings of $2.50 per share, up 38.1% from $1.81 reported in the year-ago quarter.Total RevenuesFor the third quarter, NextEra Energy’s operating revenues were $4,785 million, which lagged the Zacks Consensus Estimate of $5,606 million by 14.6%. The reported revenues were also down 14.1% year over year.NextEra Energy, Inc. Price, Consensus and EPS Surprise NextEra Energy, Inc. price-consensus-eps-surprise-chart | NextEra Energy, Inc. QuoteSegment ResultsFlorida Power & Light Company (FPL): Revenues from the segment amounted to $3,455 million, down 1.03% from the prior-year figure of $3,491 million. The segment’s earnings came in at $1.54 per share, up 10% from $1.40 recorded in the prior-year quarter.Gulf Power Company (Gulf Power): Total segment revenues amounted to $404 million, down 8.2% from the year-ago figure. This segment’s earnings per share totaled 18 cents for the reported quarter, up 12.5% from the year-ago level.NextEra Energy Resources: Revenues from the segment amounted to $953 million, down 43.1% from the prior-year quarter. Quarterly earnings from the segment came in at $1.12 per share, up 16.7% from 91 cents in the year-ago quarter.Corporate and Other: The segment’s operating loss for the reported quarter was 18 cents compared with a loss of 8 cents per share in the year-ago period.Highlights of the ReleaseNextEra Energy’s arm, Gulf Power is making smart capital investments and continues to progress well. The Plant Crist coal-to- natural gas conversion and associated natural gas lateral are expected to be completed later this year, in turn supporting NextEra Energy's coal phase-out strategy and commitment to remain a clean energy leader.During third-quarter 2020, FPL's average number of customers increased nearly 80,000 from the prior-year period.Interest expenses for the quarter were $208 million, down 72.1% from the year-ago period.NextEra Energy Resources expanded the contracted renewables backlog by adding 2,200 megawatts of renewable projects during the third quarter.Financial UpdateNextEra Energy had cash and cash equivalents of $1,961 million as of Sep 30, 2020 compared with $600 million on Dec 31, 2019.Long-term debt as of Sep 30, 2020 was $42.79 billion, up from $37.54 billion on Dec 31, 2019.Cash flow from operating activities for the first nine months of 2020 was $6.63 billion compared with $6.24 billion in the comparable prior-year period.GuidanceNextEra Energy recently increased financial expectations and extended long-term growth outlook. The company expects 2020 and 2021 earnings in the range of $2.18-$2.30 and $2.40-$2.54, respectively. Its earnings are expected to grow at a compound annual rate of 6-8% per year through 2023, off a 2021 base. As a result of a 4-for-1 stock split, which is going to be effective from Oct 27, 2020, the company has updated its earnings guidance.The company expects to increase dividend by 10% each year through 2022, subject to approval of the board of directors.NextEra Energy’s unit, Energy Resources currently aims to add 15,500-19,800 MW of renewable power projects to its portfolio within the 2019-2022 time frame.Zacks RankCurrently, NextEra Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming ReleasesAmerican Electric Power AEP is scheduled to announce second-quarter 2020 results on Oct 22. The Zacks Consensus Estimate for its earnings per share for the to-be-reported quarter is pegged at $1.44.FirstEnergy Corporation FE is scheduled to report third-quarter 2020 results on Nov 2. The Zacks Consensus Estimate for its earnings for the quarter to be reported is pegged at 75 cents per share.Dominion Energy D is scheduled to report third-quarter 2020 results on Nov 5. The Zacks Consensus Estimate for its earnings for the quarter to be reported is pegged at $1.05 per share.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FirstEnergy Corporation (FE): Free Stock Analysis Report American Electric Power Company, Inc. (AEP): Free Stock Analysis Report Dominion Energy Inc. (D): Free Stock Analysis Report NextEra Energy, Inc. (NEE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research