CenterPoint Energy, Inc. CNP reported second-quarter 2019 adjusted earnings of 35 cents per share, which surpassed the Zacks Consensus Estimate of 31 cents. The bottom line also improved by 16.7% from the year-ago quarter’s tally of 30 cents.
The company’s GAAP earnings came in at 33 cents per share against a loss of 17 cents incurred in the prior-year quarter.
CenterPoint Energy’s total revenues in the quarter were $2.80 billion, which missed the Zacks Consensus Estimate of $2.83 billion by 1.2%. However, the top line was 28% higher than $2.19 billion a year ago. Notably, increased contribution from both the utility and non-utility segments led to top-line growth.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise
CenterPoint Energy, Inc. price-consensus-eps-surprise-chart | CenterPoint Energy, Inc. Quote
Total expenses during the second quarter increased 25.6% to $2,511 million.
The company’s operating income also increased 53.5% to $287 million from $187 million in the year-ago quarter.
Interest and other finance charges increased to $134 million from $91 million a year ago.
The Houston electric-transmission & distribution segment reported operating income of $169 million in the second quarter compared with $181 million in the year-ago quarter.
The Natural Gas distribution segment reported operating income of $47 million compared with $7 million in the prior-year quarter.
The Energy Services segment registered operating income of $29 million compared with $15 million in the year-ago quarter.
The Midstream investments segment reported $74 million of equity income compared with $58 million a year ago.
The Other Operations segment incurred an operating loss of $7 million compared with operating loss of $16 million in the prior-year quarter.
The Indiana electric–integrated segment reported operating income of $25 million for the second quarter of 2019.
As of Jun 30, 2019, CenterPoint Energy had cash and cash equivalents of $271 million, down significantly from $4,231 million as of Dec 31, 2018.
Total long-term debt was $14,121 million as of Jun 30, 2019, compared with $8,682 million as of Dec 31, 2018.
At the end of the second quarter, the company’s net cash from operating activities was $574 million, down from $1,093 million in the previous year.
Further, CenterPoint Energy’s total capital expenditure totaled $634 million in the second quarter, up from $369 million a year ago.
CenterPoint Energy reiterated its 2019 earnings guidance. The company continues to expect earnings of $1.60-$1.70 per diluted share, excluding certain impacts associated in relation to its merger with Vectren.
The Zacks Consensus Estimate for 2019 earnings is pegged at $1.64, which lies just below the mid-point of the company’s guided range.
CenterPoint Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
CMS Energy Corporation’s CMS second-quarter 2019 adjusted earnings per share (EPS) of 33 cents declined 32.7% year over year. The bottom line also missed the Zacks Consensus Estimate of 44 cents by 25%.
NextEra Energy, Inc. NEE reported second-quarter 2019 adjusted earnings of $2.35 per share, which exceeded the Zacks Consensus Estimate of $2.28 by 3.1%. Moreover, the bottom line improved 12.9% on a year-over-year basis.
FirstEnergy Corporation FE delivered second-quarter 2019 operating earnings of 61 cents per share, which outpaced the Zacks Consensus Estimate of 60 cents by 1.67%. However, the reported figure decreased 1.61% from the year-ago quarter’s 62 cents.
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