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CenterPoint Energy (CNP) Tops Q1 Earnings, Sales Up Y/Y

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CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2018 adjusted earnings of 55 cents per share, which beat the Zacks Consensus Estimate of 44 cents by 25%. Earnings improved 48.6% from the year-ago quarter’s 37 cents.

Excluding one-time items, the company reported earnings per share of 38 cents, compared with 44 cents in the year-ago quarter.

 

CenterPoint Energy, Inc. Price, Consensus and EPS Surprise

 

CenterPoint Energy, Inc. Price, Consensus and EPS Surprise | CenterPoint Energy, Inc. Quote

 

Revenues

Total revenues in the reported quarter were $3,155 million, which surpassed the Zacks Consensus Estimate of $2,752 million by 14.6%. Revenues were also 15.4% higher than $2,735 million reported a year ago.

The top-line upside was driven by higher contribution from Natural Gas Distribution, Energy Services as well as Electric Transmission & Distribution segments.

Operational Results

Total expenses in the quarter increased 18.8% year over year to $2,904 million.

Consequently, operating income declined 13.7% to $251 million from $291 million a year ago.

Interest and other finance charges remained flat at $78 million in the reported quarter, when compared to the year-ago quarter’s figure.

Segment Results

The Electric Transmission & Distribution segment reported operating income of $115 million in the first quarter, compared with $86 million in the year-ago quarter.

The Natural Gas Distribution segment reported operating income of $156 million, compared with $168 million in the year-earlier quarter.

The Energy Services segment reported adjusted operating income of $54 million in the first quarter, compared with $20 million in the year-ago quarter.

Financial Condition

As of Mar 31, 2018, CenterPoint Energy had cash and cash equivalents of $219 million, down from $260 million as of Dec 31, 2017.

Total long-term debt was $8,176 million as of Mar 31, 2018, compared with $8,195 million as of Dec 31, 2017.

At the end of first-quarter 2018, the company’s net cash from operating activities was $484 million, compared with $317 million a year ago.

Total capital expenditure was $323 million at quarter-end, compared with $298 million in the year-ago quarter.

Guidance

CenterPoint Energy currently expects to generate earnings in the high end of its previously guided range of $1.50-$1.60.

Zacks Rank

CenterPoint Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

Consolidated Edison Inc. (ED - Free Report) reported first-quarter 2018 earnings of $1.37 per share, which surpassed the Zacks Consensus Estimate of $1.33 by 3%.

PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 91 cents in first-quarter 2018, which missed the Zacks Consensus Estimate of $1.03 by 11.7%.

FirstEnergy Corp. (FE - Free Report) reported first-quarter 2018 operating earnings of 67 cents per share, which lagged the Zacks Consensus Estimate of 68 cents by 1.5%.

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