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CenterPoint Energy (CNP) Q2 Earnings Lag, Revenues Up Y/Y
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CenterPoint Energy, Inc. (CNP - Free Report) reported second-quarter 2018 adjusted earnings of 30 cents per share, lagging the Zacks Consensus Estimate of 32 cents by 6.3%. Quarterly earnings rose 3.4% from the year-ago figure of 29 cents.
Barring one-time adjustments, the company incurred GAAP loss of 17 cents per share in the reported quarter against GAAP earnings of 31 cents in the year-ago quarter.
Revenues
CenterPoint Energy’s total revenues in the reported quarter were $2,186 million, which surpassed the Zacks Consensus Estimate of $2,159 million by 1.3%. Revenues were also 2% higher than $2,143 million reported a year ago.
The rise in the top line was driven by higher contribution from the Electric Transmission & Distribution segment.
Operational Results
Total expenses during the quarter increased 5% to $1,999 million.
The company’s operating income declined 22.1% to $187 million from $240 million in the year-ago quarter.
Interest and other finance charges increased to $91 million in the reported quarter from $77 million a year ago.
Segment Results
The Electric Transmission & Distribution segment reported operating income of $181 million during the second quarter compared with $171 million in the year-ago quarter.
The Natural Gas Distribution segment reported operating income of $7 million compared with $42 million in the year-ago quarter.
The Energy Services segment reported operating income of $15 million compared with $16 million in the year-ago quarter.
The company’s midstream investments segment reported $58 million of equity income for the second quarter of 2018 compared with $59 million a year ago.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise
As of Jun 30, 2018, CenterPoint Energy had cash and cash equivalents of $328 million, up from $260 million as of Dec 31, 2017.
Total long-term debt was $7,760 million as of Jun 30, 2018 compared with $8,195 million as of Dec 31, 2017.
At the end of second-quarter 2018, the company’s net cash from operating activities was $1,093 million, up from $677 million in the year-ago period.
Also, CenterPoint Energy’s total capital expenditure was $369 million in the second quarter, marginally down from $370 million a year ago.
Guidance
CenterPoint Energy reaffirmed its 2018 earnings guidance. The company continues to expect to achieve the high end of the range of $1.50-$1.60 per diluted share, excluding costs associated with the pending merger with Vectren.
Xcel Energy (XEL - Free Report) recorded second-quarter 2018 operating earnings of 52 cents per share, beating the Zacks Consensus Estimate of 47 cents by 10.6%. Also, the bottom line was 15.6% higher than the year-ago quarter’s tally.
DTE Energy (DTE - Free Report) reported second-quarter 2018 operating earnings per share of $1.36, which outpaced the Zacks Consensus Estimate of $1.11 by 22.5%.
American Electric Power (AEP - Free Report) reported second-quarter 2018 adjusted earnings per share of $1.01, beating the Zacks Consensus Estimate of 88 cents by 14.8%.
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CenterPoint Energy (CNP) Q2 Earnings Lag, Revenues Up Y/Y
CenterPoint Energy, Inc. (CNP - Free Report) reported second-quarter 2018 adjusted earnings of 30 cents per share, lagging the Zacks Consensus Estimate of 32 cents by 6.3%. Quarterly earnings rose 3.4% from the year-ago figure of 29 cents.
Barring one-time adjustments, the company incurred GAAP loss of 17 cents per share in the reported quarter against GAAP earnings of 31 cents in the year-ago quarter.
Revenues
CenterPoint Energy’s total revenues in the reported quarter were $2,186 million, which surpassed the Zacks Consensus Estimate of $2,159 million by 1.3%. Revenues were also 2% higher than $2,143 million reported a year ago.
The rise in the top line was driven by higher contribution from the Electric Transmission & Distribution segment.
Operational Results
Total expenses during the quarter increased 5% to $1,999 million.
The company’s operating income declined 22.1% to $187 million from $240 million in the year-ago quarter.
Interest and other finance charges increased to $91 million in the reported quarter from $77 million a year ago.
Segment Results
The Electric Transmission & Distribution segment reported operating income of $181 million during the second quarter compared with $171 million in the year-ago quarter.
The Natural Gas Distribution segment reported operating income of $7 million compared with $42 million in the year-ago quarter.
The Energy Services segment reported operating income of $15 million compared with $16 million in the year-ago quarter.
The company’s midstream investments segment reported $58 million of equity income for the second quarter of 2018 compared with $59 million a year ago.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise | CenterPoint Energy, Inc. Quote
Financial Condition
As of Jun 30, 2018, CenterPoint Energy had cash and cash equivalents of $328 million, up from $260 million as of Dec 31, 2017.
Total long-term debt was $7,760 million as of Jun 30, 2018 compared with $8,195 million as of Dec 31, 2017.
At the end of second-quarter 2018, the company’s net cash from operating activities was $1,093 million, up from $677 million in the year-ago period.
Also, CenterPoint Energy’s total capital expenditure was $369 million in the second quarter, marginally down from $370 million a year ago.
Guidance
CenterPoint Energy reaffirmed its 2018 earnings guidance. The company continues to expect to achieve the high end of the range of $1.50-$1.60 per diluted share, excluding costs associated with the pending merger with Vectren.
Zacks Rank
CenterPoint Energy currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Xcel Energy (XEL - Free Report) recorded second-quarter 2018 operating earnings of 52 cents per share, beating the Zacks Consensus Estimate of 47 cents by 10.6%. Also, the bottom line was 15.6% higher than the year-ago quarter’s tally.
DTE Energy (DTE - Free Report) reported second-quarter 2018 operating earnings per share of $1.36, which outpaced the Zacks Consensus Estimate of $1.11 by 22.5%.
American Electric Power (AEP - Free Report) reported second-quarter 2018 adjusted earnings per share of $1.01, beating the Zacks Consensus Estimate of 88 cents by 14.8%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>