CenterPoint Energy, Inc. (CNP - Free Report) reported third-quarter 2023 adjusted earnings of 40 cents per share, which surpassed the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also improved 25% from the year-ago quarter’s figure, driven by regulatory recovery and a favorable weather.
The company registered GAAP earnings of 40 cents per share compared with 30 cents in the prior-year quarter.
Q3 Revenues
CNP generated revenues of $1,860 million, down 2.3% from the year-ago quarter’s reported figure. The top line missed the Zacks Consensus Estimate of $1,910.7 million by 2.7%.
Operational Results
Total expenses during the reported quarter decreased 11.7% to $1,342 million.
The company reported an operating loss of $168 million compared with an operating loss of $107 million a year ago.
Interest expenses and other finance charges totaled $176 million, up 51.7% from $116 million recorded in the prior-year quarter.
Financial Condition
As of Sep 30, 2023, CenterPoint Energy had cash and cash equivalents of $120 million compared with $74 million as of Dec 31, 2022.
The total long-term debt was $16,838 million as of Sep 30, 2023, compared with $14,836 million as of Dec 31, 2022.
Net cash flow from operating activities was $3,069 million as of Sep 30, 2023, compared with $1,325 million in the year-ago period.
The total capital expenditure was $1,219 million as of Sep 30, 2023, compared with $1,166 million in the prior-year quarter.
2023 Guidance
CenterPoint Energy raised its 2023 earnings guidance. It now expects adjusted earnings per share in the range of $1.49-$1.51 compared with the prior guidance of $1.48-$1.50. The Zacks Consensus Estimate for 2023 earnings is pegged at $1.50 per share, in line with the midpoint of the company’s guided range.
Zacks Rank
CenterPoint Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Recent Utility Release
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter’s level.
For the third quarter, NextEra’s operating revenues totaled $7,172 million, which lagged the Zacks Consensus Estimate of $7,453 million by 3.8%. The top line improved 6.7% year over year.
Upcoming Releases
Xcel Energy (XEL - Free Report) is scheduled to announce third-quarter 2023 results on Oct 27. The Zacks Consensus Estimate for earnings is pinned at $1.31 per share, indicating an increase of 11% from the year-ago quarter’s level.
Xcel Energy’s long-term (three- to five-year) earnings growth rate is 6.5%. The Zacks Consensus Estimate for third-quarter sales is pegged at $4.05 billion.
Dominion Energy (D - Free Report) is scheduled to announce third-quarter 2023 results on Nov 3. The Zacks Consensus Estimate for earnings is pegged at 79 cents per share, implying a decline of 28.8% from the prior-year quarter’s recorded number.
Dominion’s long-term earnings growth rate is 4%. The Zacks Consensus Estimate for third-quarter sales is pegged at $4.29 billion.
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CenterPoint Energy, Inc. (CNP - Free Report) reported third-quarter 2023 adjusted earnings of 40 cents per share, which surpassed the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also improved 25% from the year-ago quarter’s figure, driven by regulatory recovery and a favorable weather.
The company registered GAAP earnings of 40 cents per share compared with 30 cents in the prior-year quarter.
Q3 Revenues
CNP generated revenues of $1,860 million, down 2.3% from the year-ago quarter’s reported figure. The top line missed the Zacks Consensus Estimate of $1,910.7 million by 2.7%.
Operational Results
Total expenses during the reported quarter decreased 11.7% to $1,342 million.
The company reported an operating loss of $168 million compared with an operating loss of $107 million a year ago.
Interest expenses and other finance charges totaled $176 million, up 51.7% from $116 million recorded in the prior-year quarter.
Financial Condition
As of Sep 30, 2023, CenterPoint Energy had cash and cash equivalents of $120 million compared with $74 million as of Dec 31, 2022.
The total long-term debt was $16,838 million as of Sep 30, 2023, compared with $14,836 million as of Dec 31, 2022.
Net cash flow from operating activities was $3,069 million as of Sep 30, 2023, compared with $1,325 million in the year-ago period.
The total capital expenditure was $1,219 million as of Sep 30, 2023, compared with $1,166 million in the prior-year quarter.
2023 Guidance
CenterPoint Energy raised its 2023 earnings guidance. It now expects adjusted earnings per share in the range of $1.49-$1.51 compared with the prior guidance of $1.48-$1.50. The Zacks Consensus Estimate for 2023 earnings is pegged at $1.50 per share, in line with the midpoint of the company’s guided range.
Zacks Rank
CenterPoint Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Recent Utility Release
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter’s level.
For the third quarter, NextEra’s operating revenues totaled $7,172 million, which lagged the Zacks Consensus Estimate of $7,453 million by 3.8%. The top line improved 6.7% year over year.
Upcoming Releases
Xcel Energy (XEL - Free Report) is scheduled to announce third-quarter 2023 results on Oct 27. The Zacks Consensus Estimate for earnings is pinned at $1.31 per share, indicating an increase of 11% from the year-ago quarter’s level.
Xcel Energy’s long-term (three- to five-year) earnings growth rate is 6.5%. The Zacks Consensus Estimate for third-quarter sales is pegged at $4.05 billion.
Dominion Energy (D - Free Report) is scheduled to announce third-quarter 2023 results on Nov 3. The Zacks Consensus Estimate for earnings is pegged at 79 cents per share, implying a decline of 28.8% from the prior-year quarter’s recorded number.
Dominion’s long-term earnings growth rate is 4%. The Zacks Consensus Estimate for third-quarter sales is pegged at $4.29 billion.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How To Profit From Trillions On Spending For Infrastructure >>
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