CenterPoint Energy, Inc. (CNP - Free Report) reported third-quarter 2017 earnings of 39 cents per share, which missed the Zacks Consensus Estimate of 41 cents by 4.9%. Quarterly earnings also dropped 4.9% from the year-ago figure of 41 cents.
Revenues
CenterPoint Energy’s total revenues in the reported quarter were $2,098 million, which surpassed the Zacks Consensus Estimate of $2,015 million by 4.1%. Revenues were also 11.1% higher than $1,889 million reported a year ago.
The rise in the top line was driven by higher contribution from Natural Gas Distribution and Energy Services segments, offset by lower contribution from Electric Transmission & Distribution segment.
Operational Results
Total expenses during the quarter increased 13.3% to $1,819 million.
The company’s operating income declined 1.8% to $279 million from $284 million in the year-ago quarter.
Interest and other finance charges decreased to $80 million in the reported quarter from $83 million a year ago.
Segment Results
The Electric Transmission & Distribution segment reported operating income of $247 million during the third quarter compared with $257 million in the year-ago quarter.
The Natural Gas Distribution segment reported operating income of $19 million compared with $22 million in the year-ago quarter.
The Energy Services segment reported operating income of $7 million in the third quarter.
Financial Condition
As of Sep 30, 2017, CenterPoint Energy had cash and cash equivalents of $201 million, down from $341 million as of Dec 31, 2016.
Total long-term debt was $7,531 million as of Sep 30, 2017 compared with $7,532 million as of Dec 31, 2016.
At the end of the third quarter, the company’s net cash from operating activities was $1,031 million, down from $1,455 million in the year-ago period.
Also, CenterPoint Energy’s total capital expenditure was $358 million in the third quarter, down from $361 million in the year-ago quarter.
Guidance
CenterPoint currently expects to generate earnings per share (EPS) at or near the high end of its prior guidance range of $1.25-$1.33 in 2017.
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.
Recent Peer Releases
Hawaiian Electric Industries Inc.(HE - Free Report) reported adjusted EPS of 55 cents in third-quarter 2017, which missed the Zacks Consensus Estimate of 57 cents by 3.5%. On a year-over-year basis, the figure declined 5.2% from the prior-year quarter level of 58 cents.
PG&E Corporation’s (PCG - Free Report) adjusted operating EPS of $1.12 in third-quarter 2017 surpassed the Zacks Consensus Estimate of 94 cents by 19.1%. Earnings were also up 19.1% from 94 cents reported in the year-ago quarter.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2017 adjusted EPSof 62 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 12.7%. Quarterly earnings however declined 11.4% from the year-ago figure of 70 cents.
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CenterPoint Energy, Inc. (CNP - Free Report) reported third-quarter 2017 earnings of 39 cents per share, which missed the Zacks Consensus Estimate of 41 cents by 4.9%. Quarterly earnings also dropped 4.9% from the year-ago figure of 41 cents.
Revenues
CenterPoint Energy’s total revenues in the reported quarter were $2,098 million, which surpassed the Zacks Consensus Estimate of $2,015 million by 4.1%. Revenues were also 11.1% higher than $1,889 million reported a year ago.
The rise in the top line was driven by higher contribution from Natural Gas Distribution and Energy Services segments, offset by lower contribution from Electric Transmission & Distribution segment.
Operational Results
Total expenses during the quarter increased 13.3% to $1,819 million.
The company’s operating income declined 1.8% to $279 million from $284 million in the year-ago quarter.
Interest and other finance charges decreased to $80 million in the reported quarter from $83 million a year ago.
Segment Results
The Electric Transmission & Distribution segment reported operating income of $247 million during the third quarter compared with $257 million in the year-ago quarter.
The Natural Gas Distribution segment reported operating income of $19 million compared with $22 million in the year-ago quarter.
The Energy Services segment reported operating income of $7 million in the third quarter.
Financial Condition
As of Sep 30, 2017, CenterPoint Energy had cash and cash equivalents of $201 million, down from $341 million as of Dec 31, 2016.
Total long-term debt was $7,531 million as of Sep 30, 2017 compared with $7,532 million as of Dec 31, 2016.
At the end of the third quarter, the company’s net cash from operating activities was $1,031 million, down from $1,455 million in the year-ago period.
Also, CenterPoint Energy’s total capital expenditure was $358 million in the third quarter, down from $361 million in the year-ago quarter.
Guidance
CenterPoint currently expects to generate earnings per share (EPS) at or near the high end of its prior guidance range of $1.25-$1.33 in 2017.
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.
Recent Peer Releases
Hawaiian Electric Industries Inc.(HE - Free Report) reported adjusted EPS of 55 cents in third-quarter 2017, which missed the Zacks Consensus Estimate of 57 cents by 3.5%. On a year-over-year basis, the figure declined 5.2% from the prior-year quarter level of 58 cents.
PG&E Corporation’s (PCG - Free Report) adjusted operating EPS of $1.12 in third-quarter 2017 surpassed the Zacks Consensus Estimate of 94 cents by 19.1%. Earnings were also up 19.1% from 94 cents reported in the year-ago quarter.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2017 adjusted EPSof 62 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 12.7%. Quarterly earnings however declined 11.4% from the year-ago figure of 70 cents.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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