CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2019 adjusted earnings of 46 cents per share, lagging the Zacks Consensus Estimate of 50 cents by 8%. The bottom line also declined 16.4% from the year-ago quarter’s 55 cents.
The company’s GAAP earnings came in at 28 cents per share compared with 38 cents registered in the prior-year quarter.
Revenues
CenterPoint Energy’s total revenues in the quarter were $3.53 billion, which lagged the Zacks Consensus Estimate of $3.85 billion by 8.3%. However, the reported figure was 11.9% higher than $3.15 billion a year ago.
Increased contribution from both utility and non-utility segments led to the year-over-year top-line growth.
Operational Results
Total expenses during the first quarter increased 13.2% to $3,286 million.
The company’s operating income declined 2.4% to $245 million from $251 million in the year-ago quarter.
Interest and other finance charges increased to $121 million from $78 million a year ago.
Segment Results
The Electric Transmission & Distribution segment reported operating income of $84 million in the first quarter compared with $115 million in the year-ago quarter.
The Indiana Electric segment operating loss was $9 million in the period of Feb 1, 2019 to Mar 31, 2019.
The Natural Gas Distribution segment reported operating income of $167 million compared with $156 million in the year-ago quarter.
The Energy Services segment reported operating income of $33 million against operating loss of $26 million in the year-ago quarter.
The midstream investments segment reported $62 million of equity income compared with $69 million a year ago.
The Corporate and other Operations segment incurred operating loss of $14 million against operating income of $6 million in the prior-year quarter. The decline can be primarily attributed to high merger-related expenses.
Financial Condition
As of Mar 31, 2019, CenterPoint Energy had cash and cash equivalents of $255 million, down significantly from $4,231 million as on Dec 31, 2018.
Total long-term debt was $13,759 million as on Mar 31, 2019, compared with $8,682 million as on Dec 31, 2018.
At the end of first-quarter 2019, the company’s net cash from operating activities was $271 million, down from $484 million in the previous year’s quarter.
Further, CenterPoint Energy’s capital expenditure totaled $528 million in the first quarter, up from $323 million a year ago.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise
The company reaffirmed its 2019 earnings guidance. The company expects to generate earnings of $1.60-$1.70 per diluted share, excluding certain impacts associated with its merger with Vectren.
The Zacks Consensus Estimate for 2019 earnings is pegged at $1.64, which lies below the mid-point of the company’s guided range.
Zacks Rank
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
FirstEnergy Corp. (FE - Free Report) , which carries a Zacks Rank #2 (Buy), delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.
NextEra Energy, Inc. (NEE - Free Report) , which carries a Zacks Rank #3, reported first-quarter 2019 adjusted earnings of $2.20 per share, beating the Zacks Consensus Estimate of $2.01 by 9.4%.
DTE Energy Co. (DTE - Free Report) , which carries a Zacks Rank #2, reported first-quarter 2019 operating earnings per share (EPS) of $2.05, which exceeded the Zacks Consensus Estimate of $1.95 by 5.1%.
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CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2019 adjusted earnings of 46 cents per share, lagging the Zacks Consensus Estimate of 50 cents by 8%. The bottom line also declined 16.4% from the year-ago quarter’s 55 cents.
The company’s GAAP earnings came in at 28 cents per share compared with 38 cents registered in the prior-year quarter.
Revenues
CenterPoint Energy’s total revenues in the quarter were $3.53 billion, which lagged the Zacks Consensus Estimate of $3.85 billion by 8.3%. However, the reported figure was 11.9% higher than $3.15 billion a year ago.
Increased contribution from both utility and non-utility segments led to the year-over-year top-line growth.
Operational Results
Total expenses during the first quarter increased 13.2% to $3,286 million.
The company’s operating income declined 2.4% to $245 million from $251 million in the year-ago quarter.
Interest and other finance charges increased to $121 million from $78 million a year ago.
Segment Results
The Electric Transmission & Distribution segment reported operating income of $84 million in the first quarter compared with $115 million in the year-ago quarter.
The Indiana Electric segment operating loss was $9 million in the period of Feb 1, 2019 to Mar 31, 2019.
The Natural Gas Distribution segment reported operating income of $167 million compared with $156 million in the year-ago quarter.
The Energy Services segment reported operating income of $33 million against operating loss of $26 million in the year-ago quarter.
The midstream investments segment reported $62 million of equity income compared with $69 million a year ago.
The Corporate and other Operations segment incurred operating loss of $14 million against operating income of $6 million in the prior-year quarter. The decline can be primarily attributed to high merger-related expenses.
Financial Condition
As of Mar 31, 2019, CenterPoint Energy had cash and cash equivalents of $255 million, down significantly from $4,231 million as on Dec 31, 2018.
Total long-term debt was $13,759 million as on Mar 31, 2019, compared with $8,682 million as on Dec 31, 2018.
At the end of first-quarter 2019, the company’s net cash from operating activities was $271 million, down from $484 million in the previous year’s quarter.
Further, CenterPoint Energy’s capital expenditure totaled $528 million in the first quarter, up from $323 million a year ago.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise
The company reaffirmed its 2019 earnings guidance. The company expects to generate earnings of $1.60-$1.70 per diluted share, excluding certain impacts associated with its merger with Vectren.
The Zacks Consensus Estimate for 2019 earnings is pegged at $1.64, which lies below the mid-point of the company’s guided range.
Zacks Rank
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
FirstEnergy Corp. (FE - Free Report) , which carries a Zacks Rank #2 (Buy), delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.
NextEra Energy, Inc. (NEE - Free Report) , which carries a Zacks Rank #3, reported first-quarter 2019 adjusted earnings of $2.20 per share, beating the Zacks Consensus Estimate of $2.01 by 9.4%.
DTE Energy Co. (DTE - Free Report) , which carries a Zacks Rank #2, reported first-quarter 2019 operating earnings per share (EPS) of $2.05, which exceeded the Zacks Consensus Estimate of $1.95 by 5.1%.
This Could Be the Fastest Way to Grow Wealth in 2019
Research indicates one sector is poised to deliver a crop of the best-performing stocks you'll find anywhere in the market. Breaking news in this space frequently creates quick double- and triple-digit profit opportunities.
These companies are changing the world – and owning their stocks could transform your portfolio in 2019 and beyond. Recent trades from this sector have generated +98%, +119% and +164% gains in as little as 1 month.
Click here to see these breakthrough stocks now >>
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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