CenterPoint Energy, Inc. (CNP - Free Report) reported second-quarter 2019 adjusted earnings of 35 cents per share, which surpassed the Zacks Consensus Estimate of 31 cents. The bottom line also improved by 16.7% from the year-ago quarter’s tally of 30 cents.
The company’s GAAP earnings came in at 33 cents per share against a loss of 17 cents incurred in the prior-year quarter.
Revenues
CenterPoint Energy’s total revenues in the quarter were $2.80 billion, which missed the Zacks Consensus Estimate of $2.83 billion by 1.2%. However, the top line was 28% higher than $2.19 billion a year ago. Notably, increased contribution from both the utility and non-utility segments led to top-line growth.
Operational Results
Total expenses during the second quarter increased 25.6% to $2,511 million.
The company’s operating income also increased 53.5% to $287 million from $187 million in the year-ago quarter.
Interest and other finance charges increased to $134 million from $91 million a year ago.
Segment Results
The Houston electric-transmission & distribution segment reported operating income of $169 million in the second quarter compared with $181 million in the year-ago quarter.
The Natural Gas distribution segment reported operating income of $47 million compared with $7 million in the prior-year quarter.
The Energy Services segment registered operating income of $29 million compared with $15 million in the year-ago quarter.
The Midstream investments segment reported $74 million of equity income compared with $58 million a year ago.
The Other Operations segment incurred an operating loss of $7 million compared with operating loss of $16 million in the prior-year quarter.
The Indiana electric–integrated segment reported operating income of $25 million for the second quarter of 2019.
Financial Condition
As of Jun 30, 2019, CenterPoint Energy had cash and cash equivalents of $271 million, down significantly from $4,231 million as of Dec 31, 2018.
Total long-term debt was $14,121 million as of Jun 30, 2019, compared with $8,682 million as of Dec 31, 2018.
At the end of the second quarter, the company’s net cash from operating activities was $574 million, down from $1,093 million in the previous year.
Further, CenterPoint Energy’s total capital expenditure totaled $634 million in the second quarter, up from $369 million a year ago.
2019 Guidance
CenterPoint Energy reiterated its 2019 earnings guidance. The company continues to expect earnings of $1.60-$1.70 per diluted share, excluding certain impacts associated in relation to its merger with Vectren.
The Zacks Consensus Estimate for 2019 earnings is pegged at $1.64, which lies just 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
CMS Energy Corporation’s (CMS - Free Report) second-quarter 2019 adjusted earnings per share (EPS) of 33 cents declined 32.7% year over year. The bottom line also missed the Zacks Consensus Estimate of 44 cents by 25%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, which exceeded the Zacks Consensus Estimate of $2.28 by 3.1%. Moreover, the bottom line improved 12.9% on a year-over-year basis.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2019 operating earnings of 61 cents per share, which outpaced the Zacks Consensus Estimate of 60 cents by 1.67%. However, the reported figure decreased 1.61% from the year-ago quarter’s 62 cents.
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CenterPoint Energy, Inc. (CNP - Free Report) reported second-quarter 2019 adjusted earnings of 35 cents per share, which surpassed the Zacks Consensus Estimate of 31 cents. The bottom line also improved by 16.7% from the year-ago quarter’s tally of 30 cents.
The company’s GAAP earnings came in at 33 cents per share against a loss of 17 cents incurred in the prior-year quarter.
Revenues
CenterPoint Energy’s total revenues in the quarter were $2.80 billion, which missed the Zacks Consensus Estimate of $2.83 billion by 1.2%. However, the top line was 28% higher than $2.19 billion a year ago. Notably, increased contribution from both the utility and non-utility segments led to top-line growth.
Operational Results
Total expenses during the second quarter increased 25.6% to $2,511 million.
The company’s operating income also increased 53.5% to $287 million from $187 million in the year-ago quarter.
Interest and other finance charges increased to $134 million from $91 million a year ago.
Segment Results
The Houston electric-transmission & distribution segment reported operating income of $169 million in the second quarter compared with $181 million in the year-ago quarter.
The Natural Gas distribution segment reported operating income of $47 million compared with $7 million in the prior-year quarter.
The Energy Services segment registered operating income of $29 million compared with $15 million in the year-ago quarter.
The Midstream investments segment reported $74 million of equity income compared with $58 million a year ago.
The Other Operations segment incurred an operating loss of $7 million compared with operating loss of $16 million in the prior-year quarter.
The Indiana electric–integrated segment reported operating income of $25 million for the second quarter of 2019.
Financial Condition
As of Jun 30, 2019, CenterPoint Energy had cash and cash equivalents of $271 million, down significantly from $4,231 million as of Dec 31, 2018.
Total long-term debt was $14,121 million as of Jun 30, 2019, compared with $8,682 million as of Dec 31, 2018.
At the end of the second quarter, the company’s net cash from operating activities was $574 million, down from $1,093 million in the previous year.
Further, CenterPoint Energy’s total capital expenditure totaled $634 million in the second quarter, up from $369 million a year ago.
2019 Guidance
CenterPoint Energy reiterated its 2019 earnings guidance. The company continues to expect earnings of $1.60-$1.70 per diluted share, excluding certain impacts associated in relation to its merger with Vectren.
The Zacks Consensus Estimate for 2019 earnings is pegged at $1.64, which lies just 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
CMS Energy Corporation’s (CMS - Free Report) second-quarter 2019 adjusted earnings per share (EPS) of 33 cents declined 32.7% year over year. The bottom line also missed the Zacks Consensus Estimate of 44 cents by 25%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, which exceeded the Zacks Consensus Estimate of $2.28 by 3.1%. Moreover, the bottom line improved 12.9% on a year-over-year basis.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2019 operating earnings of 61 cents per share, which outpaced the Zacks Consensus Estimate of 60 cents by 1.67%. However, the reported figure decreased 1.61% from the year-ago quarter’s 62 cents.
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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