CenterPoint Energy, Inc. ( CNP Quick Quote CNP - Free Report) reported third-quarter 2020 adjusted earnings of 34 cents per share, which surpassed the Zacks Consensus Estimate of 32 cents by 6.25%. The bottom line, however, deteriorated 27.7% from the year-ago quarter’s earnings of 47 cents. The company reported GAAP earnings of 13 cents per share compared with 47 cents reported in the prior-year quarter. Revenues
CenterPoint Energy’s total revenues in the quarter were $1,622 million, which lagged the Zacks Consensus Estimate of $1,624 million by a mere 0.1%. Moreover, the reported figure came in 2.2% lower than the prior-year quarter’s $1,658 million.
Lower contribution from the utility and non-utility segment dragged down the top line. Operational Results
Total expenses during the third-quarter increased 1.5% to $1,320 million.
The company’s operating income declined 15.4% year over year to $302 million in the third quarter. Interest expenses and other finance charges decreased to $121 million from $134 million in the year-ago quarter. Segment Results
Houston Electric-Transmission & Distribution segment reported a net income of $157 million for the third quarter compared with $185 million in the year-ago quarter. The Natural Gas Distribution segment reported a net income of $5 million compared with the year-ago quarter’s $6 million. The Indiana Electric - Integrated segment generated a net income of $31 million compared with $34 million in the year-earlier period. The Midstream Investments segment recorded a net loss of $62 million against the net income of $50 million in the prior-year quarter. CenterPoint Energy, Inc. Price, Consensus and EPS Surprise Financial Condition
As of Sep 30, 2020, CenterPoint Energy had cash and cash equivalents of $185 million, down from $241 million as of Dec 31, 2019.
Total long-term debt was $11,946 as of Sep 30, 2020, compared with $14,244 million as of Dec 31, 2019. At the end of third-quarter 2020, the company’s net cash from operating activities was $1,439 million, up from the prior-year quarter’s $1,086 million. Further, CenterPoint Energy’s total capital expenditure was $642 million in the third quarter, down from $666 million in the year-ago quarter. 2020 Guidance
CenterPoint Energy has raised its 2020 Utility EPS guidance range to $1.12-$1.20 per share, from the earlier guidance of $1.10-$1.20.
The Zacks Consensus Estimate for current-year earnings is pegged at $1.29 per share, which lies above the 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 American Electric Power ( AEP Quick Quote AEP - Free Report) reported third-quarter 2020 adjusted earnings per share of $1.47, which beat the Zacks Consensus Estimate of $1.46 by 0.7%. NextEra Energy ( NEE Quick Quote NEE - Free Report) reported third-quarter 2020 adjusted earnings of $2.66 per share, which beat the Zacks Consensus Estimate of $2.65 by 0.4%. Entergy Corporation ( ETR Quick Quote ETR - Free Report) reported third-quarter 2020 adjusted earnings of $2.44 per share, which surpassed the Zacks Consensus Estimate of $2.42 by 0.8%. These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early. See the 5 high-tech stocks now>>