CenterPoint Energy, Inc. ( CNP Quick Quote CNP - Free Report) reported fourth-quarter 2020 adjusted earnings of 29 cents per share, which surpassed the Zacks Consensus Estimate of 23 cents by 26.1%. The bottom line, however, deteriorated 35.6% from the year-ago quarter’s earnings. The company reported GAAP earnings of 27 cents per share compared with 25 cents reported in the prior-year quarter. Revenues
CenterPoint Energy’s total revenues in the quarter were $2,054 million, which lagged the Zacks Consensus Estimate of $2,095 million by 1.9%. However, the top line came in at 1.7% higher than the prior-year quarter’s $2,019 million.
The year-over-year improvement was primarily owing to higher contribution from the utility, which was marginally offset by lower contribution from its non-utility segment. Utility revenues in the fourth quarter were $1,962 million, up 2.3% year over year while Non-utility revenues were down 8.9% year over year to $92 million. Operational Results
Total expenses during the fourth quarter increased 1.4% to $1,769 million.
The company’s operating income improved 4% year over year to $285 million in the fourth quarter. Interest expenses and other finance charges decreased 18.7% year over year to $113 million from $139 million in the fourth quarter of 2019. Financial Condition
As of Dec 31, 2020, CenterPoint Energy had cash and cash equivalents of $147 million, down from $241 million as of Dec 31, 2019.
Total long-term debt was $11,521 million as of Dec 31, 2020 compared with $14,244 million as of Dec 31, 2019. In 2020, the company’s net cash from operating activities was $1,995 million, up from $1,638 million in 2019. Further, CenterPoint Energy’s total capital expenditure was $647 million in the fourth quarter, down from $759 million in the year-ago quarter. Guidance
CenterPoint Energy raises its 2021 Utility EPS outlook to the $1.24-$1.26 range from the prior expectation of $1.23-$1.25. The company delivered earnings of $1.40 per share in 2020.
The Zacks Consensus Estimate for 2021 earnings is pegged at $1.42 per share, which lies above the guided range. The capital plan of $16.7 billion for the 2021-2025 time period will further strengthen the company’s electric and natural gas operations. 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 Other Releases Exelon Corporation’s ( EXC Quick Quote EXC - Free Report) fourth-quarter 2020 operating earnings of 76 cents per share surpassed the Zacks Consensus Estimate of 71 cents by 7%. NextEra Energy, Inc. ( NEE Quick Quote NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%. Xcel Energy Inc. ( XEL Quick Quote XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate. More Stock News: This Is Bigger than the iPhone!
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