CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2016 earnings of 36 cents per share, beating the Zacks Consensus Estimate of 31 cents by 16.1%. The reported number was also 20% higher than the prior-year figure of 30 cents.
CenterPoint Energy’s total revenue in the reported quarter was $1,984 million, falling short of the Zacks Consensus Estimate of $2,524 million by 21.4%. Quarterly revenues also plunged 18.5% from $2,433 million reported in the year-ago period.
The year-over-year decline in the top line was mainly due to lower contribution from Energy Services (32.5%) and Natural Gas Distribution (25%).
Total expenses decreased 20.3% to $1,734 million primarily due to a decline in natural gas expenses.
The company’s operating income decreased to $250 million in the reported quarter from $256 million in the year-ago quarter.
Total interest and other finance charges decreased to $10 million in the reported quarter from $47 million in the year-ago quarter.
The Electric Transmission & Distribution segment reported an operating income of $83 million, down 14% from $96 million a year ago. The decline was due to higher depreciation and operations and maintenance expenses.
Natural Gas Distribution reported an operating income of $160 million, compared with $146 million in the year-ago quarter. The increase can be attributed to rate increase and customer growth.
The Energy Services segment’s operating income of $6 million declined from $13 million a year ago.
As of Mar 31, 2016, CenterPoint Energy had cash and cash equivalents of $218 million, down from $264 million as of Dec 31, 2015.
Total long-term debt was $7,354 million as of Mar 31, 2016, down from $7,866 million as of Dec 31, 2015.
In the quarter, the company’s net cash from operating activities was $634 million, down from $666 million in the year-ago period.
In the reported quarter, CenterPoint Energy’s total capital expenditure remained at $309 million, on par with the year-ago level.
CenterPoint maintained 2016 earnings in the range of $1.12–$1.20 per diluted share. This includes expected earnings per diluted share from utility operations in the range of 88–92 cents and midstream investment of 24–28 cents.
CMS Energy Corp. (CMS - Free Report) reported first-quarter 2016 adjusted earnings per share of 59 cents, missing the Zacks Consensus Estimate of 68 cents by 13.2%. Quarterly earnings also plunged 19.2% from the year-ago figure of 73 cents.
DTE Energy Company (DTE - Free Report) reported first-quarter 2016 operating earnings per share of $1.52, in line with the Zacks Consensus Estimate. Reported earnings, however, dropped 7.9% from the year-ago figure of $1.65.
Consolidated Edison Inc. (ED - Free Report) posted first-quarter 2016 adjusted earnings of $1.18 per share, missing the Zacks Consensus Estimate of $1.22 by 3.3%. Reported earnings also decreased 5.6% from the year-ago figure of $1.25 per share due to lower sales.
CenterPoint Energy currently has a Zacks Rank #2 (Buy).
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