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CenterPoint Energy (CNP) Q4 Earnings In Line, Revenues Miss
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CenterPoint Energy, Inc. (CNP - Free Report) reported fourth-quarter 2023 adjusted earnings of 32 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line improved 14.3% from the year-ago quarter’s figure, driven by regulatory recovery and a one-time tax benefit.
The company registered GAAP earnings of 30 cents per share compared with 19 cents in the prior-year quarter.
For 2023, the company generated adjusted earnings of $1.50 per share compared with $1.38 in 2022. The full-year bottom line came in line with the consensus estimate.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise
CNP generated revenues of $2,182 million, which missed the Zacks Consensus Estimate of $2,758.9 million by 20.9%. The top line also came in 19.5% lower than the year-ago quarter’s reported figure.
For 2023, the company recorded revenues worth $8.70 billion compared with $9.32 billion in 2022. The full-year top line missed the consensus estimate of $9.27 billion.
Operational Results
Total expenses during 2023 decreased 10.6% year over year to $6,936 million.
The company reported an operating income of $1,760 million during 2023 compared with $1,566 million a year ago.
Interest expenses and other finance charges totaled $684 million, up 33.9% from $511 million recorded in the previous year.
Financial Condition
As of Dec 31, 2023, CenterPoint Energy had cash and cash equivalents of $90 million compared with $74 million as of Dec 31, 2022.
The total long-term debt was $17,559 million as of Dec 31, 2023, compared with $14,836 million as of Dec 31, 2022.
Net cash flow from operating activities amounted to $3,877 million as of Dec 31, 2023, compared with $1,810 million in the year-ago period.
The total capital expenditure was $4,401 million as of Dec 31, 2023, compared with $4,419 million a year ago.
2024 Guidance
CenterPoint Energy reiterated its 2024 earnings guidance. It continues to expect adjusted earnings per share in the range of $1.61-$1.63. The Zacks Consensus Estimate for 2024 earnings is pegged at $1.63 per share, in line with the higher end of the company’s guided range.
DTE Energy Company (DTE - Free Report) reported fourth-quarter 2023 operating EPS of $1.97, which came in line with the Zacks Consensus Estimate. The bottom line, however, improved 50.4% from the year-ago quarter’s reported figure of $1.31.
DTE Energy initiated its 2024 operating EPS projection. The company expects operating EPS in the range of $6.54-$6.83.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s figure of 69 cents.
The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s $4,053 million.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2023 adjusted EPS of $1.05, which beat the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the prior-year quarter.
Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.
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CenterPoint Energy (CNP) Q4 Earnings In Line, Revenues Miss
CenterPoint Energy, Inc. (CNP - Free Report) reported fourth-quarter 2023 adjusted earnings of 32 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line improved 14.3% from the year-ago quarter’s figure, driven by regulatory recovery and a one-time tax benefit.
The company registered GAAP earnings of 30 cents per share compared with 19 cents in the prior-year quarter.
For 2023, the company generated adjusted earnings of $1.50 per share compared with $1.38 in 2022. The full-year bottom line came in line with the consensus estimate.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise
CenterPoint Energy, Inc. price-consensus-eps-surprise-chart | CenterPoint Energy, Inc. Quote
Q4 Revenues
CNP generated revenues of $2,182 million, which missed the Zacks Consensus Estimate of $2,758.9 million by 20.9%. The top line also came in 19.5% lower than the year-ago quarter’s reported figure.
For 2023, the company recorded revenues worth $8.70 billion compared with $9.32 billion in 2022. The full-year top line missed the consensus estimate of $9.27 billion.
Operational Results
Total expenses during 2023 decreased 10.6% year over year to $6,936 million.
The company reported an operating income of $1,760 million during 2023 compared with $1,566 million a year ago.
Interest expenses and other finance charges totaled $684 million, up 33.9% from $511 million recorded in the previous year.
Financial Condition
As of Dec 31, 2023, CenterPoint Energy had cash and cash equivalents of $90 million compared with $74 million as of Dec 31, 2022.
The total long-term debt was $17,559 million as of Dec 31, 2023, compared with $14,836 million as of Dec 31, 2022.
Net cash flow from operating activities amounted to $3,877 million as of Dec 31, 2023, compared with $1,810 million in the year-ago period.
The total capital expenditure was $4,401 million as of Dec 31, 2023, compared with $4,419 million a year ago.
2024 Guidance
CenterPoint Energy reiterated its 2024 earnings guidance. It continues to expect adjusted earnings per share in the range of $1.61-$1.63. The Zacks Consensus Estimate for 2024 earnings is pegged at $1.63 per share, in line with the higher end of the company’s guided range.
Zacks Rank
CNP 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
DTE Energy Company (DTE - Free Report) reported fourth-quarter 2023 operating EPS of $1.97, which came in line with the Zacks Consensus Estimate. The bottom line, however, improved 50.4% from the year-ago quarter’s reported figure of $1.31.
DTE Energy initiated its 2024 operating EPS projection. The company expects operating EPS in the range of $6.54-$6.83.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s figure of 69 cents.
The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s $4,053 million.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2023 adjusted EPS of $1.05, which beat the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the prior-year quarter.
Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.