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CenterPoint Energy's (CNP) Q1 Earnings Top, Revenues Down Y/Y

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CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2024 adjusted earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 51 cents by 7.8%. The bottom line improved 10% from the year-ago quarter’s figure of 50 cents per share.

The year-over-year improvement can be attributed to regulatory recovery and favorable weather impacts.

The company registered GAAP earnings of 55 cents per share, which increased 12.2% from the prior-year quarter’s figure of 49 cents per share.

CenterPoint Energy, Inc. Price, Consensus and EPS Surprise CenterPoint Energy, Inc. Price, Consensus and EPS Surprise

CenterPoint Energy, Inc. price-consensus-eps-surprise-chart | CenterPoint Energy, Inc. Quote

Q1 Revenues

CNP generated revenues of $2.62 billion, which missed the Zacks Consensus Estimate of $2.82 billion by 7%. The top line also came in 5.7% lower than the year-ago quarter’s reported figure of $2.78 billion.

Operational Results

In the first quarter of 2024, total expenses decreased 10.5% year over year to $2 billion.

The company reported an operating income of $616 million during the first quarter of 2024 compared with $541 million a year ago.

Interest expenses and other finance charges totaled $198 million, up 33.8% from $148 million recorded in the previous year.

Financial Condition

As of Mar 31, 2024, CenterPoint Energy had cash and cash equivalents of $161 million compared with $90 million as of Dec 31, 2023.

The total long-term debt was $18.12 billion as of Mar 31, 2024 compared with $17.56 billion as of Dec 31, 2023.

Net cash flow from operating activities amounted to $0.54 billion as of Mar 31, 2024 compared with $1.71 billion in the year-ago period.

The total capital expenditure was $0.85 million as of Mar 31, 2024 compared with $1.12 billion a year ago.

2024 Guidance

CenterPoint Energy reiterated its 2024 earnings guidance. It continues to expect to generate adjusted earnings per share in the range of $1.61-$1.63. The Zacks Consensus Estimate for 2024 earnings is pegged at $1.62 per share, which is in line with the midpoint of the company’s guided range.

Zacks Rank

CNP 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

Entergy Corporation (ETR - Free Report) reported first-quarter 2024 adjusted earnings of $1.08 per share, which missed the Zacks Consensus Estimate of $1.44 per share by 25%. The bottom line was also lower by 5.3% from the prior-year quarter’s level of $1.14 per share.

For the first quarter, ETR’s operating revenues totaled $2.79 billion, which lagged the Zacks Consensus Estimate of $3.18 billion by 12%. The top line also declined 6.3% from $2.98 billion reported in the year-ago quarter.

NextEra Energy (NEE - Free Report) reported first-quarter 2024 operating earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. Also, the bottom line improved 8.3% from the year-ago quarter’s figure of 84 cents.

Fourth-quarter revenues of $5.73 billion missed the Zacks Consensus Estimate of $6.46 billion by 11.4%. The figure also declined 14.7% from the year-ago quarter’s figure.

Avangrid, Inc. (AGR - Free Report) reported first-quarter 2024 adjusted EPS of 88 cents, which beat the Zacks Consensus Estimate of 71 cents by 23.9%. The bottom line also increased 37.5% from 64 cents reported in the prior-year quarter.

Operating revenues totaled $2.42 billion, which lagged the Zacks Consensus Estimate of $2.57 billion by 6%. The top line also decreased 2% from $2.47 billion reported in the year-ago quarter.

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