CenterPoint Energy, Inc. (CNP - Free Report) reported third-quarter 2018 adjusted earnings of 39 cents per share, lagging the Zacks Consensus Estimate of 41 cents by 4.9%. Quarterly earnings improved by a penny from the year-ago quarter’s tally.
The company reported GAAP earnings of 35 cents per share in the reported quarter.
CenterPoint Energy’s total revenues in the quarter were $2,212 million, which surpassed the Zacks Consensus Estimate of $2,120 million by 4.3%. Revenues were also 5.4% higher than $2,098 million reported a year ago.
The rise in the top line was driven by higher contribution from both its utility and non-utility segments.
Total expenses during the third quarter increased 10.3% to $1,986 million.
The company’s operating income declined 23.1% to $226 million from $297 million in the year-ago quarter.
Interest and other finance charges increased to $90 million from $80 million a year ago.
The Electric Transmission & Distribution segment reported operating income of $227 million during the third quarter compared with $254 million in the year-ago quarter.
The Natural Gas Distribution segment reported operating income of $3 million compared with $25 million in the year-ago quarter.
The Energy Services segment reported operating loss of $9 million against the operating income of $7 million in the year-ago quarter.
The company’s midstream investments segment reported $81 million of equity income compared with $68 million a year ago.
The company’s other operations segment reported operating income of $5 million compared with operating income of $11 million in the prior-year quarter. This decrease is primarily due to costs related to the pending merger with Vectren.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise