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CenterPoint Energy (CNP) Q1 Earnings Beat, Revenues Fall Y/Y
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CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2020 adjusted earnings of 50 cents per share, which surpassed the Zacks Consensus Estimate of 45 cents by 11.1%. The bottom line also improved 8.7% from the year-ago quarter’s 46 cents.
The company incurred GAAP loss of $2.44 per share against earnings of 28 cents registered in the prior-year quarter.
The year-over-year downside can be attributed to after-tax non-cash impairment charges and losses on assets held for sale in the first quarter of 2020.
Revenues
CenterPoint Energy’s total revenues in the quarter were $2,167 million, which lagged the Zacks Consensus Estimate of $2,332 million by 7.1%. Moreover, the reported figure came in 2.8% lower than the prior-year quarter’s $2,229 million.
Decreased contribution from utility segment dragged down the top line.
CenterPoint Energy Inc Price, Consensus and EPS Surprise
Total expenses during the first quarter declined 3.4% to $1,950 million.
The company’s operating income rose 2.8% year over year to $217 million in the first quarter.
Interest and other finance charges increased to $139 million from $121 million in the year-ago quarter.
Segment Results
The Houston Electric-Transmission & Distribution segment reported adjusted earnings of $40 million for the first quarter compared with $38 million witnessed in the year-ago quarter.
The Natural Gas Distribution segment registered adjusted earnings of $207 million compared with the year-ago quarter’s $164 million.
The Indiana Electric - Integrated segment generatedadjusted earnings of $14 million compared with $9 million in the year-earlier period.
The Midstream Investments segment recorded adjusted earnings of $50 million compared with $24 million in the prior-year quarter.
The Corporate and Other Operations segment reported earnings of $4 million against loss of $22 million in the year-ago quarter.
Financial Condition
As of Mar 31, 2020, CenterPoint Energy had cash and cash equivalents of $220 million, down from $241 million as of Dec 31, 2019.
Total long-term debt was $13,830 million as of Mar 31, 2020, compared with $14,244 million as of Dec 31, 2019.
At the end of first-quarter 2020, the company’s net cash from operating activities was $662 million, up from the previous year’s $271 million.
Further, CenterPoint Energy’s total capital expenditure was$615 million in the first quarter, up from $528 million in the year-ago quarter.
2020 Guidance
CenterPoint Energy reiterated its 2020 earnings guidance. The company still expects to generate earnings of $1.10-$1.20 per share.
The Zacks Consensus Estimate for current-year earnings is pegged at $1.32, which lies above the guided range.
Public Service Enterprise Group Inc. (PEG - Free Report) reported first-quarter 2020 adjusted operating earnings of $1.03 per share, which came in line with the Zacks Consensus Estimate.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>
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CenterPoint Energy (CNP) Q1 Earnings Beat, Revenues Fall Y/Y
CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2020 adjusted earnings of 50 cents per share, which surpassed the Zacks Consensus Estimate of 45 cents by 11.1%. The bottom line also improved 8.7% from the year-ago quarter’s 46 cents.
The company incurred GAAP loss of $2.44 per share against earnings of 28 cents registered in the prior-year quarter.
The year-over-year downside can be attributed to after-tax non-cash impairment charges and losses on assets held for sale in the first quarter of 2020.
Revenues
CenterPoint Energy’s total revenues in the quarter were $2,167 million, which lagged the Zacks Consensus Estimate of $2,332 million by 7.1%. Moreover, the reported figure came in 2.8% lower than the prior-year quarter’s $2,229 million.
Decreased contribution from utility segment dragged down the top line.
CenterPoint Energy Inc Price, Consensus and EPS Surprise
CenterPoint Energy Inc price-consensus-eps-surprise-chart | CenterPoint Energy Inc Quote
Operational Results
Total expenses during the first quarter declined 3.4% to $1,950 million.
The company’s operating income rose 2.8% year over year to $217 million in the first quarter.
Interest and other finance charges increased to $139 million from $121 million in the year-ago quarter.
Segment Results
The Houston Electric-Transmission & Distribution segment reported adjusted earnings of $40 million for the first quarter compared with $38 million witnessed in the year-ago quarter.
The Natural Gas Distribution segment registered adjusted earnings of $207 million compared with the year-ago quarter’s $164 million.
The Indiana Electric - Integrated segment generatedadjusted earnings of $14 million compared with $9 million in the year-earlier period.
The Midstream Investments segment recorded adjusted earnings of $50 million compared with $24 million in the prior-year quarter.
The Corporate and Other Operations segment reported earnings of $4 million against loss of $22 million in the year-ago quarter.
Financial Condition
As of Mar 31, 2020, CenterPoint Energy had cash and cash equivalents of $220 million, down from $241 million as of Dec 31, 2019.
Total long-term debt was $13,830 million as of Mar 31, 2020, compared with $14,244 million as of Dec 31, 2019.
At the end of first-quarter 2020, the company’s net cash from operating activities was $662 million, up from the previous year’s $271 million.
Further, CenterPoint Energy’s total capital expenditure was$615 million in the first quarter, up from $528 million in the year-ago quarter.
2020 Guidance
CenterPoint Energy reiterated its 2020 earnings guidance. The company still expects to generate earnings of $1.10-$1.20 per share.
The Zacks Consensus Estimate for current-year earnings is pegged at $1.32, which lies above the guided range.
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.
Recent Utility Releases
Public Service Enterprise Group Inc. (PEG - Free Report) reported first-quarter 2020 adjusted operating earnings of $1.03 per share, which came in line with the Zacks Consensus Estimate.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>