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CenterPoint Energy (CNP) Misses on Q4 Earnings, Gives View
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CenterPoint Energy, Inc. (CNP - Free Report) reported fourth-quarter 2016 earnings of 26 cents per share, missing the Zacks Consensus Estimate of 29 cents by 10.3%.
While GAAP earnings in the reported quarter were 23 cents, the company had incurred a GAAP loss of $1.18 in the year-ago quarter.
Full-year earnings came in at $1.16 per share, missing the Zacks Consensus Estimate of $1.18 by 1.7%.
CenterPoint Energy’s total revenue in the reported quarter was $2,081 million, missing the Zacks Consensus Estimate of $1,983 million by 4.9%. Revenues were also 16.2% higher than $1,791 million reported a year ago.
The increase in the top line was mainly due to higher contribution from Electric Transmission & Distribution and Natural Gas Distribution, offset marginally by lower contribution from Energy Services.
Full-year revenues came in at $7.53 billion, lagging the Zacks Consensus Estimate of $7.68 billion by 2%. However, reported revenues fell 1.9% from the year-ago figure of $7.39 billion.
Operational Results
Total expenses during the quarter increased 17.4% to $1,838 million.
The company’s operating income increased 7.5% to $243 million from $226 million in the year-ago quarter.
Interest and other finance charges decreased to $82 million in the reported quarter from $86 million a year ago.
Segment Results
The Electric Transmission & Distribution segment reported operating income of $130 million during the fourth quarter, compared with $109 million in the year-ago quarter.
Natural Gas Distribution reported operating income of $101 million, compared with $97 million in the year-ago quarter.
The Energy Services segment reported operating income of $9 million, compared with $13 million in the year-ago quarter.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise
As of Dec 31, 2016, CenterPoint Energy had cash and cash equivalents of $341 million, up from $264 million as of Dec 31, 2015.
Total long-term debt was $7,532 million as of Dec 31, 2016, down from $7,866 million as of Dec 31, 2015.
In 2016, the company’s net cash from operating activities was $1,928 million, up from $1,865 million in the year-ago period.
In 2016, CenterPoint Energy’s total capital expenditure was $1,406 million, down from $1,575 million in the year-ago quarter.
Guidance
CenterPoint Energy expects its 2017 earnings guidance in the range of $1.25–$1.33 per diluted share. This includes estimated utility operations earnings of $0.93–$0.97 per diluted share and midstream investment earnings of $0.31–$0.37 per diluted share.
Peer Releases
American Electric Power Co., Inc. (AEP - Free Report) reported fourth-quarter 2016 operating earnings of 67 cents per share, beating the Zacks Consensus Estimate of 55 cents by 21.8%.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2016 adjusted earnings of $1.21 per share, missing the Zacks Consensus Estimate of $1.29 by 6.2%. Reported earnings were, however, up 3.4% year over year.
WEC Energy Group (WEC - Free Report) reported fourth-quarter 2016 adjusted earnings of 61 cents per share, a penny lower than both the Zacks Consensus Estimate and the year-ago figure of 62 cents.
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CenterPoint Energy (CNP) Misses on Q4 Earnings, Gives View
CenterPoint Energy, Inc. (CNP - Free Report) reported fourth-quarter 2016 earnings of 26 cents per share, missing the Zacks Consensus Estimate of 29 cents by 10.3%.
While GAAP earnings in the reported quarter were 23 cents, the company had incurred a GAAP loss of $1.18 in the year-ago quarter.
Full-year earnings came in at $1.16 per share, missing the Zacks Consensus Estimate of $1.18 by 1.7%.
Revenues
CenterPoint Energy’s total revenue in the reported quarter was $2,081 million, missing the Zacks Consensus Estimate of $1,983 million by 4.9%. Revenues were also 16.2% higher than $1,791 million reported a year ago.
The increase in the top line was mainly due to higher contribution from Electric Transmission & Distribution and Natural Gas Distribution, offset marginally by lower contribution from Energy Services.
Full-year revenues came in at $7.53 billion, lagging the Zacks Consensus Estimate of $7.68 billion by 2%. However, reported revenues fell 1.9% from the year-ago figure of $7.39 billion.
Operational Results
Total expenses during the quarter increased 17.4% to $1,838 million.
The company’s operating income increased 7.5% to $243 million from $226 million in the year-ago quarter.
Interest and other finance charges decreased to $82 million in the reported quarter from $86 million a year ago.
Segment Results
The Electric Transmission & Distribution segment reported operating income of $130 million during the fourth quarter, compared with $109 million in the year-ago quarter.
Natural Gas Distribution reported operating income of $101 million, compared with $97 million in the year-ago quarter.
The Energy Services segment reported operating income of $9 million, compared with $13 million in the year-ago quarter.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise | CenterPoint Energy, Inc. Quote
Financial Condition
As of Dec 31, 2016, CenterPoint Energy had cash and cash equivalents of $341 million, up from $264 million as of Dec 31, 2015.
Total long-term debt was $7,532 million as of Dec 31, 2016, down from $7,866 million as of Dec 31, 2015.
In 2016, the company’s net cash from operating activities was $1,928 million, up from $1,865 million in the year-ago period.
In 2016, CenterPoint Energy’s total capital expenditure was $1,406 million, down from $1,575 million in the year-ago quarter.
Guidance
CenterPoint Energy expects its 2017 earnings guidance in the range of $1.25–$1.33 per diluted share. This includes estimated utility operations earnings of $0.93–$0.97 per diluted share and midstream investment earnings of $0.31–$0.37 per diluted share.
Peer Releases
American Electric Power Co., Inc. (AEP - Free Report) reported fourth-quarter 2016 operating earnings of 67 cents per share, beating the Zacks Consensus Estimate of 55 cents by 21.8%.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2016 adjusted earnings of $1.21 per share, missing the Zacks Consensus Estimate of $1.29 by 6.2%. Reported earnings were, however, up 3.4% year over year.
WEC Energy Group (WEC - Free Report) reported fourth-quarter 2016 adjusted earnings of 61 cents per share, a penny lower than both the Zacks Consensus Estimate and the year-ago figure of 62 cents.
Zacks Rank
CenterPoint Energy currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Full-Blown Technological Breakthrough in the Making
Zacks’ Aggressive Growth Strategist Brian Bolan explores autonomous cars in our latest Special Report, Driverless Cars: Your Roadmap to Mega-Profits Today. In addition to who will be selling them and how the auto industry will be impacted, Brian reveals 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>