We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
CenterPoint Energy (CNP) Beats on Q3 Earnings, Ups '23 EPS View
Read MoreHide Full Article
CenterPoint Energy, Inc. (CNP - Free Report) reported third-quarter 2023 adjusted earnings of 40 cents per share, which surpassed the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also improved 25% from the year-ago quarter’s figure, driven by regulatory recovery and a favorable weather.
The company registered GAAP earnings of 40 cents per share compared with 30 cents in the prior-year quarter.
Q3 Revenues
CNP generated revenues of $1,860 million, down 2.3% from the year-ago quarter’s reported figure. The top line missed the Zacks Consensus Estimate of $1,910.7 million by 2.7%.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise
Total expenses during the reported quarter decreased 11.7% to $1,342 million.
The company reported an operating loss of $168 million compared with an operating loss of $107 million a year ago.
Interest expenses and other finance charges totaled $176 million, up 51.7% from $116 million recorded in the prior-year quarter.
Financial Condition
As of Sep 30, 2023, CenterPoint Energy had cash and cash equivalents of $120 million compared with $74 million as of Dec 31, 2022.
The total long-term debt was $16,838 million as of Sep 30, 2023, compared with $14,836 million as of Dec 31, 2022.
Net cash flow from operating activities was $3,069 million as of Sep 30, 2023, compared with $1,325 million in the year-ago period.
The total capital expenditure was $1,219 million as of Sep 30, 2023, compared with $1,166 million in the prior-year quarter.
2023 Guidance
CenterPoint Energy raised its 2023 earnings guidance. It now expects adjusted earnings per share in the range of $1.49-$1.51 compared with the prior guidance of $1.48-$1.50. The Zacks Consensus Estimate for 2023 earnings is pegged at $1.50 per share, in line with the midpoint of the company’s guided range.
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter’s level.
For the third quarter, NextEra’s operating revenues totaled $7,172 million, which lagged the Zacks Consensus Estimate of $7,453 million by 3.8%. The top line improved 6.7% year over year.
Upcoming Releases
Xcel Energy (XEL - Free Report) is scheduled to announce third-quarter 2023 results on Oct 27. The Zacks Consensus Estimate for earnings is pinned at $1.31 per share, indicating an increase of 11% from the year-ago quarter’s level.
Xcel Energy’s long-term (three- to five-year) earnings growth rate is 6.5%. The Zacks Consensus Estimate for third-quarter sales is pegged at $4.05 billion.
Dominion Energy (D - Free Report) is scheduled to announce third-quarter 2023 results on Nov 3. The Zacks Consensus Estimate for earnings is pegged at 79 cents per share, implying a decline of 28.8% from the prior-year quarter’s recorded number.
Dominion’s long-term earnings growth rate is 4%. The Zacks Consensus Estimate for third-quarter sales is pegged at $4.29 billion.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
CenterPoint Energy (CNP) Beats on Q3 Earnings, Ups '23 EPS View
CenterPoint Energy, Inc. (CNP - Free Report) reported third-quarter 2023 adjusted earnings of 40 cents per share, which surpassed the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also improved 25% from the year-ago quarter’s figure, driven by regulatory recovery and a favorable weather.
The company registered GAAP earnings of 40 cents per share compared with 30 cents in the prior-year quarter.
Q3 Revenues
CNP generated revenues of $1,860 million, down 2.3% from the year-ago quarter’s reported figure. The top line missed the Zacks Consensus Estimate of $1,910.7 million by 2.7%.
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 reported quarter decreased 11.7% to $1,342 million.
The company reported an operating loss of $168 million compared with an operating loss of $107 million a year ago.
Interest expenses and other finance charges totaled $176 million, up 51.7% from $116 million recorded in the prior-year quarter.
Financial Condition
As of Sep 30, 2023, CenterPoint Energy had cash and cash equivalents of $120 million compared with $74 million as of Dec 31, 2022.
The total long-term debt was $16,838 million as of Sep 30, 2023, compared with $14,836 million as of Dec 31, 2022.
Net cash flow from operating activities was $3,069 million as of Sep 30, 2023, compared with $1,325 million in the year-ago period.
The total capital expenditure was $1,219 million as of Sep 30, 2023, compared with $1,166 million in the prior-year quarter.
2023 Guidance
CenterPoint Energy raised its 2023 earnings guidance. It now expects adjusted earnings per share in the range of $1.49-$1.51 compared with the prior guidance of $1.48-$1.50. The Zacks Consensus Estimate for 2023 earnings is pegged at $1.50 per share, in line with the midpoint of the company’s guided range.
Zacks Rank
CenterPoint Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Recent Utility Release
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter’s level.
For the third quarter, NextEra’s operating revenues totaled $7,172 million, which lagged the Zacks Consensus Estimate of $7,453 million by 3.8%. The top line improved 6.7% year over year.
Upcoming Releases
Xcel Energy (XEL - Free Report) is scheduled to announce third-quarter 2023 results on Oct 27. The Zacks Consensus Estimate for earnings is pinned at $1.31 per share, indicating an increase of 11% from the year-ago quarter’s level.
Xcel Energy’s long-term (three- to five-year) earnings growth rate is 6.5%. The Zacks Consensus Estimate for third-quarter sales is pegged at $4.05 billion.
Dominion Energy (D - Free Report) is scheduled to announce third-quarter 2023 results on Nov 3. The Zacks Consensus Estimate for earnings is pegged at 79 cents per share, implying a decline of 28.8% from the prior-year quarter’s recorded number.
Dominion’s long-term earnings growth rate is 4%. The Zacks Consensus Estimate for third-quarter sales is pegged at $4.29 billion.