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CenterPoint Energy, Inc. (CNP - Free Report) reported second-quarter 2024 adjusted earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 9.1%. The bottom line also improved 28.6% from the year-ago quarter’s figure of 28 cents per share.
The company’s GAAP earnings also came in at 36 cents per share, which improved 111.8% from the prior-year quarter’s figure of 17 cents.
The year-over-year improvement can be attributed to strong sales growth and lower operating expenses compared to the prior year.
Q2 Revenues
CNP generated revenues of $1.91 billion, which beat the Zacks Consensus Estimate of $1.88 billion by 1.1%. The top line also came in 1.6% higher than the year-ago quarter’s reported figure of $1.88 billion.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise
In the second quarter of 2024, total expenses decreased 3.8% year over year to $1.44 billion.
The company reported an operating income of $467 million during the second quarter of 2024 compared with $380 million a year ago.
Interest expenses and other finance charges totaled $212 million, up 28.5% from $165 million recorded in the previous year.
Financial Condition
As of Jun 30, 2024, CenterPoint Energy had cash and cash equivalents of $66 million compared with $90 million as of Dec 31, 2023.
The total long-term debt was $18.51 billion as of Jun 30, 2024 compared with $17.56 billion as of Dec 31, 2023.
Net cash flow from operating activities amounted to $1.11 billion as of Jun 30, 2024 compared with $2.48 billion in the year-ago period.
The total capital expenditure was $1.66 million as of Jun 30, 2024 compared with $2.26 billion a year ago.
2024 Guidance
CenterPoint Energy reaffirmed 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.
Edison International (EIX - Free Report) reported second-quarter 2024 adjusted earnings of $1.23 per share, which increased 21.8% from $1.01 in the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.05.
Edison International's second-quarter operating revenues totaled $4.34 billion, which beat the Zacks Consensus Estimate of $4.03 billion by 7.5%. The top line also increased 9.4% from the year-ago quarter’s figure of $3.96 billion.
PG&E Corporation (PCG - Free Report) reported second-quarter 2024 adjusted earnings per share (EPS) of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
PCG reported second-quarter total revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year.
In the second quarter, NextEra Energy’s operating revenues were $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line also plunged 17.4% year over year.
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CenterPoint Energy's (CNP) Q2 Earnings Top, Revenues Rise Y/Y
CenterPoint Energy, Inc. (CNP - Free Report) reported second-quarter 2024 adjusted earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 9.1%. The bottom line also improved 28.6% from the year-ago quarter’s figure of 28 cents per share.
The company’s GAAP earnings also came in at 36 cents per share, which improved 111.8% from the prior-year quarter’s figure of 17 cents.
The year-over-year improvement can be attributed to strong sales growth and lower operating expenses compared to the prior year.
Q2 Revenues
CNP generated revenues of $1.91 billion, which beat the Zacks Consensus Estimate of $1.88 billion by 1.1%. The top line also came in 1.6% higher than the year-ago quarter’s reported figure of $1.88 billion.
CenterPoint Energy, Inc. Price, Consensus and EPS Surprise
CenterPoint Energy, Inc. price-consensus-eps-surprise-chart | CenterPoint Energy, Inc. Quote
Operational Results
In the second quarter of 2024, total expenses decreased 3.8% year over year to $1.44 billion.
The company reported an operating income of $467 million during the second quarter of 2024 compared with $380 million a year ago.
Interest expenses and other finance charges totaled $212 million, up 28.5% from $165 million recorded in the previous year.
Financial Condition
As of Jun 30, 2024, CenterPoint Energy had cash and cash equivalents of $66 million compared with $90 million as of Dec 31, 2023.
The total long-term debt was $18.51 billion as of Jun 30, 2024 compared with $17.56 billion as of Dec 31, 2023.
Net cash flow from operating activities amounted to $1.11 billion as of Jun 30, 2024 compared with $2.48 billion in the year-ago period.
The total capital expenditure was $1.66 million as of Jun 30, 2024 compared with $2.26 billion a year ago.
2024 Guidance
CenterPoint Energy reaffirmed 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
Edison International (EIX - Free Report) reported second-quarter 2024 adjusted earnings of $1.23 per share, which increased 21.8% from $1.01 in the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.05.
Edison International's second-quarter operating revenues totaled $4.34 billion, which beat the Zacks Consensus Estimate of $4.03 billion by 7.5%. The top line also increased 9.4% from the year-ago quarter’s figure of $3.96 billion.
PG&E Corporation (PCG - Free Report) reported second-quarter 2024 adjusted earnings per share (EPS) of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
PCG reported second-quarter total revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year.
In the second quarter, NextEra Energy’s operating revenues were $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line also plunged 17.4% year over year.