CenterPoint Energy (CNP) Beats on Q3 Earnings, Ups '23 EPS View
CenterPoint Energy, Inc. CNP 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 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 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 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.
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