CenterPoint Energy (CNP) Q4 Earnings In Line, Revenues Miss

CenterPoint Energy, Inc. CNP reported fourth-quarter 2023 adjusted earnings of 32 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line improved 14.3% from the year-ago quarter’s figure, driven by regulatory recovery and a one-time tax benefit.

The company registered GAAP earnings of 30 cents per share compared with 19 cents in the prior-year quarter.

For 2023, the company generated adjusted earnings of $1.50 per share compared with $1.38 in 2022. The full-year bottom line came in line with the consensus estimate.

CenterPoint Energy, Inc. Price, Consensus and EPS Surprise

CenterPoint Energy, Inc. Price, Consensus and EPS Surprise

CenterPoint Energy, Inc. price-consensus-eps-surprise-chart | CenterPoint Energy, Inc. Quote

Q4 Revenues

CNP generated revenues of $2,182 million, which missed the Zacks Consensus Estimate of $2,758.9 million by 20.9%. The top line also came in 19.5% lower than the year-ago quarter’s reported figure.

For 2023, the company recorded revenues worth $8.70 billion compared with $9.32 billion in 2022. The full-year top line missed the consensus estimate of $9.27 billion.

Operational Results

Total expenses during 2023 decreased 10.6% year over year to $6,936 million.

The company reported an operating income of $1,760 million during 2023 compared with $1,566 million a year ago.

Interest expenses and other finance charges totaled $684 million, up 33.9% from $511 million recorded in the previous year.

Financial Condition

As of Dec 31, 2023, CenterPoint Energy had cash and cash equivalents of $90 million compared with $74 million as of Dec 31, 2022.

The total long-term debt was $17,559 million as of Dec 31, 2023, compared with $14,836 million as of Dec 31, 2022.

Net cash flow from operating activities amounted to $3,877 million as of Dec 31, 2023, compared with $1,810 million in the year-ago period.

The total capital expenditure was $4,401 million as of Dec 31, 2023, compared with $4,419 million a year ago.

2024 Guidance

CenterPoint Energy reiterated its 2024 earnings guidance. It continues to expect adjusted earnings per share in the range of $1.61-$1.63. The Zacks Consensus Estimate for 2024 earnings is pegged at $1.63 per share, in line with the higher end of the company’s guided range.

Zacks Rank

CNP 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

DTE Energy Company DTE reported fourth-quarter 2023 operating EPS of $1.97, which came in line with the Zacks Consensus Estimate. The bottom line, however, improved 50.4% from the year-ago quarter’s reported figure of $1.31.

DTE Energy initiated its 2024 operating EPS projection. The company expects operating EPS in the range of $6.54-$6.83.

Xcel Energy XEL reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s figure of 69 cents.

The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s $4,053 million.

CMS Energy Corporation CMS reported fourth-quarter 2023 adjusted EPS of $1.05, which beat the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the prior-year quarter.

Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.

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Xcel Energy Inc. (XEL) : Free Stock Analysis Report

DTE Energy Company (DTE) : Free Stock Analysis Report

CMS Energy Corporation (CMS) : Free Stock Analysis Report

CenterPoint Energy, Inc. (CNP) : Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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