CenterPoint Energy (CNP) reiterated its full-year guidance on Wednesday as it posted better-than-expected results for its fiscal second quarter, buoyed by strong performance from its utility operations.
The Houston-based energy major reported revenue of $2.8 billion in the three months ended June 30, up from $2.19 billion in the corresponding quarter of the prior year. This was also ahead of the consensus estimate of analysts polled by Capital IQ for $2.79 billion.
Some $1.56 billion of revenue derived from the company’s utility unit, up from $1.34 billion a year earlier. Non-utility revenue was worth $1.24 billion, up from $845 million.
On a guidance basis, second-quarter earnings were $0.35 per diluted share, excluding certain impacts associated with the company’s Vectren merger, up from $0.30 a year earlier. This also surpassed the Street’s forecast for $0.31 per share if comparable.
“We remain confident in our anticipated 2019 full-year results driven by strong performance from our utility operations and a continued focus on cost management,” Scott Prochazka, chief executive officer of CenterPoint Energy, said. “Integration efforts continue to progress well, and we’re pleased with the strong cash flows from our non-utility businesses. These businesses continue to be a source of cash for utility investment, which promotes growth for and strengthens our utility infrastructure allowing us to serve our customers.”
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