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Investing.com -- CenterPoint Energy Inc. (NYSE:CNP) shares rose 2.9% on Thursday after the utility company reported third-quarter earnings that exceeded analyst expectations, with net income surging 52% compared to the same period last year.
The Houston-based company posted adjusted earnings of $0.50 per share, beating the analyst consensus of $0.44. Revenue came in at $1.99 billion, slightly below the $2.05 billion analysts had projected.
CenterPoint’s net income jumped to $293 million from $193 million in the year-ago quarter, driven by strong performance in both its Electric and Natural Gas segments. The Electric segment saw a $67 million increase in net income, while the Natural Gas segment contributed an additional $41 million.
"Our third quarter results demonstrate the continued strength of our core utility operations," said Jason P. Wells, CEO of CenterPoint Energy. "We’re making significant progress on our strategic initiatives while delivering reliable service to our customers."
The company’s Electric segment benefited from improved transmission revenues and customer rates, while the Natural Gas segment saw gains from favorable rate adjustments and a significant tax benefit from state apportionment changes.
Operating income rose to $502 million from $424 million in the same quarter last year, despite a $104 million loss on equity securities that was offset by a $105 million gain on indexed debt securities.
CenterPoint Energy continues to execute on its 10-year capital plan announced in September, which aims to invest $65 billion through 2035 to advance economic growth and enhance customer experience.
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