CenterPoint Energy, Inc. (NYSE: CNP) or “CenterPoint” today
reported its second quarter 2024 earnings, reaffirmed its 2024
earnings guidance, and provided an update on its response to
Hurricane Beryl, including the actions the company is taking to
improve its emergency preparedness and response and customer
communications.
“We are privileged to serve one of the most dynamic cities in
the United States. We understand with that privilege comes the
responsibility of supporting and communicating clearly with our
customers during emergency events such as Hurricane Beryl,” said
CenterPoint President and CEO Jason Wells.
CenterPoint’s mission is building and operating the most
resilient coastal grid anywhere in the country with best-in-class
communications. The company’s plan, which was submitted to the
Public Utility Commission of Texas last week, focuses on three
classes of priorities and details a series of initial actions that
the company will take both immediately and long-term,
including:
- Resiliency Investments: By accelerating adoption of the
latest construction standards, retrofitting existing assets on an
accelerated basis, and using predictive modeling, AI and other
advanced technologies, CenterPoint will harden its distribution
system and speed restoration. The company will also take action to
protect its electrical assets by nearly doubling the size of its
vegetation management crews and targeting higher risk vegetation to
address the number one cause of damage and outages in Hurricane
Beryl.
- Best-in-Class Customer Communications: To ensure
customers have the information they need when they need it,
CenterPoint will launch a new and more customer-oriented outage
tracker by August 1. This online tool will provide better and more
complete information during storms and is designed to handle
increased demand during such events.
- Strengthened Partnerships: Effective emergency
preparedness and response requires close coordination with
government officials. CenterPoint will hire a seasoned emergency
response leader to help the company rapidly accelerate its planning
capabilities and develop close community partnerships to ease the
burden of storm events on more vulnerable communities.
“We have already begun implementing solutions to improve
customer outcomes, but we have more work to do. We will be taking
further steps as we continue to learn from engagement with
customers, community stakeholders and regulators, as well as
complete broader after-action reviews,” said Wells.
CenterPoint reported income available to common shareholders of
$228 million on a GAAP basis and $234 million on a non-GAAP basis,
or $0.36 per diluted share on both a GAAP and non-GAAP basis for
the second quarter of 2024. The company will discuss its quarterly
results on its scheduled earnings call.
Earnings Outlook
In addition to presenting its financial results in accordance
with GAAP, including presentation of income (loss) available to
common shareholders and diluted earnings (loss) per share,
CenterPoint provides guidance based on non-GAAP income and non-GAAP
diluted earnings per share. Generally, a non-GAAP financial measure
is a numerical measure of a company’s historical or future
financial performance that excludes or includes amounts that are
not normally excluded or included in the most directly comparable
GAAP financial measure.
Management evaluates CenterPoint’s financial performance in part
based on non-GAAP income and non-GAAP earnings per share.
Management believes that presenting these non-GAAP financial
measures enhances an investor’s understanding of CenterPoint’s
overall financial performance by providing them with an additional
meaningful and relevant comparison of current and anticipated
future results across periods. The adjustments made in these
non-GAAP financial measures exclude items that management believes
do not most accurately reflect the company’s fundamental business
performance. These excluded items are reflected in the
reconciliation tables of this news release, where applicable.
CenterPoint’s non-GAAP income and non-GAAP diluted earnings per
share measures should be considered as a supplement to, and not as
a substitute for, or superior to, income available to common
shareholders and diluted earnings per share, which respectively are
the most directly comparable GAAP financial measures. These
non-GAAP financial measures also may be different than non-GAAP
financial measures used by other companies.
2023 and 2024 non-GAAP EPS; 2024 non-GAAP EPS guidance range
- 2023 and 2024 non-GAAP EPS and 2024 non-GAAP EPS guidance
excludes:
- Earnings or losses from the change in value of CenterPoint’s
2.0% Zero-Premium Exchangeable Subordinated Notes due 2029 (“ZENS”)
and related securities; and
- Gain and impact, including related expenses, associated with
mergers and divestitures, such as the divestiture of Energy Systems
Group, LLC and our Louisiana and Mississippi natural gas local
distribution company (“LDC”) businesses.
In providing 2023 and 2024 non-GAAP EPS and 2024 non-GAAP EPS
guidance, CenterPoint does not consider the items noted above and
other potential impacts such as changes in accounting standards,
impairments, or other unusual items, which could have a material
impact on GAAP reported results for the applicable guidance period.
The 2024 non-GAAP EPS guidance ranges also consider assumptions for
certain significant variables that may impact earnings, such as
customer growth and usage including normal weather, throughput,
recovery of capital invested, effective tax rates, financing
activities and related interest rates, and regulatory and judicial
proceedings. To the extent actual results deviate from these
assumptions, the 2024 non-GAAP EPS guidance ranges may not be met,
or the projected annual non-GAAP EPS growth rate may change.
CenterPoint is unable to present a quantitative reconciliation of
forward-looking non-GAAP diluted earnings per share without
unreasonable effort because changes in the value of ZENS and
related securities, future impairments, and other unusual items are
not estimable and are difficult to predict due to various factors
outside of management’s control.
Reconciliation of consolidated income
(loss) available to common shareholders and diluted earnings (loss)
per share (GAAP) to non-GAAP income and non-GAAP diluted earnings
per share
Quarter Ended June 30, 2024
Dollars in millions
Diluted EPS(1)
Consolidated income (loss) available to
common shareholders and diluted EPS
$
228
$
0.36
ZENS-related mark-to-market (gains)
losses:
Equity securities (net of taxes of $4)
(2)(3)
(15
)
(0.02
)
Indexed debt securities (net of taxes of
$3) (2)
15
0.02
Impacts associated with mergers and
divestitures (net of taxes of $1) (2)
6
0.01
Consolidated on a non-GAAP basis
(4)
$
234
$
0.36
1)
Quarterly diluted EPS on both a GAAP and
non-GAAP basis are based on the weighted average number of shares
of common stock outstanding during the quarter, and the sum of the
quarters may not equal year-to-date diluted EPS.
2)
Taxes are computed based on the impact
removing such item would have on tax expense.
3)
Comprised of common stock of AT&T
Inc., Charter Communications, Inc. and Warner Bros. Discovery,
Inc.
4)
The calculation on a per-share basis may
not add down due to rounding.
Reconciliation of consolidated income
(loss) available to common shareholders and diluted earnings (loss)
per share (GAAP) to non-GAAP income and non-GAAP diluted earnings
per share
Quarter Ended June 30, 2023
Dollars in millions
Diluted EPS (1)
Consolidated income (loss) available to
common shareholders and diluted EPS
$
106
$
0.17
ZENS-related mark-to-market (gains)
losses:
Equity securities (net of taxes of $6)
(2)(3)
25
0.04
Indexed debt securities (net of taxes of
$7) (2)
(27
)
(0.04
)
Impacts associated with mergers and
divestitures (net of taxes of $54) (2)(4)
74
0.12
Consolidated on a non-GAAP basis
(5)
$
178
$
0.28
1)
Quarterly diluted EPS on both a GAAP and
non-GAAP basis are based on the weighted average number of shares
of common stock outstanding during the quarter, and the sum of the
quarters may not equal year-to-date diluted EPS.
2)
Taxes are computed based on the impact
removing such item would have on tax expense. Taxes related to the
operating results of Energy Systems Group, as well as cash taxes
payable and other tax impacts related to the sale of Energy Systems
Group, are excluded from non-GAAP EPS.
3)
Comprised of common stock of AT&T
Inc., Charter Communications, Inc. and Warner Bros. Discovery,
Inc.
4)
Includes $4.4 million of pre-tax operating
loss related to Energy Systems Group, a divested non-regulated
business, as well as the $13 million loss on sale and approximately
$2 million of other indirect related transaction costs associated
with the divestiture.
5)
The calculation on a per-share basis may
not add down due to rounding.
Filing of Form 10-Q for CenterPoint Energy, Inc.
Today, CenterPoint Energy, Inc. filed with the Securities and
Exchange Commission (“SEC”) its Quarterly Report on Form 10-Q for
the quarter ended June 30, 2024. A copy of that report is available
on the company’s website, under the Investors section. Investors
and others should note that we may announce material information
using SEC filings, press releases, public conference calls,
webcasts, and the Investor Relations page of our website. In the
future, we will continue to use these channels to distribute
material information about the company and to communicate important
information about the company, key personnel, corporate
initiatives, regulatory updates, and other matters. Information
that we post on our website could be deemed material; therefore, we
encourage investors, the media, our customers, business partners
and others interested in our company to review the information we
post on our website.
Webcast of Earnings Conference Call
CenterPoint’s management will host an earnings conference call
on July 30, 2024, at 7:00 a.m. Central time / 8:00 a.m. Eastern
time. Interested parties may listen to a live audio broadcast of
the conference call on the company’s website under the Investors
section. A replay of the call can be accessed approximately two
hours after the completion of the call and will be archived on the
website for at least one year.
About CenterPoint Energy, Inc.
As the only investor-owned electric and gas utility based in
Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery
company with electric transmission and distribution, power
generation and natural gas distribution operations that serve more
than 7 million metered customers in Indiana, Louisiana, Minnesota,
Mississippi, Ohio, and Texas. As of June 30, 2024, the company
owned approximately $41 billion in assets. With approximately 9,000
employees, CenterPoint Energy and its predecessor companies have
been in business for more than 150 years. For more information,
visit CenterPointEnergy.com.
Forward-looking Statements
This news release includes, and the earnings conference call
will include forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements other than
statements of historical fact included in this news release and the
earnings conference call are forward-looking statements made in
good faith by CenterPoint and are intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995, including statements concerning
CenterPoint’s expectations, beliefs, plans, objectives, goals,
strategies, future operations, events, financial position, earnings
and guidance, growth, costs, prospects, capital investments or
performance or underlying assumptions and other statements that are
not historical facts. You should not place undue reliance on
forward-looking statements. When used in this news release, the
words "anticipate," "believe," "continue," "could," "estimate,"
"expect," "forecast," "goal," "intend," "may," "objective," "plan,"
"potential," "predict," "projection," "should," "target," "will" or
other similar words are intended to identify forward-looking
statements. The absence of these words, however, does not mean that
the statements are not forward-looking.
Examples of forward-looking statements in this news release or
on the earnings conference call include statements about Houston
Electric’s hurricane preparedness and response initial action plan,
capital investments (including with respect to incremental capital
opportunities, deployment of capital, renewables projects, and
financing of such projects), the timing of and projections for
upcoming rate cases for CenterPoint and its subsidiaries, the
transmission and distribution system resiliency plan filed by
Houston Electric with the Public Utility Commission of Texas, the
timing and extent of CenterPoint's recovery, including with regards
to its restoration costs for the May 2024 storm events and
Hurricane Beryl, generation transition plans and projects, projects
included in CenterPoint's Natural Gas Innovation Plan and System
Resiliency Plan, and projects included under its 10-year capital
plan, the extent of anticipated benefits of new legislation, the
pending sale of our Louisiana and Mississippi natural gas LDC
businesses, future earnings and guidance, including long-term
growth rate, customer charges, operations and maintenance expense
reductions, financing plans (including with respect to the
restoration costs for the May 2024 storm events and Hurricane Beryl
and the timing of any future equity issuances, securitization,
credit metrics and parent level debt), the timing and anticipated
benefits of our generation transition plan, including our exit from
coal and our 10-year capital plan, the Company’s 2.0% Zero-Premium
Exchangeable Subordinated Notes due 2029 (“ZENS”) and impacts of
the maturity of ZENS, CenterPoint’s continued focus on liquidity
and credit ratings, tax planning opportunities, future financial
performance and results of operations, including with respect to
regulatory actions and recoverability of capital investments,
customer rate affordability, value creation, opportunities and
expectations, expected customer growth, and sustainability
strategy, including our net zero and carbon emissions reduction
goals. We have based our forward-looking statements on our
management’s beliefs and assumptions based on information currently
available to our management at the time the statements are made. We
caution you that assumptions, beliefs, expectations, intentions,
and projections about future events may and often do vary
materially from actual results. Therefore, we cannot assure you
that actual results will not differ materially from those expressed
or implied by our forward-looking statements. Each forward-looking
statement contained in this news release or discussed on the
earnings conference call speaks only as of the date of this release
or the earnings conference call.
Some of the factors that could cause actual results to differ
from those expressed or implied by our forward-looking information
include, but are not limited to, risks and uncertainties relating
to: (1) CenterPoint’s business strategies and strategic
initiatives, restructurings, joint ventures and acquisitions or
dispositions of assets or businesses, including the announced sale
of our Louisiana and Mississippi natural gas LDC businesses, and
the completed sale of Energy Systems Group, LLC, which we cannot
assure you will have the anticipated benefits to us; (2)
industrial, commercial and residential growth in CenterPoint’s
service territories and changes in market demand; (3) CenterPoint’s
ability to fund and invest planned capital, and the timely recovery
of its investments; (4) financial market and general economic
conditions, including access to debt and equity capital and
inflation, interest rates and instability of banking institutions,
and their effect on sales, prices and costs; (5) disruptions to the
global supply chain and volatility in commodity prices; (6) actions
by credit rating agencies, including any potential downgrades to
credit ratings; (7) the timing and impact of regulatory proceedings
and actions and legal proceedings, including those related to the
May 2024 storm events and Hurricane Beryl, Houston Electric’s
mobile generation and the February 2021 winter storm event; (8)
legislative and regulatory actions and developments, including any
actions resulting from the May 2024 storm events and Hurricane
Beryl, as well as tax and developments related to the environment
such as global climate change, air emissions, carbon, waste water
discharges and the handling of coal combustion residuals, among
others, and CenterPoint’s net zero and carbon emissions reduction
goals; (9) the impact of pandemics; (10) weather variations and
CenterPoint’s ability to mitigate weather impacts, including the
approval and timing of securitization issuances; (11) the impact of
potential wildfires; (12) changes in business plans; (13)
CenterPoint’s ability to execute on its initiatives, targets and
goals, including its net zero and carbon emissions reduction goals
and operations and maintenance goals; and (14) other factors
discussed in CenterPoint’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2023 and CenterPoint’s Quarterly
Report on Form 10-Q for the quarters ended March 31, 2024 and June
30, 2024, including under “Risk Factors,” “Cautionary Statements
Regarding Forward-Looking Information” and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations —
Certain Factors Affecting Future Earnings” in such reports and in
other filings with the Securities and Exchange Commission (“SEC”)
by CenterPoint, which can be found at www.centerpointenergy.com on
the Investor Relations page or on the SEC website at
www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730115645/en/
Media: Communications
Media.Relations@CenterPointEnergy.com Investors: Jackie
Richert / Ben Vallejo 713.207.6500
CenterPoint Energy (NYSE:CNP)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
CenterPoint Energy (NYSE:CNP)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024