CenterPoint Energy, Inc. (CNP) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $101 million, or $ 0.23 a share in the quarter, against a net loss of $509 million, or $1.18 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $113 million, or $0.26 a share compared with $116 million or $0.27 a share, a year ago. Revenue during the quarter grew 16.19 percent to $2,081 million from $1,791 million in the previous year period. Gross margin for the quarter contracted 265 basis points over the previous year period to 28.45 percent. Total expenses were 88.32 percent of quarterly revenues, up from 87.38 percent for the same period last year. That has resulted in a contraction of 94 basis points in operating margin to 11.68 percent.
Operating income for the quarter was $243 million, compared with $226 million in the previous year period.
"I am very pleased with our performance in 2016. We had solid results and delivered more than 5 percent year-over-year EPS growth on a guidance basis," said Scott M. Prochazka, president and chief executive officer of CenterPoint Energy. "We continue to see notably strong customer growth across our service territory, including more than 2 percent customer growth in and around the Houston area."
For financial year 2017, the company projects diluted earnings per share to be in the range of $1.25 to $1.33.
Operating cash flow improves marginallyCenterPoint Energy, Inc. has generated cash of $1,928 million from operating activities during the year, up 3.38 percent or $63 million, when compared with the last year. The company has spent $1,046 million cash to meet investing activities during the year as against cash outgo of $1,387 million in the last year.
The company has spent $805 million cash to carry out financing activities during the year as against cash outgo of $512 million in the last year period.
Cash and cash equivalents stood at $341 million as on Dec. 31, 2016, up 29.17 percent or $77 million from $264 million on Dec. 31, 2015.
Debt comes down marginally
CenterPoint Energy, Inc. has recorded a decline in total debt over the last one year. It stood at $8,592 million as on Dec. 31, 2016, down 2.03 percent or $178 million from $8,770 million on Dec. 31, 2015. Total debt was 39.36 percent of total assets as on Dec. 31, 2016, compared with 41.11 percent on Dec. 31, 2015. Debt to equity ratio was at 2.48 as on Dec. 31, 2016, down from 2.53 as on Dec. 31, 2015. Interest coverage ratio improved to 11.57 for the quarter from 9.04 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
