Centerpoint Energy (CNP) has reported a 24.68 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $192 million, or $0.44 a share in the quarter, compared with $154 million, or $0.36 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $160 million, or $0.37 a share compared with $138 million or $0.32 a share, a year ago.
Revenue during the quarter surged 37.85 percent to $2,735 million from $1,984 million in the previous year period. Gross margin for the quarter contracted 900 basis points over the previous year period to 21.79 percent. Total expenses were 89.98 percent of quarterly revenues, up from 87.40 percent for the same period last year. That has resulted in a contraction of 258 basis points in operating margin to 10.02 percent.
Operating income for the quarter was $274 million, compared with $250 million in the previous year period.
"We are off to a strong start this year despite a challenging winter," said Scott M. Prochazka, president and chief executive officer of CenterPoint Energy. "Continued growth across our service territories, rate recovery and Midstream’s performance all contributed to the EPS gains we delivered this quarter."
For financial year 1017, the company projects diluted earnings per share to be in the range of $1.25 to $1.33.
Operating cash flow drops significantly
Centerpoint Energy has generated cash of $319 million from operating activities during the quarter, down 49.92 percent or $ 318 million, when compared with the last year period.
The company has spent $370 million cash to meet investing activities during the quarter as against cash outgo of $269 million in the last year period.
The company has spent $36 million cash to carry out financing activities during the quarter as against cash outgo of $414 million in the last year period.
Cash and cash equivalents stood at $254 million as on Mar. 31, 2017, up 16.51 percent or $36 million from $218 million on Mar. 31, 2016.
Working capital turns positive
Working capital of Centerpoint Energy has turned positive to $254 million on Mar. 31, 2017 from negative $199 million on Mar. 31, 2016. Current ratio was at 1.10 as on Mar. 31, 2017, up from 0.92 on Mar. 31, 2016.
Days sales outstanding went down to 17 days for the quarter compared with 42 days 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: editor@irisindia.net
