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CenterPoint Energy Inc. has reported an income of $256 million, or $0.40 per diluted share on a GAAP basis, for the third quarter of 2023.
Compared to the corresponding period last year, the utility had a jump in profit of 35.4 percent, it said in a media release. Non-GAAP EPS for the third quarter rose 25 percent from the comparable quarter of 2022.
According to the utility, third quarter results were primarily driven by growth and regulatory recovery, which contributed $0.09 per share of favorability, and weather, which contributed $0.05 per share of favorability compared to the third quarter of 2022. These drivers were partially offset by an unfavorable variance of $0.08 per share attributable to increased interest expense over the comparable quarter of 2022.
“Heading into the final quarter of 2023 and looking to 2024, we are anticipating continued headwinds of higher interest rates and persistent inflation but will continue to manage through these conditions, targeting an earnings growth rate that is amongst the top in the sector,” said Dave Lesar, CEO of CenterPoint. “This includes an 8 percent non-GAAP EPS growth target for 2024, and mid-to-high end of 6-8 percent growth target annually thereafter through 2030”.
The company increased its non-GAAP EPS guidance range for 2023 from $1.48–$1.50 to $1.49–$1.51, which now represents a nine percent growth target at the midpoint over 2022 actual results. CenterPoint expects 2023 to be the third consecutive year of nine percent growth.
“Given the extreme weather conditions causing significant stress on our system, especially in our Houston Electric service territory, our team did a tremendous job of keeping the power flowing for our customers,” said Lesar.
Lesar added, “We are pleased to announce yet another increase to our customer-driven 10-year capital plan by an incremental $500 million through 2030”.
“This will include approximately $200 million in 2023 and approximately $300 million in 2024 and 2025,” Lesar said.
“As stated in prior quarters, we will incorporate incremental capital when we believe we can operationally execute it, efficiently fund it, and effectively recover it. Our focus continues to be on delivering industry leading growth each and every year, while over-delivering for our customers, investors, and other stakeholders”.
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