CenterPoint Energy Misses Quarterly Profit Estimates on Higher Costs
(Reuters) — CenterPoint Energy Inc. narrowly missed the fourth-quarter profit estimates on Friday, as higher costs hit the U.S. electric and gas utility firm.
The Texas-based company's adjusted net income was 28 cents per share for the three months ended Dec. 31, missing the average analysts' expectations of 29 cents per share, according to Refinitiv IBES data.
Earlier this week, peer FirstEnergy Corp. missed its profit estimates, while Exelon Corp. met expectations.
CenterPoint's net income for the reported quarter fell 81% to $122 million, impacted by charges related to its complete exit from the midstream businesses.
The company said "other unfavorable variances" of $0.08 per share, primarily driven by higher interest expense, partially offset the benefits from cold weather conditions during the quarter.
The company reiterated its 2023 adjusted income forecast of $1.48 per share to $1.50 per share, compared with the analysts' estimates of $1.49.
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