CenterPoint Energy Q3 Results Miss Estimates; Backs FY13 Profit View

(RTTNews) - CenterPoint Energy, Inc. (CNP) reported third quarter of 2013 net income of $151 million or $0.35 per share, up from $10 million or $0.02 per share in the third quarter of 2012.

Last year's results included two unusual items: a $252 million non-cash goodwill impairment charge associated with its competitive natural gas sales and services business, which has no tax effect and a $136 million non-cash, pre-tax gain associated with the midstream acquisition of the additional 50 percent interest in a gathering and processing joint venture.

Excluding certain items, net income for the latest-quarter was $152 million, or $0.35 per share, compared to net income of $174 million, or $0.40 per share in the third quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined to $1.640 billion from $1.705 billion in the prior year quarter. Four analysts had consensus revenue estimate of $1.91 billion for the quarter.

The company reaffirmed its estimate for 2013 earnings on a guidance basis in the range of $1.17 to $1.25 per share. Analysts expect the company to report earnings of $1.22 per share for 2013.

In providing this guidance, the company said it does not include the impact of any changes in accounting standards, any impact to earnings from the change in the value of Time Warner stocks and the related ZENS securities, or the timing effects of mark-to-market and inventory accounting in the company's competitive natural gas sales and services business.